What Is Theta Network
Theta is software that intends to incentivize a global network of computers to operate a fully decentralized video streaming platform. This was as a response to today's convent delivery networks and their geographically located network of operators that are paid to deliver stream content to end-users, however, due to being restricted by their locations, they cannot simply keep up with the increased demand for high-quality streams.
As such, Theta was developed to allow its global pool of users to relay videos through offering their spare bandwidth as well as computing resources and rewards. As more users join this Theta network, more bandwidth will become an availability. This will in turn improve the streaming quality of the videos within the network. alongside running the operations of the blockchain, Theta also has two native cryptocurrencies, one being the THETA coin that is used to make votes on the changes to the protocol while the other is TFUEL which is used for executing transactions. Theta is also open-source software.
Theta Network Founders
Theta was founded in 2017 by Mitch Liu. Also the founder of startups in the online advertising field alongside the gaming field. It was also founded by Jieyi Long, who had also worked on VR streaming technology in the past. Theta also has a board of advisors such as Steve Chen, Justin Kan, and Rakuten Viki as well as CJ Hello. A lot of marketing has gone into this project and it offers economic solutions that reduce high costs without any excess bandwidth on the Theta mainnet. Sony Europe is also notable. These are the people behind the Theta blockchain and impact the Theta price. Chen is the co-founder of YouTube. Justin Kana is the co-founder of Twitch Rakuten Viki and CJ Hello are Verizon executives.
How Does Theta Work
Theta is a network that has its operations handled by three types of participants. First, you have the ENterprise Validator Nodes where companies that stake THETA tokens have the right to process transactions on the network, and some of the nodes include Samsung and Google. Then you have the guardians that are users which perform work in order to ensure that the transaction blocks that are proposed by the enterprise validator nodes are accurate. Then you have the edge node where users who share their bandwidth or rely on video streams over the Theta network get a return of TFUEL.
The Theta network even allows developers to build decentralized applications on top of the blockchain and the network users are given the opportunity to download an official Theta wallet application to hold or stake their THETA and TFUEL tokens. Theta even has built a micropayment system for video streaming purposes which allows content viewers and creators to send and receive THETA through the official wallet application.
Central to Theta is the modified BFT, or proof-of-stake (PoS) governance mechanism which keeps the distributed network of computers that run on the Theta network in sync.
Theta has a consensus that differentiates itself from other more traditional PoS mechanisms in the way through which the validator and the guardians participate in the consensus mechanism and this in turn adds an extra level of security to the protocol itself. This is due to the fact that the nodes have to stake THETA in order to power the blockchain and produce blocks while also voting on the changes. Validator nodes are then required to stake 10,000,000 THETA while the guardian nodes only need to stake 100,000 THETA. the voting power is determined then by the amount of THETA that is staked.
Furthermore, THETA is the cryptocurrency that powers the entirety of the Network and can be staked by those that want to become a validator or a guardian node. THETA allows the nodes to validate the transactions, produce blocks, and vote on the changes to the network while also earning TFUEL as a reward. TFUEL is then used to pay for the transaction on Theta and is used as the micropayment currency when users pay Edge Nodes for sharing a video stream. Developers that want to publish a new application on the Network uses TFUEL for the deployment and the operations of the smart contracts.
The supply of THETA is limited which means that according to the rules set by the software there can only be 1 billion THETA in existence. That is all impacted on the theta price. The Theta blockchain is what powers the theta protocol, and theta fuel plays a part in allowing content creators to use video platforms based on edge computing and community run guardian nodes that allow for data delivery and virtual reality. This is powered by blockchain technology.
Where Can You Buy THETA
Theta Network has an available supply of 1,000,000,000 and a total supply of 1,000,000,000 coins alongside with $6.1B market cap and a $413.5M 24h trading volume.
If you want to buy, sell or trade Theta, you can do so on the following exchanges: Binance Futures, Binance, OKEx, Bitrue, DigiFine, HuobiGlobal and Upbit.
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