What is Theta?
Theta is a native blockchain, it is an Open-source network & protocol, the network is open for all developers and its partners to build decentralized applications on the network.
Theta calls itself the next-generation video and entertainment blockchain, the decentralized peer-to-peer video delivery platform that provides smoother and higher quality video streaming that is cheaper than centralized video platforms.
Theta’s Decentralized peer-to-peer video delivery is powered by its users, as users watch videos by offering their spare bandwidth and computing resources, users help the network by providing their bandwidth, for this they earn TFuel as a reward.
The more people join the Theta network, the more bandwidth will be available on the network, this will help the network to improve the streaming quality of the videos on the network.
Theta runs two native cryptocurrencies on its blockchain, THETA and TFUEL.
THETA is the main cryptocurrency of the Theta network, it helps to manage blockchain and its future developments.
THETA allows users to create blocks, validate transactions, and vote on the decisions of the networks. THETA tokens can be stake to earn TFUEL.
100 billion THETA coins were generated and all are in current supply.
As its name suggests, it acts as fuel on the blockchain, TFUEL is given to the users who watch videos and streams on the network by offering their excess bandwidth and computing resources, TFUEL can also earn by staking THETA.
There are currently 5,301,214,400 TFUEL coins in circulation, with new TFUEL tokens will be generated every year to give as a reward to those who stake THETA coins.
Who Created Theta?
Theta was founded in 2017 by serial entrepreneur Mitch Liu, who founded the startups in mobile gaming and online advertising, and Jieyi Long, who is an expert in VR live streaming technologies.
The Theta Network advisory board includes YouTube co-founder Steve Chen, Twitch co-founder Justin Kana, and several Verizon senior executives.
Theta Network has partnerships with well-known companies like NASA, Lionsgate, Metro-Goldwyn-Mayer, Clayton, Line, and Chainlink.
How does it work?
The blockchain network is powered by three categories of participants:
Enterprise Validator Nodes
The companies who stake THETA coins on the network to have a right to process transactions are called Enterprise Validator Nodes.
The popular companies that are currently validator nodes of the network are Google, Samsung, Sony, Binance, Gumi, and CAA, etc.
Validator nodes are required to stake 1 million THETA coins, there are rewarded in TFUEL for staking THETA coins.
Guardian nodes are members of the Theta network’s community, they add a second layer of security to the network, Guardian nodes ensure accurate performance of transaction blocks created by Enterprise Validator nodes.
If a block slips after creating by Validator Nodes, guardian nodes will stop it. Guardian Nodes are required to stake 1,000 THETA coins.
Users who watch videos and streams on Theta.tv by sharing their additional bandwidth and computing resources are called edge nodes. Edge nodes get TFUEL as a reward for providing their bandwidth to the network. They are not required to stake any Theta tokens.
Renamed In 2020 from Silver.tv to Theta.tv, it’s an official streaming site of Theta Network. Users can watch a variety of videos and streams on the platform. The best part is by watching videos users can earn TFUEL coins.
You can download the app of the network for Android or IOS to watch the videos on the network.
Creators can also upload videos to the platform, just as people do on a centralized platform like YouTube. There is good earning potential for content creators on Theta.Tv.
Theta wants to change the future of video delivery platforms by using blockchain technology and with its Validator.
The demand for video streaming quality is increasing, centralized servers simply cannot meet the increasing demand for streaming quality, theta aims to solve this issue with the help of its global user network.
Theta’s biggest objective is to provide high-quality streaming with speed to people all over the world by enabling its global user network to relay videos by using its computing resources and spare bandwidth.
Theta aims to reduce the cost of video distribution for users and increase the earning potential for content creators on the network.