Blockchain Project Of The Week – Theta (THETA)

Theta Network is the leading video delivery network powered by blockchain technology. Theta allows users to simultaneously watch video content and earn token rewards for relaying video to other users who are also watching the same content. In the same vein as other sharing economy models, users opt-in to volunteering their spare bandwidth and computing resources to relay video to other users and earn token rewards for their contributions. Users can contribute to Theta Network on any PC, mobile device, or smart TV.

For video platforms, integrating Theta into their video delivery stack enables them to reduce their video delivery cost, deepen viewer engagement, and drive incremental revenues. By spending less on video delivery infrastructure, and more on rewarding their users, Theta-enabled video platforms can grow their userbase and gain market share.

Theta Network

The Theta blockchain mainnet enables the support for Turing-complete smart contracts. Smart contracts open up a whole new set of user experiences and new attribution models for DApps built on the Theta network. For example, leveraging smart contracts on the Theta network could enable fully digitized item ownership, innovative payment-consumption models, transparent royalty distributions, trustless crowdfunding mechanisms, and much more. This provides an additional layer of social and economic interactivity that supplements the core functionality of video and data delivery, and significantly increases the engagement and retention of platform users.

In addition to the Validator and Guardian Nodes, the Theta community members also host the Theta Edge Nodes, which form the Theta Edge Network, a fully decentralized network for data delivery and more generally edge computing. As of April 2021, this edge network has grown over 30,000 nodes, covering all the corners of the world. Following Theta 2.0, the capability of the Theta Edge Node network was significantly enhanced with the release of Theta’s industry-leading peer-to-peer “EdgeCast” technology. This new fully decentralized technology stack adds the ability to capture live video, transcode it in real-time, cache and relay live stream video data to users globally – all through Theta’s P2P edge network run by thousands of community members. Not a single central server or service is used in this pipeline. This is a huge challenge and huge accomplishment. The Theta Network features a dual token design. The Theta Token (THETA) and Theta Fuel (TFUEL)

Theta Token (THETA)

Its the governance token of the Theta protocol. THETA is used to stake as a Validator or Guardian node, contributing to block production and the protocol governance of the Theta Network. By staking and running a node, users will earn a proportional amount of the new TFUEL generated. The supply of THETA is fixed at 1 billion and will never increase.

Theta Fuel (TFUEL)

Its the operational token of the Theta protocol. TFUEL is used for on-chain operations like payments to Edge Node relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network. You can think of Theta Fuel as the “gas” of the protocol. There were 5 billion TFUEL at genesis of Theta blockchain, and the supply increases annually at a fixed percentage set at the protocol level. In December 2020, Theta Labs announced Theta 3.0, which introduces a new crypto-economics design for TFuel, in particular, the concept of TFuel staking and burning. This will greatly expand the capacity and use cases of the network and maximize the utility value of TFuel.

Theta Fuel

Who Are The Founders of Theta?

Theta 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, the live streaming platform whose DApp was the first to be built on the Theta protocol. 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.

Theta now has a modest team, and its official website lists strategic corporate investors as Samsung NEXT, Sony Innovation Fund, media investors BDMI Bertelsmann Digital Media Investments, CAA Creative Artists Agency, and traditional Silicon Valley VCs including DCM, Sierra Ventures and the VR Fund.

How Is Theta Unique?

Theta’s main business concept is to decentralize video streaming, data delivery and edge computing, making it more efficient, cost-effective and fair for industry participants. The network runs on a native blockchain, with two native tokens, known as Theta (THETA), Theta Fuel (TFUEL), powering the internal economy. Theta’s appeal is threefold: viewers get rewarded with better quality streaming service, content creators improve their earnings and middlemen — video platforms — save money on building infrastructure and increase advertising and subscription revenues.

Users have an incentive to both watch network content and share network resources, as rewards come in the form of TFUEL tokens. The platform is open source, and token holders receive governance powers as with many proof-of-stake (PoS)-based blockchain ecosystems. In addition to video, data and computing, Theta caters to developers looking to launch decentralized applications (DApps) on its fully featured EVM-compatible Smart contract platform.

How Is the Theta Network Secured?

Theta uses a financial incentive scheme to ensure user participation in governance activities, and hence its network is secured by its own users. The network relies on proof-of-stake (PoS), and employs a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism to balance security with high transaction throughput. With the launch of Guardian nodes in June 2019, Theta ensured that no single entity controls the majority of THETA tokens being staked at any one time.

Theta Wallet

If you create a new wallet, we recommend you do so offline. One you reach the Theta Wallet site, take your device offline / put it in airplane mode, then click “Create Wallet”. Next you will download an encrypted keystore file and create a wallet password. This encrypted keystore file on your computer will be used to unlock your wallet any time you want to access it. You will then need to copy down the mnemonic/seed phrase (and private key, if you choose to) and store them in a safe place. Your mnemonic/seed phrase and private key are the only way to restore your Theta wallet if you lose your keystore file and/or wallet password! Make sure you save them correctly and store them offline in safe place (never online or in the cloud!). Once your wallet has been created, you can re-connect your device and unlock your new Theta wallet.

If you are unlocking an existing wallet, we recommend you take your device offline while upload your keystore or enter your mnemonic phrase or private key. Once the wallet has been unlocked, you’ll see a screen that says “you’re offline!” and will have the opportunity to connect to the internet before you continue to the wallet. Once you’re in your Theta wallet, you can check the balance of your Theta Tokens and TFuel.

Theta Explorer

The Theta Explorer is a blockchain explorer which allows users look up, confirm and validate transactions on the Theta blockchain. By entering an address into the search box, you can view the balance, value and all the transactions made through that address. The explorer also allows a user to check the details of a transaction with the transaction hash. Once you’ve pasted the hash into the search bar, a series of transaction details will appear. These include the type of the transaction, the height of the block that includes the transaction, and the timestamp when the transaction was finalized on-chain.

Theta Explorer

With smart contract support enabled on the Theta blockchain, the Theta Explorer was redesigned to more easily inspect and monitor smart contracts on Theta Mainnet. Similar to Etherscan.io, the Theta Explorer allows developers to upload and verify the source code of their smart contracts, query the read-only interface of the smart contracts, and record the Theta VM returns and emitted events for ease of debugging.

How To Buy Theta?

At the time of writing, Theta is the world’s 17th biggest cryptocurrency in terms of market capitalisation and Theta Fuel (TFUEL) is ranked 32. Almost all the top exchanges worldwide like Binance, Coinbase, Bittrex, Wazirx, eToro, HitBTC etc allows for trade in the crypto.

To have an indepth information on Theta, please take a look at its comprehensive knowledgebase on the its website.
To check out the live pricing of the crypto, please go to the Coinmarketcap page for THETA and TFUEL

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