THETA: The Blockchain Revolutionizing Video Streaming and Data Delivery

THETA: Everything You Need to Know

THETA is a cryptocurrency token that runs on the Theta Network, a blockchain-based platform that aims to improve the efficiency, cost, and quality of video streaming and data delivery. THETA is used as the governance token of the network, allowing users to participate in the decision-making process and earn rewards for securing and operating the network. THETA is also used to buy and sell digital assets on the network, such as land, items, games, and NFTs.

How does it work?

The Theta Network consists of four main components: the Theta blockchain, the Theta Edge Network, the Theta protocol, and the Theta ecosystem.

The Theta blockchain is a native blockchain that supports smart contracts and hosts the THETA and TFUEL tokens. The blockchain uses a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism, which involves two types of nodes: validator nodes and guardian nodes. Validator nodes are run by enterprise partners, such as Google, Samsung, Sony, and Binance, and are responsible for producing new blocks and validating transactions. Guardian nodes are run by community members, who stake THETA tokens to secure the network and finalize blocks.

The Theta Edge Network is a decentralized network of edge nodes that share bandwidth and computing resources to relay video streams and perform edge computing tasks. Edge nodes are run by users who volunteer their devices, such as PCs, laptops, smartphones, and smart TVs, and earn TFUEL tokens for their contribution. The Edge Network leverages peer-to-peer (P2P) technology to reduce the reliance on centralized servers and content delivery networks (CDNs), which can result in high costs, low quality, and censorship.

The Theta protocol is a set of open-source standards and software that enable video platforms to integrate with the Theta Network and benefit from its features. The protocol consists of three layers: the network layer, which handles the P2P communication between edge nodes; the resource layer, which manages the allocation of bandwidth and computing resources among edge nodes; and the application layer, which provides various APIs and SDKs for developers to create and deploy applications on the network.

The Theta ecosystem is a collection of applications and services that run on the Theta Network and use its tokens. These include video platforms, such as THETA.tv, Samsung VR, Cinedigm, Shout! Factory, Pandora.tv, Play Labs, and MetaCannes Film3 Festival; gaming platforms, such as Ultra.io; NFT platforms, such as WPT; AI platforms, such as Lavita; and cloud platforms, such as Google Cloud.

Who is the team behind it?

The Theta Network was co-founded by Mitch Liu and Jieyi Long in 2018. Liu has a long history in the gaming and video industries, co-founding video advertising firm Tapjoy, mobile social gaming startup Gameview Studios, and THETA.tv. Long is Theta’s second co-founder and CTO, following similar multi-year experience in design automation, gaming, virtual reality, and large scale distributed systems. He authored multiple peer-reviewed academic papers and holds various patents in video streaming, blockchain and virtual reality.

The Theta team consists of over 40 developers, artists, designers, and community managers who work on the project. The team is advised by Steve Chen, co-founder of YouTube; Justin Kan, co-founder of Twitch; Sam Wick, head of UTA Ventures; Rajeev Surati, co-founder of Akamai; Jonathan Wong; director of Samsung NEXT; Ryan Nichols; general manager of Blockchain Ventures; Kyle Okamoto; chief network officer of Verizon Digital Media Services; among others.

What are its use cases?

THETA cryptocurrency has several use cases within the Theta Network ecosystem. Some of them are:

Participating in governance: Users can use THETA tokens to vote on proposals that affect the development and direction of the network. They can also stake THETA tokens to join the Guardian Network and earn rewards for securing and finalizing blocks.

Buying and selling digital assets: Users can use THETA tokens to buy and sell various digital assets on the network’s Marketplace or other platforms that support NFTs. These assets include land parcels (NFTs that represent unique pieces of digital real estate), items (NFTs that represent various objects or services), games (NFTs that represent interactive experiences), avatars (NFTs that represent digital identities), etc.

Sharing bandwidth and computing resources: Users can use TFUEL tokens to pay for or receive payment for sharing their bandwidth and computing resources with other users on the Edge Network. This enables users to access high-quality video streams or perform edge computing tasks at a lower cost than traditional methods.

Playing games and earning rewards: Users can use TFUEL tokens to play games created by other users or themselves on the network. They can also earn TFUEL tokens by completing quests, winning competitions, or participating in events hosted by the network or other users.

THETA cryptocurrency is a token that powers a decentralized video delivery network that aims to improve the efficiency, cost, and quality of video streaming and data delivery. It is a token that enables users to participate in a thriving video and gaming community that is decentralized, democratic, and creative.