Theta Network is a next-generation video delivery platform, which is powered by blockchain technology. Let’s find out more about this project and explore the various components of this innovative streaming solution in our analysis #9.
What is Theta Network
Theta Network is the leading video delivery network powered by blockchain technology. Theta allows users at the same time:
- watch video content
- and earn token rewards for relaying video to other users who are also watching the same content
Users can contribute to Theta Network on any PC, mobile device, or smart TV.
Through integrating Theta into a video delivery stack, are video platforms able to reduce their video delivery costs, deepen viewer engagement, and also 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.
The Theta Blockchain, launched in March 2019, is a purpose-built blockchain designed from the ground up for video and data relaying.
Theta is a very innovative and progressive project since Theta Labs Granted a 2nd US patent for Ultra-high Transaction Throughput Micropayments to Support Decentralized Video and Data Delivery.
Theta’s unique multi-BFT (Byzantine Fault Tolerance) consensus design combines a committee of 20–30 Enterprise Validator Nodes with a second layer of 1000s of community-run Guardian Nodes. Each Node plays a different role within the Theta Network.
There are several types of node within the Theta ecosystem:
Edge Nodes: Earn TFUEL tokens by caching popular streams. Theta Edge Nodes are hosted by Theta community members. Within less than a month, the Theta Edge Network has already grown to around 3,000 nodes. It is completely decentralized, run by its thousands of community members.
Validator Nodes: Propose and create new blocks.
Guardian Nodes: seal blocks and act as a check on malicious or otherwise non-functional Validator Nodes
Enterprise Validator Nodes: Nodes are operated by Binance, Google, Blockchain Ventures, and many other big names. Several new enterprises are also in the process of becoming Theta Validator Nodes.
The Theta Network features a dual token design.
The Theta Token (THETA) is used to govern the Theta protocol. THETA is used to stake as a Validator or Guardian node. This is contributing to block production and the protocol governance of the Theta Network. Users will earn a proportional amount of the new TFUEL generated by staking and running a node. The supply of THETA is fixed at 1 billion and will never overstep this amount.
Theta Fuel (TFUEL) is the operational token of the Theta protocol. It is responsible for payments to Edge Node relayers, content sharing, and interacting with smart contracts within the Theta Network. Relayers earn TFUEL for every single 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.
Theta Mainnet 3.0 is going live in 36 days, as per their website information. Theta Mainnet 3.0 introduced by Theta Labs as a new crypto-economics design for TFuel, particularly the concept of TFuel staking and burning. This will greatly expand the network’s capacity and use cases and maximize the utility value of TFuel.
Theta tokens are securely stored in the Theta Wallet, ready to handle securely anytime. It is the only recommended app for utilizing the full potential of the Theta Network. The app is available on Android and IOS and is easily integrated with Ledger and Trezor hardware wallets.
The ecosystem of Theta is expansive. By creating the first 100% decentralized and peer-to-peer video streaming platform, Theta Network has become a pioneer in the blockchain and crypto space.
The creators and consumers are rewarded for their efforts by receiving a large share of the revenue. By sharing bandwidth between a dedicated and motivated community, the Theta Network is changing how we consume media using blockchain technology.
Theta Token and market cap
Theta is currently ranking at Nr.17 as per the market capitalization in the value of $7 billion, which means it is already a high cap coin. Despite this high ranking, we consider this project as long-term fundamentally potential.