Folks, this is it — in just about a week now on December 10th the Theta Protocol will have a planned upgrade, most notably reducing quantity of Theta tokens required to stake down to 1,000 and enabling Turing complete smart contracts. Turing complete refers to enabling compatibility with most modern programming languages. The effect of doing so enables functions capable of a range of programmed responses performed according to a predetermined set of coded instructions.
It is development on this frontier that will take blockchain to the next level of societal impact, on par with that of the internet. Stop for a second and try to imagine 15 years into the future. By then, the internet of things (IoT) will likely be significantly more prominent in our society and be integrated with various smart contracts on multiple blockchains for different purposes. Eventually we will get to the point of achieving meaningful synergies from the confluence of IoT devices, blockchain, the internet and artificial intelligence (AI). At this point, the way we as individuals interact with the rest of the world will change completely, giving rise to a vastly superior standard of living. Either that or Skynet cyborgs start hunting humans. One of those.
Especially when considering the massive potential due to the nascency of the industry, I cannot tell you how excited I am to follow what I perceive to be the blockchain project with the most potential and best use case. Now and then I stop and think to myself how great of a decision it was for Theta Labs to create a dual token system. The first token (Theta) acts as an impenetrable phalanx that provides security and guidance for future protocol changes, which will increase in importance as project decentralization hits critical mass down the road.
The second token (TFuel) serves as its counterpart in that it is quick, nimble, and more plentiful, for it serves a more transactional purpose. In circles of those who follow the Theta Network (likely you if you are reading this), the Theta token has long been the scantily clad pretty girl at the party for whom everyone lusts. Poor TFuel has been sitting quietly in the corner, pounding straight tequila and waiting for someone, anyone, to take notice. Well folks, I am here to tell you that TFuel — she is about to stand up and pull the fire alarm.
The upcoming deployment (not even including the announced mainnet 3.0 likely coming in 2021), will unleash TFuel in a way that will breathe new life into those that have long languished over a conspicuously large Theta/TFuel price ratio. It will create millionaires out of newcomers speculating that TFuel will outperform Theta in the coming altseason.
When smart contracts are deployed, and any Ethereum smart contract can be copied and pasted (literally) into the Theta Network, this “little operational token that could” will be firing on all cylinders doing the following:
- Getting automatically split based on smart contract outcomes and being received by streamers as tips
- Interacting with the DeFi world (wrapped TFuel anyone?)
- Carrying around non-fungible tokens (NFTs) — Tweet @ me for your free Big Dog NFT
- Powering decentralized exchanges (DEXs)
- Facilitating decentralized edge computing and video streaming (of course)
The world’s first fully decentralized streaming and edge computing dApp (the edge node) was released by Theta Labs with no central party to censor or de-platform any user.
One up-and-coming YouTube personality went so far as to all but promise that the adult entertainment industry will embrace the decentralized nature of the Theta Network in the years to come as 30% of all internet bandwidth is related to adult entertainment according to a study conducted by a site of ill repute known as “Paint Bottle”
Guess what gets more visitors each month than Netflix, Amazon, and Twitter combined? Us mortals are so perverted :-)
Maybe Skynet isn’t such a bad thing?
Anyway — more to come as we await the mainnet 3.0 deployment with maybe some exchange and partner platform announcements sprinkled in the mix. Also the importance of being granted the decentralized streaming patent should not be overlooked.
SO BUCKLE UP THETA GANG! We are going to toast to TFuel as we shoot past the m00n on our way to Mars…