What is Theta?
Theta is work like a decentralized network of video delivery and cryptocurrency created specifically for video. Streaming sector problems can now be solved using this innovative platform both on a technical and economic level. Because of this, the Theta blockchain was developed to promote bandwidth sharing across the network. In particular, users are rewarded with tokens in exchange for their excess bandwidth and computing resources.
Using an innovative new blockchain, Theta’s developers aim to tackle various challenges facing the video streaming industry today. By nature of its design, the platform eliminates bottlenecks associated with traditional content delivery pathways. “Last-mile” issues are commonly referred to by professionals. The problem is especially serious for platforms that deliver streaming content in 4K, 8K, and next-generation resolutions.
Theta Blockchain History
A private token sale of $20 million held a year prior paved the way for Theta’s launch into the market in 2018. This project was developed by Theta Labs, a San Francisco-based company. Ethereum was originally chosen as the platform’s host. A native blockchain has since been developed by the firm.
Investors are showing increasing interest in Theta. CEO Mitch Liu of the platform is well known to the industry as a pioneer. A number of high-profile advisors were also secured by Theta. YouTube Co-Founder Steve Chen and Twitch Co-Founder Justin Kan are just a few of the advisors. Players of Ring of Elysium have access to Theta rewards thanks to a partnership between Tencent Games and SLIVER.tv.
Primary data storage and delivery capabilities of Theta’s Network are enabled through this three core features:
Using a micropayment pool off-chain:
A micropayments pool has been created by Theta to simplify the network’s core functions. In this system, an aggregated signature gossip is used, in which guardian nodes compile the partial signatures from their neighbors before passing them on to the rest of the network. Each node can quickly communicate its signature share to other nodes while minimizing the resources needed to execute these communications. As a result, users can make withdrawals using off-chain transactions, which frees up computing power that can be used for storing and delivering more data.
Edge Nodes:
Theta Network uses Validator Node and Guardian Node, as well as Edge Nodes, which are hosted by Theta community members. In Theta 2.0’s mainnet launch, Edge Nodes allow users to transcode and relay videos without the need for centralized servers, and to share excess bandwidth and computing power. As Theta’s peer-to-peer streaming platform underpins its Edgecast platform with its Edge Node network, this network contributes to the community-driven core of Edgecast. There were nearly 7,000 Edge Nodes around the world in early 2021. The operators of Edge Nodes earn Theta token rewards as a reward for contributing to the global content-sharing ecosystem.
Theta Token Minter:
At the end of 2020, Theta added Turing-complete support to its token model, allowing it to support new potential use cases and dApp features. With the Theta Token Minter, anyone can create new TNT-20 tokens on the Theta blockchain without having any knowledge of smart contracts. The Token Minter automatically mints new tokens based on users’ intended token name, ticker symbol, and supply parameters. It is possible to create these tokens without technical expertise and they can be configured either to have a fixed supply or a variable supply, thanks to Theta’s blockchain.
A dApp can be created using Theta Network because its protocol is open-source. For its network operation, Theta relies upon a dual-coin system:
Theta blockchain: how does it work?
Video streaming and delivery can be made more efficient and reliable with Theta blockchain.
Traditionally, video streaming companies or websites have kept it all centrally organized. This may appear convenient at first, but it becomes problematic when a lot of viewers try to search simultaneously, causing the stream to become choppy and slow. For this reason, streaming providers may choose to disperse a bunch of servers so viewers aren’t able to place so many demands on one access point, making the stream more smooth. This can, however, be expensive.
By using unused bandwidth from people’s computers, Theta blockchain is trying to disrupt this model. The data hosting content on the Theta Network now comes from both the main server hosting it as well as the Theta Network.
Theta Blockchain’s benefits
Video and data, including content from a global infrastructure, can be delivered to Theta users. With this open-source project, you can stream esports, music, TV, and movies as well as engage in enterprise conferencing. Theta is also powered by users, because of its decentralized nature.
Interoperability
In addition to being expandable and interoperable, the Theta network also has many other advantages. A Dapp (vertical decentralized app) can be developed on the network. Platform-based apps take advantage of the platform’s powerful technical tools. A DAPP named SLIVER.tv was the first application to launch on the network.
Two theta cryptocurrencies that theta boast:
Theta Tokens
Theta tokens represent the governance of the Theta network. Users can access a wide range of functionality through them. Staked tokens are used to participate in the protocol’s governance, to produce blocks, and to stake as a Validator node or Guardian node. Tokens are currently in circulation in the amount of 1,000,000,000. Interesting enough, this is also the amount of tokens that are planned to be issued by the platform. Changes to the protocol are voted on in this forum
TFUEL
As part of the Theta ecosystem, TFUEL tokens function as the man utility token. In the network, these tokens are used for a variety of purposes. For the most part, TFUEL tokens are meant to motivate and encourage individual users to use redundant devices and resources for video streaming as caching or relay nodes. Transactions are performed with the help of this class.
Final Thoughts:
There is a high degree of risk involved in investing in cryptocurrencies and decentralized finance tokens. You shouldn’t invest more than you can afford to lose, and you should be aware of the risks.
In the blink of an eye, cryptocurrencies and other decentralized financial tokens can go up or down depending on the market.
It is important to only invest in something you fully understand. Some products and cryptocurrency services are incredibly complex.
