Theta network consists of a blockchain and token. Theta works as the mechanism for decentralized video streaming and delivery network. Theta network came into effect to solve the challenges that video streaming deals with. Theta tokens encourage users to share their bandwidth and redundant computing resources as caching or relay nodes for video streams.
Theta blockchain has an open-source protocol; therefore, it lets creators build dApps (decentralized applications) on it, just like the Ethereum network. It is a P2P video delivery network. When a user watches a video, the network harnesses a part of their computing power to stream those videos to other users. This blockchain gives earning tokens as a reward to those primary users who supply the power for streaming.
What is Theta?
Theta is an open protocol blockchain that wants to improve live streaming. Live streaming has been a hot topic and is growing fast globally. But how can Theta support this much power for streaming?
Theta collects the needed power through each user. Each user connects to the network from their computer. Each user’s computer supplies the following user’s power of blockchain; this makes content delivery faster than ever. Furthermore, Theta makes the cost of the entire process reasonable, so users can easily watch the video content.
Theta improves the quality of streaming. It provides the video platforms with reduced CDN (content delivery network) costs because it pulls streams from peering caching nodes.
Theta uses the PoS (Proof-of-stake) mechanism. The nodes in PoS lock the coins on the network to verify the transactions.
Theta supports three types of users:
1- Enterprise validator nodes: Corporations that own Theta tokens for verifying network transactions.
2- Guardian nodes: These nodes keep consensus by validity verifications. They make sure that validator nodes work on point.
3- Edge nodes: These enable users to share videos and bandwidth.
Mitch Liu and Jieyi Long co-founded Theta in 2018. Theta has attracted big investors as supporters such as Samsung Next, BDMI Bertelsmann Digital Media Investments, Sony innovation fund, Silicon Valley VCs, Sierra Ventures, CAA, and the VR Fund.
Mitch Liu has a lot of experience in the video and gaming industry. Other than co-founding Theta, he builds “Theta. TV” (the live streaming platform) on the theta protocol. Jieyi Long is the CTO of Theta. He has worked in gaming, virtual reality, automation, and distributed systems.
They launched Theta in 2018 and then distributed it to buyers as an ERC-20 on Ethereum. But later on, they converted all ERC-20 versions of this token to native tokens on the Theta network in 2019.
Currently, the total supply of Theta tokens is about 1 billion. The total supply of the second native token on the network called TFUEL is 5 billion in all network participants.
Justin Kana (cofounder of Twitch), Steve Chen (YouTube cofounder), and several Verizon senior executives make up the advisory board at Theta.
Theta aims to decentralize video streaming, edge computing, and data delivery to make the process more affordable and efficient for industry participants. Theta network has two native tokens in its blockchain called Theta and Theta Fuel, also known as TFUEL.
Theta protocol uses these tokens to power its economy.
The advantages of using Theta are as follows:
1-Users get better quality streaming
2-content creators improve their earnings
3-video platforms can lessen the costs of building infrastructure
4- Users can earn rewards (TFUEL tokens) by watching and sharing network resources and contents
5-Token holders get the same governance powers as other PoS-based ecosystems.
6-Theta provides developers with the opportunity to launch dApps on its smart contract platform called EVM-compatible.
Theta Blockchain Ledger
A blockchain is a digital ledger of transactions. The Theta Ledger is a decentralized one made for streaming videos. It powers the Theta network by incentivizing the viewers to share storage resources and redundant bandwidth.