What is THETA Coin?
The Theta program aims to encourage the World Wide Web to run a decentralized streaming media platform. Content Delivery Network (CDN) is the geolocation network of the operator, they pay to provide the video stream to the end-user. Due to geographical limitations, today’s CDNs cannot keep up with the ever-increasing stream of quality.
Theta allows its global users to use free bandwidth and computing resources to stream videos. It also rewards them with rewards. Increasing the number of users on Theta will increase the bandwidth, thus improving the quality of video streaming. Theta has two local cryptocurrencies that are important to its operations: THETA coin, which is used to vote on protocol changes, and TFUEL, which is used to execute transactions.
Theta is a native cryptocurrency with an open-source protocol. This means that developers and partners can create decentralized applications on the Theta network like Ethereum. It is a decentralized point-to-point video transmission network driven by blockchain technology. This allows high bandwidth content to be delivered for free. When users watch videos, some of their computing power can be used to transfer those videos to others, and key users receive tokens.
The goal of Theta Network is to become the next generation of entertainment technology. Provides decentralized video streaming infrastructure that is cheaper than centralized video streaming infrastructure. A user-supported point-to-point video delivery platform. It offers a variety of content types, including movies, TV shows, and music. Theta is also open-source software. According to the company, this opens the door for anyone to build new services and apps on top of Theta.
Theta was founded in 2017 by Mitch Liu (founder of an online advertising and mobile gaming startup) and Jieyi Lang (who has been into VR live streaming technology).
It’s worth noting that Theta’s advisory board includes YouTube co-founder Steve Chen, Justin Kana (Twitch co-founder), and Verizon CEOs Rakuten Viki and CJ Hello. The 2017 sale of the Theta private token raised the equivalent of $20,000,000. It involves 30% of the 1 billion units of the THETA cryptocurrency supply.
How Theta works
Theta’s blockchain network is built on a peer-to-peer (P2P) basis, allowing participants to receive real-time rewards for content distribution. Developers can also use the open-source blockchain protocol to create DApps.
Theta uses a proof-of-stake consensus mechanism similar to the Tendermint blockchain protocol. This depends on the risks. Participants can lock a large number of THETA tokens to process transaction blocks.
These companies own THETA tokens and process transactions on the network. Sony, Google, Creative Artists Agency, Talent Store, and Samsung are the most popular verification nodes on the web. Participants must pledge 1 million THETA coins to verify the contract, which is the network’s first line of defense
Guardian nodes, i.e., community nodes responsible for maintaining consensus and protecting verification at predetermined points, are called “guardian nodes”. These are the users who ensure that the transaction blocks created from the enterprise validator node are working properly. This adds another layer of security to the protocol. The guardian node will prevent malicious blocks from passing through the validator. The guardian node does not need to pledge more than 1000 Theta coins.
Edge nodes are used to share video streams and bandwidth with other users for broadcasting on Theta. tv. The support network will receive TFUEL rewards. Theta network allows users to conduct peer-to-peer streaming without the need for any central content delivery network.
Why does THETA have value?
Theta is a cryptocurrency that is related to the Theta network. Those who wish to become auditors and hold trustees can participate in it. THETA allows network nodes to vote on changes, verify transactions, and create blocks.
In addition, TFUEL can be used to pay for transactions in Theta. When terminal nodes pay to share video streams, they are also used as micropayment currency. Developers who want to publish new applications on ThetaNet use TFUEL to publish and operate their smart contracts. Like many other cryptocurrencies, THETA’s offer is limited. According to the program, there will never be more than a billion theta.