The crypto industry saw major expansion to all kinds of sectors over the years. Its goal to solve problems doesn't limit it to the problems of the financial industry. One of the industries that the crypto world has expanded into is the video streaming industry. Platforms aiming to offer a decentralized version of YouTube, Twitch, Netflix, and more, are now available.
One project dedicated to blockchain-based, decentralized video streaming is Theta Network (THETA). The project features its native token, which has a number of uses within the network. Theta also entered a number of major partnerships in and out of the video streaming industry.
What is Theta Network (THETA)?
Theta Network is a blockchain-powered network created to solve problems in the video streaming sector. Its blockchain relies on modified Proof of Stake consensus mechanism. Starting in March 2019, the project works as a decentralized video streaming network where users can contribute their bandwidth. Other computing resources that the project requires also come from the community on a P2P (Peer-to-Peer) basis.
The project has its own token, THETA, which is used for governance tasks in the network. The network also has a number of major names among its enterprise validators. Some of the biggest ones include Google, Binance, Sony Europe, Samsung, and Blockchain Ventures.
The project noted that its goal is to shake up the video streaming industry. In its current form, the industry is considered too centralized, and has poor infrastructure. The operating cost is high, meaning users have to pay a lot in exchange for a poor experience. At the same time, content creators earn less revenue, and there are barriers between them and their community.
The project was co-founded by Jieyi Long and Mitch Liu in 2018. Long serves as the project’s CTO, with many years of experience in gaming, design automation, VR, and more. Liu has a similarly long history in the video industries and gaming, with several firms behind him.
How does Theta Network work?
Theta Network’s ecosystem includes several types of participants. There are content creators (Influencers), end-users (Viewers), sponsors (Advertisers), servers that improve content quality (Nodes), and assistant nodes (Ingest Nodes). The project has an open-source protocol available to everyone who wishes to inspect it.
Furthermore, anyone can use the blockchain to create decentralized applications (DApps), while users get THETA tokens for sharing videos. This is done in the project’s streaming DApp called EdgeCast. It's a streaming platform for the transcription and distribution of content.
With it, Theta intends to reduce the operating costs that any streaming platform now faces. Moving certain content to a P2P network can reduce the load on content delivery networks. Theta’s platform features thousands of validator nodes, making the network resilient to content delivery failures.
In its essence, Theta is a P2P protocol responsible for transaction processing and content distribution alike.
What makes Theta Network unique?
Theta has several primary goals that motivate its every step. These include offering decentralized video streaming, data delivery, and edge computing. As a result, Theta is more efficient and cheaper to use than centralized solutions. Not to mention that it is fairer for everyone involved. Users are rewarded for their contribution — content creators get to pay less and keep more money.
The advertisers also get fair treatment and can continue to run their businesses. Meanwhile, the network also has two tokens. One is Theta (THETA), and the other is Theta Fuel (TFUEL). Both THETA and TFUEL tokens run the internal economy.
Theta is unique because it incentivizes users to watch the content, creators to share it, and advertisers to post ads. Token holders also gain governance powers, while developers have a place to launch their dApps.
What makes Theta better than its competitors
Theta is better than its competitors for a number of reasons. When it comes to decentralized competitors, they're mostly just imitators of Theta. So far, no other project has emerged offering something better.
It's better than centralized competitors because it offers cheaper costs, greater incentives, and a better experience. Content creators can exercise greater control over their content and its monetization. Meanwhile, users can access any content that they wish, with no barriers or censorship.
To put it simply, users get rewards for engaging while also using a better-quality streaming service. Content creators get to improve their profits while using a better platform that allows them to control their content. Lastly, the middlemen, meaning the video platforms themselves, get to save money. They don’t have to spend too much on advertising, subscription revenues, or building infrastructure.
All of this makes Theta a significantly better, more desirable option compared to the competition.
THETA Token
Theta Network uses a dual token system. THETA, its primary cryptocurrency, works as the project’s governance token. This means that the community uses it to vote and make decisions on development and the project’s future.
The other token, TFUEL, serves as a currency for making micropayments. This means that network participants can use TFUEL tokens to perform various operations on the network. The project grants users to earn TFUEL for sharing content. They can also earn it by joining either Validator Nodes or Guardian Nodes.
The total supply of THETA is capped at 1 billion tokens. The tokens are distributed among network participants in various proportions. A portion also went to the Theta team, and a certain amount was deposited in a reserve pool.
As for TFUEL, it's used similarly to Ethereum’s gas. TFUEL has a total supply of 5 billion tokens. The project distributed all tokens to Theta token holders at the point of token swap. That way, the network can function efficiently.
There are numerous wallets that support THETA tokens, including software and hardware ones. Some of the best hardware wallets include Ledger and Trezor Wallet. Other wallets include Trust Wallet, Atomic Wallet, Theta Wallet App, Theta Chrome extension, and Theta Web Wallet.
What lies ahead for Theta Network
Theta Network is a leading decentralized video streaming platform that runs on blockchain technology. The streaming platform managed to dominate this area of the crypto industry for its advanced services and benefits. It offers the same easy access to video content, with greater incentives and reduced costs.
Moving forward, the project expects a lot of new development in 2023. For now, it plans to start the EdgeStore production release. Next, it'll focus on decentralized Theta video API for encoding, storage, and relaying. After that, Edge streaming, storage, and computing new use cases are next. Theta will undoubtedly see even more development at that.
FAQs
What is the Theta Network?
Theta Network is a blockchain project that focuses on video streaming. The project uses a dual-token ecosystem, where one token (THETA) serves as a governance crypto. The other, TFUEL, serves for various network operations and micropayments.
Is Theta on its own blockchain?
Theta started as an ERC-20 token, meaning that it launched on Ethereum’s network. In March 2019, however, the project got its own mainnet on a new blockchain. It's worked hard to expand and improve its chain and make it better and more useful for achieving its goals.
Who is behind Theta crypto?
Theta was co-founded by Mitch Liu and Jieyi Long in 2018. Both co-founders have a long history in gaming, video, advertising, and similar sectors. Theta features a modest team, but each member is an expert in their field, making the team strong and reliable.
Why is Theta so popular?
Theta is popular because it offers better video streaming services than its competitors. It solved a number of problems in the streaming industry, and it grants numerous benefits to its users. Its goal is to shake up the video streaming industry and bring decentralization to it.
What network is Theta Token on?
Theta token currently uses its own network, which was launched in March 2019. The project first launched on Ethereum, but in order to achieve its full potential, it needed a more scalable network. Its network now allows for DApp and project development, content sharing, governance, and more.
What does Theta actually do?
Theta, as a token, is used for governance, meaning that it allows community members to vote on major decisions. Theta, as a project, offers video streaming and DApp development in a decentralized environment.
What problems does Theta solve?
Theta is solving several major problems, including the issue of centralization, which leads to censorship. It grants content creators greater control over their content, while users get incentives to watch this content. The project reduces the cost of production, and it allows advertisers to engage with its network for marketing purposes.
