What is Theta (THETA) and How does Theta (THETA) work?

What is Theta (THETA) ?

Theta (THETA), like Ethereum, is an open-source system that uses blockchain and allows users to create decentralised applications (dapps). It’s a decentralised platform that focuses on peer-to-peer video delivery and improves it for all users around the world.

Today, end-users pay content delivery networks (CDNs), which are geographically distributed networks of operators, to provide video stream content. Existing CDNs are unable to keep up with progressively high-quality streams due to geographic constraints.

Theta is a piece of software designed to encourage a global computer network to run a decentralised video streaming platform.

Theta pays its global pool of users for relaying films by allowing them to give their spare bandwidth and computing capabilities.

Simply stated, the computing power required to live stream a video is drawn from all machines on the network, leveraging the power of blockchain and speeding up the entire content distribution process.

Most significantly, Theta makes everything much more inexpensive, allowing people all across the world to enjoy their favourite video entertainment.

Who are the founders of Theta (THETA)?

Jieyi Long and Mitch Liu co-founded Theta. The first is a virtual reality and live streaming technology expert, while the second is a seasoned entrepreneur who has already launched numerous other businesses. Theta was established in the year 2017. It had very humble beginnings but later developed into a well-known corporation. After the project was announced, Theta’s crew had a private sale. Almost a third of the overall supply (one billion units) was sold at the time, collecting nearly $20 million for the project’s investment.

Samsung, DHVC, IBC, and Sony Innovation Fund are among the project’s backers, while Theta’s media advisors include YouTube co-founder Steve Chen and Twitch co-founder Justin Kan.

Ideology behind Theta (THETA)

By employing unique technologies like blockchain and a network of validators, Theta hopes to revolutionise the future of video delivery systems. The software is designed to inspire its worldwide user base to build and sustain a completely decentralised platform for streaming videos.

Regardless of the significant technological advancements, the quality of video streaming and loading times fall short owing to the server locations limiting platforms that stream videos and content distribution networks.

Ordinary content distribution networks are compensated to distribute video content to consumers, but centralised servers can’t keep up with the growing demand for high-quality streaming.

Theta wants to close the gap between streaming quality and speed by allowing its worldwide user network to rebroadcast videos using its processing power and excess bandwidth. With each new node added to the network, more bandwidth will be accessible for video streaming, boosting the speed and quality of broadcasting.

Theta gives content creators more control over their work and how it is monetized, which will undoubtedly boost the network’s appeal. Investors who believe that blockchain technology will be the future of shared video streaming services are backing Theta.

What makes Theta (THETA) unique?

Theta’s breakthrough is bringing blockchain’s benefits to the sector of video streaming. This decentralises video distribution, resulting in higher quality. As data demands grow, the network reduces infrastructure bottlenecks.

It also generates a long-term environment that encourages network users to take part in it. It is made possible by a one-of-a-kind dual token economy, in which users are rewarded for both consuming network content and sharing network resources.

THETA is uptrending alongside a variety of other digital currencies, including BTC, LTC, and others. Several excellent exchanges support the coin and offer a variety of crypto pairs involving Theta.

If you wish to convert LTC to THETA, for example, you can use Godex, which is a user-friendly platform that allows anonymous trading and has no maximum swap limitations. It also accepts over 200 different cryptocurrencies and a wide range of trading pairs.

Furthermore, the open-source protocol allows partners as well as developers to create dApps on the blockchain of Theta. 

How Many THETA (THETA) Coins?

THETA has 1,000,000,000 THETA coins in circulation with the maximum supply being 1,000,000,000 THETA coins.

How does Theta (THETA) work?     

Theta’s blockchain network is built on a peer-to-peer (P2P) protocol that allows users to get compensated in real-time for content distribution. Developers can also use the network’s open-source blockchain protocol to create DApps.

Theta uses a proof-of-stake consensus method similar to Tendermint’s staking-based blockchain architecture. As a result, players must deposit a huge amount of THETA tokens to execute transaction blocks.

There are three types of nodes in the Theta Network. Edge Nodes are the most common and are hosted by members of the Theta community. They provide bandwidth or aid in the transport of data and edge computing in general.

Theta’s peer-to-peer “EdgeCast” technology substantially improved the Theta Edge Network’s capabilities. The network can now cache and send live stream video data across the globe, as well as capture and transcode live video in real-time.

Theta uses a dual token structure so that each token’s use can be maintained separately. Validator and Guardian nodes stake the protocol’s governance token, Theta Token (THETA). Theta Fuel (TFUEL) is the “gas” token that is utilised for network functions such as communicating with smart contracts. TFUEL is earned by Edge Nodes when they share resources and relay video streams.

Conclusion

The Theta project improves the present video streaming market by boosting video quality and addressing ever-increasing data needs without the bottlenecks that now exist in the infrastructure.

In a system that incentivizes long-term network participation, the unique dual token economy divides token utilities and overcomes potential consensus difficulties. THETA is used for staking and governance, whereas TFUEL is used to pay for operational costs and to reward players.

Theta promises to lower video distribution networks’ streaming costs and make distribution more frictionless, potentially servicing industry heavyweights like YouTube, Twitch, and Netflix and accelerating the growth of fully decentralised content delivery platforms.

In recent years, video streaming has developed to become a large global sector, and Theta Network and its THETA token might become a valuable part of that industry with the help of prominent Enterprise Validator Nodes and partners.

Theta’s 3.0 mainnet launch also supports the company’s aspirations to expand the ThetaDrop NFT marketplace, which might help Theta gain market share in this burgeoning industry.

For more such interesting articles, check Zeen blog.












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