The Theta coin is used on the decentralized Theta Network, a blockchain with open-source conventions, that actively works on developing shortcomings related to video streaming.
What is Theta?
- The Theta Blockchain aims to disrupt the video streaming platform model by setting up a peer-to-peer (P2P) network that takes advantage of individuals‘ computers to use their unused data transfer capacity i.e, bandwidth to store and stream content in a decentralised manner.
- Members have to lock in THETA coins to acquire the option to deal with transactional blocks.
- THETA is a governance asset that has a fixed supply. TFUEL (Theta Fuel) is the second type of token available on the theta network used for staking.
- Theta Network is focused on decentralised entertainment innovation through decentralized videos, and creating a web-based framework that is less costly and more rewarding in terms of viewer experience than the centralized ones.
|Token Type/Protocol||Theta Network|
|Total Token Supply||1,000,000,000|
|Current Circulating Supply||See CoinMarketCap|
|Market Capitalisation||See CoinMarketCap|
|Token Creation Date||27 September, 2017|
|Can it be mined?||No|
Who is behind Theta?
Theta was initially started as a project named Sliver.tv and was founded by Mitch Liu and Jieyi Long. Silver.tv was a live streaming platform for eSports. This service had around one million monthly users and millions of monthly visits. Venture capitalists from Silicon Valley and global tech giants like Samsung funded about 17 million USD of the project. Then came the innovation of Theta Labs in 2017 to develop blockchain solutions connecting it with Silver.tv.
What is the purpose of Theta?
Theta was developed to solve the problems that Silver.tv and centralized online video streaming services had. The purpose of Theta is to make the streaming experience top quality and cost-effective. Theta has made its objectives clear by focusing on its viewers and not wanting them to spend funds on low-quality streaming services. They are constantly working to reduce technological costs by integrating blockchain technology. They are focused on accelerating Theta’s adoption as the leading entertainment and media blockchain.
- Theta token has a fixed supply of 1 billion, all of which are in circulation at this moment, making it extremely attractive for its investors since there are no inflationary pressures on it’s price.
- To understand how the theta blockchain works, you need to understand the workings of a video streaming platform. Video streaming content is generally kept in one unified database. While this seems convenient at first, the more viewers attempt to watch the content at the same time, the framework will face pressure, and eventually, the streaming quality reduces by becoming choppy, slow, and starting to buffer.
- To counter this issue, streaming suppliers resort to a content delivery system that is scattered to a group of servers so viewers do not crowd into one single passage, enabling a smoother streaming experience. But Theta has found a cheaper solution to the above problem.
- Now, when somebody tries to view the content that is accessible on the Theta network, a portion of the information driving that content will come from the primary server facilitating it.
- Theta Fuel, or TFuel, is a digital currency that you can earn on THETA.tv by watching streams and naturally sharing your bandwidth. Theta pays individuals for extending their PCs’ transmission capacity into the network. Meaning, when an individual’s PC is used to impart content to somebody viewing it on the Theta network, they are repaid in full or partially with TFUEL.
- The token’s incentive model might be considered a potential risk for stakers to earn TFUEL because of the minimum staking requirement. To produce TFUEL, it is required to stake at least 1,000 Theta coins which can only be distributed when videos are streamed. Therefore, if the users don’t meet the minimum requirement, they are not eligible for being rewarded with TFUEL.
- Each part of the network is essential for continuous operation. Meaning, a breakdown in one of the three categories that powers the network would have rippling effects on the other categories connected to it.
News and Updates
- Theta is in talks with Samsung to incorporate Theta.tv, an esports streaming network in the future. Samsung may bring Theta-powered platforms to its smart TVs.
- It is suspected that growing video streaming applications like Instagram reels, TikTok, Netflix, etc, will have a huge role to play in the worldwide adaptation and acceptance of Theta token.
- In addition, Theta is working on implementing what is called Proof-of-engagement to track the delivery of video segments.
- Theta Labs has released the Theta Video API. It allows developers to add a decentralized video to any website or application without any video hosting and content delivery software, or central servers. Anyone can now handle the playback and delivery of their videos after rolling out the decentralized videos.
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