While decentralized platforms provide a viable alternative to YouTube, Theta Labs’ Wes Levitt believes that both can coexist.
July 2, 2020 | AtoZ Markets – Youtube’s censorship has only intensified since its most recent update to the site’s terms and conditions. Warnings, strikes, temporary bans, and takedowns of specific crypto content on Youtube are all spurring demand for decentralized alternatives. However, Wes Levitt, head of strategy at Theta Labs — the firm behind Theta.tv — said both YouTube and decentralized platforms can coexist.
Decentralized platform will become inevitable following Youtube crypto ban
Back in April, the world’s largest video social platform temporarily banned Jason Appleton (AKA prominent influencer Crypto Crow). In February, YouTube also silenced one of the most influential voices in the crypto space, preventing @IvanOnTech from live streaming and posting new content.
“We definitely see this censorship of crypto content as a problem, and we’ve recently welcomed several crypto streamers onto Theta.tv platform as a result. A fully decentralized platform will become inevitable as more streamers get banned from YouTube and other major platforms,” Levitt said.
At the same time, Levitt doesn’t think YouTube will be fully replaced by decentralized alternatives:
“I don’t think a fully decentralized platform will necessarily replace YouTube; some content types will probably remain better suited for a centralized platform. But a decentralized alternative can co-exist alongside YouTube, to give streamers and viewers more freedom to choose their content platforms online.”
Theta runs Theta.tv, a crypto-powered streaming service broadcasting esports, poker tournaments, and major blockchain and cryptocurrency conferences including Consensus and the Crypto Asia Summit. Recently, Binance, Google Cloud, Blockchain Ventures, and gumi Cryptos were announced as Enterprise Validators for the Theta network.
Theta and the Japanese content market
Last month, Theta announced a strategic partnership with gumi Cryptos to enter Japan’s $3 billion content market. According to Levitt, their aim is to whitelist the firm’s THETA and TFUEL tokens with the Financial Services Agency (FSA).
In Japan, you can only trade on crypto exchanges FSA approved whitelisted tokens. At the moment, Japan has only 26 whitelisted tokens.
Levitt, however, concluded that they would be “looking to launch integrations with video streaming platforms in Japan, allowing users in Japan to earn TFUEL token rewards for watching and sharing their favorite video content.”
What do you think about the latest round of bans on YouTube crypto influencers? Share your thoughts in the comments section below!