What is Theta Network and what you need to know about Theta Token?

• What is Theta Network?
• How Theta blockchain works
• Theta Network's Future
• Theta, Ethereum and NFT . Smart Contracts
• Frequently asked questions about Theta Token and Blockchain
• Conclude

What is Theta Network?

Theta is a project initiated and developed by Theta Labs. The company is based in San Francisco and specializes in decentralized video streaming. The project was started in 2017 to solve the problems they were having with their first video streaming platform Theta.tv.

Theta Network is a decentralized video distribution network that offers a wide range of Blockchain solutions to the problems facing the traditional video streaming sector. The platform offers high-quality video streaming such as HD, 4K, 8K at a reduced cost compared to traditional service providers, as well as many incentive mechanisms for content sharing and non-bandwidth. concentrate.

Users voluntarily contribute their spare bandwidth and computing resources to run the Theta platform in exchange for Theta Fuel coin rewards. Theta users can earn Theta coin rewards for sharing videos with other users through Edgecast, Edgecast and Theta Network's decentralized application and content delivery ( dApp ).

There are 2 types of tokens used on Theta Network:

Theta token

The first is the Theta token, also known as the network's governance token. Theta token is used for staking and administration. This token has a maximum fixed supply of 1 billion. Theta tokens are more like stocks, and the holders of these tokens are supposed to be responsible for the future direction of the project.

TFUEL token

The second token, called TFUEL, is Theta's way of paying people to extend their computing bandwidth into the network. When a person uses their computer to relay original content, sharing bandwidth with someone viewing content on Theta Network, they are compensated in whole or in part by TFUEL, which is currently trading for a price. about 0.34 USD per token.

This improves line quality and load times for streaming services. At the time of the official launch of Theta network, the initial supply of TFUEL coins was 5 billion and this supply is continuously increasing every year at a fixed rate of 5%.

How Theta blockchain works

Companies or websites that provide video streaming content traditionally keep all data in a centralized system. While this can be convenient at first, if too many viewers try to access all the content at once and put pressure on the system, the stream can become slow and interrupted. 

To overcome this, streaming service providers will choose a content delivery system, in which they disperse to a group of servers so that viewers do not access a single point, ensuring a safe path. smoother streaming. But this can be costly.

Theta blockchain is a decentralized infrastructure that improves video transmission and distribution. Essentially, Theta blockchain is looking to disrupt this paradigm by establishing a peer-to-peer (P2P) network that can access people's computers to use their unused bandwidth. 

Now, when someone views content available on Theta Network, some of the data that powers that content comes from the server that hosts it, while some data comes from Theta Network.

Theta Labs developed the Theta blockchain to provide leading decentralized streaming services. Theta Network can provide high-quality bandwidth streams using interconnected local nodes.

Blockchain uses multi-level byzantine fault tolerance to reach consensus, creating three types of nodes: Validator, Guardian, and Edge Nodes.

Read more: Interesting facts about the Byzantine fault tolerance system that you did not know.

Theta Network's Future

Many in the industry do not see Theta as a competitor to other video streaming sites like Youtube or Twitch, but instead as a way to improve the system, reducing the cost of streaming.

Steve Chen, YouTube co-founder and Theta consultant, said: “Theta innovation is set to disrupt today's online video industry in the same way that the YouTube platform has done with traditional video. in 2005. One of our biggest challenges was the high cost of delivering video to different parts of the world, and this problem is getting bigger and bigger with high quality video bandwidth streams like HD, 4K and 8K.”

In addition, Theta has made several major partnerships. For example, Samsung plans to bring the e-sports streaming network Theta.tv to Galaxy S20 smartphones in the future, and may also bring other Theta-supported content platforms to the media platform. own intelligence. Big companies like Sony and Creative Artists Agency are also backing Theta, as are several other venture capital firms.

Theta, Ethereum and NFT . Smart Contracts

Theta smart contracts have been live since December 2020. With smart contracts, Theta Labs aims to better manage copyright content to provide transparency.

Theta smart contracts will be interoperable with Ethereum smart contracts, facilitating the creation of decentralized exchanges, staking pools, and decentralized applications.

By offering smart contracts, Theta also adds the ability to generate NFTs, as well as crypto collectible products. And due to Theta's connection to eSports, NFT is becoming much more important than it used to be.

Theta . smart contract

Frequently asked questions about Theta Token and Blockchain

Theta token is creating a lot of buzz in the crypto market, but as it is a relatively new coin in the top 20 by market capitalization, it has raised many important questions. Here are some of the most frequently asked questions about Theta token and the Theta blockchain network.

How to buy and sell Theta?

Binance is the best exchange right now that offers the ability to buy Theta (THETA) with a credit or debit card. In addition, Huobi and Gate.io are also responding to the opportunity to trade in Theta.

How to store Theta?

Users have a lot of flexibility to store Theta due to its ERC-20 token. One of the most popular wallets used to store Theta is Metamask . Metamask is a cryptocurrency wallet that offers many browser add-ons. ERC-20 wallets are the most popular due to their interoperability and ease of installation.

Why is the price of Theta Token so high?

Theta coin is currently very high due to the strong crypto price trend going on around Bitcoin and Ethereum. New coins with a lot of promise to perform extremely well, but due to their novelty, price prediction can be risky. This means that volatility can cause prices to fall as quickly as they rise. Indeed, it is difficult to say for a speculative asset like virtual currency.

How many Theta coins are in circulation?

There is a billion Theta in circulation in the market and that is also the maximum supply. The token is designed to be widely used, so it is not as scarce as Bitcoin or other crypto assets.

Is it difficult to create Theta smart contract?

Creating smart contracts on Theta is very simple. Anyone can go ahead and create a new smart contract, namely NFT in Theta wallet.

Conclude

It can be summed up that Theta Network is the first video streaming platform to use some of DeFi's features such as staking, voting, community governance, rewards. Theta is decentralizing the video streaming industry, reducing bandwidth costs, which can run into the millions of dollars per year. Theta also provides a more practical ecosystem where users can share their resources to keep the network active or to receive rewards.

Please pay attention to read the next project articles from us!

Read more: What is Automata Network (ATA)? The Complete Collection of ATA Cryptocurrencies