The Theta Network cryptocurrency is an next-generation video delivery platform powered by blockchain technology.
In this article, we will discuss:
What is Theta Network (THETA) token?
Theta cryptocurrency is software that aims to encourage a global computer network to operate a decentralized video streaming platform.
Today, content delivery networks (CDNs), networks of geographically located carriers, are paid to deliver streaming video content to end users. Because they are constrained by their locations, existing CDNs cannot keep up with the increasingly high-quality flows.
Theta cryptocurrency allows its global user group to stream videos, offering their spare bandwidth and computing resources, and rewards them for doing so.
As more users join the Theta network, more bandwidth becomes available, thus improving the streaming quality of videos on the network.
Central to perform operations on your blockchain , Theta sports two native cryptocurrencies, the THETA coin, for voting on protocol changes, and TFUEL, for executing transactions.
Theta is also open source software. He claims this increases anyone's potential to build new apps and services on top of it.
How does the Theta token work?
Theta is a network powered by three groups of participants:
- Corporate validator nodes – companies that bet THETA tokens for the right to process transactions on the network. Current validation nodes include Google and Samsung.
- Guardian Nodes – Users who perform work to ensure that transaction blocks proposed by Enterprise Validator Nodes are accurate.
- Edge node – users who share their bandwidth or retransmit video streams over the Theta network in exchange for TFUEL.
Theta network also allows developers to build decentralized apps on top of their blockchain. Examples include royalty distribution applications and crowdfunding mechanisms.
Theta network users can download an official Theta Wallet app to hold or wager their THETA and TFUEL tokens.
Theta has also built a micropayment system for video streaming purposes that allows viewers and content creators to send and receive THETA through the official wallet app.
Modified Byzantine Fault Tolerance (BFT)
Central to Theta is modified BFT, a proof of bet (PoS) governance mechanism that keeps the distributed network of computers running Network Theta in sync.
Theta consensus mechanism differs from traditional PoS in that both validator and guardian nodes participate in the consensus mechanism, adding an extra level of security to the protocol.
These nodes must wager THETA tokens to help power the blockchain, produce blocks, and vote on changes. Validator nodes are required to wager a minimum of 10.000.000 THETA, while guardian nodes only need to wager 100.000 THETA.
It is noteworthy that voting power is determined by the THETA stake.
Who created the Theta cryptocurrency?
Theta was founded in 2017 by Mitch Liu, who founded startups in mobile games and online advertising, and Jieyi Long, who has worked on VR live streaming technologies.
Notably, Theta's advisory board includes Steve Chen, co-founder of YouTube, Justin Kana, co-founder of Twitch, and Rakuten Viki and CJ Hello, senior executives at Verizon.
The Theta team conducted a private token sale in 2017, raising the equivalent of $20 million from the sale of 30% of the 1 billion unit supply of its THETA cryptocurrency.
Theta Mainnet 3.0
The introduction of Theta Mainnet 2.0 brought a revolutionary two-tier consensus engine, bringing Guardian nodes to conveniently complement enterprise validator nodes. The updated Theta Mainnet 3.0 will bring us two innovations to the Theta protocol.
First, from spring 2021, users will be able to bet TFUEL tokens on edge nodes in order to upgrade to elite edge nodes. Elite Edge Nodes will receive TFUEL tokens as a wagering reward for their TFUEL. Additionally, Elite Edge Nodes can earn more TFUEL tokens as rewards for high-performance video platforms.
Second, in line with a solid tokenomic model, recording engines will also be introduced for TFUEL tokens with Theta Mainnet 3.0. At least 25% of TFUEL payments will be burned as a 'network fee', to develop a self-sustaining decentralized application.
theta wallet
Theta wallet allows you to securely handle and store Theta tokens, along with TFUEL. Furthermore, it is the only app recommended to use the full potential of Theta Network. In addition to Theta's web desktop wallet, the app is available on Android and IOS and is easily integrated with Ledger and Trezor hardware wallets.
Earlier this month, the Chrome Theta Wallet extension was released! This combines the features of the mobile application portfolio with the facility of Metamask to create a top-notch user experience for Theta Network users.
Theta Token Minter
An exciting new addition to Theta Network aired this week. Theta Token Minter makes it easy to generate TNT-20 tokens without previous experience with smart contracts. The design is simple so anyone can mint tokens knowing the name, stock symbol, and decimal places of the asset you would like created in the Theta blockchain.
You can determine a fixed supply or the ability of future tokens to be minted. Everything else is done by the THETA minter token! Tokens can be stored in the Chrome Wallet Theta extension, along with their THETA and TFUEL tokens.
Theta Explorer
As the Theta blockchain is a public blockchain, all transactions are visible. Theta Network uses a block explorer similar to Etherscan. Here you can view all Theta Network transactions in Theta Explorer developed for this purpose.
THETA.tv
THETA.tv website is a global streaming platform where users can view eSports, crypto conferences, anime and many other genres of content! Along with the THETA.tv website, current options for viewing content on THETA.tv include using the Android or IOS app. Alternatively, you can access THETA.tv through partner streaming sites such as the Littlstar PS4 app, G Fuel and Sizzle Popcorn. The best part – users can earn some TFUEL tokens while watching!
In August, YouTube legend FAILArmy partnered with Theta Network platform THETA.tv. Another recent partnership announced was K-Pop NEW K.ID earlier this month. Theta Network is also working in collaborations with COS.tv, Pandora.tv and Samsung VR, among others, to develop a global peer-to-peer video streaming network.
Also, users can earn Theta XP. As with many popular games, users level up as they gain experience and contribute to the platform.
Video On Demand (VOD)
Until a few months ago, Theta Network was primarily focused on facilitating live streaming content. However, in October, they announced the release of Theta Video on Demand (VOD), which allows content creators to store and build libraries for their content on THETA.tv. Theta Network is continually working on new developments and partnerships for THETA.tv, suggesting that the future is bright for Theta.
THETA.tv started out totally centered on its origins. However, it has since transitioned to a hybrid platform. Since its inception in 2017, Theta Labs' mission has been to create the first completely decentralized streaming platform on the planet.
Theta Edgecast
In November 2020, the success was announced! Theta Edgecast is the first completely decentralized video streaming dApp built on the Theta blockchain. With over 2.000 nodes being used, not a single server or central service is used. Theta Edgecast is the first dApp capable of “capturing video, transcoding it in real time, caching and relaying to users globally” using a peer-to-peer network.
Rede Theta recognizes that the future is decentralized, with users wanting to choose the content they consume. Similar to how YouTube and Netflix created a platform for creators to share their content, Theta Edgecast is a completely decentralized application that paves the way for content creators who believe in adopting the web3.
THETA Labs and Combating Online Video Ad Fraud
Theta Labs are the creators of Theta Network and THETA.tv. In September of this year, Theta Labs received a patent for its innovative decentralized video streaming network, guaranteeing Theta Network as “the first and only successful blockchain-based decentralized video protocol”. The Theta protocol still remains open source, allowing any developer to implement and use the infrastructure in their own project or dApp.
Theta Network has been working in recent months with the number one oracle Chainlink to develop a blockchain-based approach to combat online video ad fraud. According to Statistica.com, the cost of digital advertising fraud will be more than $44 billion by 2022. Theta Network and Chainlink have developed a protocol that is now active on Theta Testnet.
By integrating BigQuery (Google's Big Data solution), which monitors view performance on the Theta Network, viewers will receive a relative reputation score. These scores will be transmitted to the Ethereum blockchain using Chainlink, where they are stored immutably. Online advertisers can use these reputation scores as benchmarks when deciding on financial and demographic assignments. In the future, Theta hopes to use Chainlink to combine scores with off-chain data to create a 'multivariate reputation' score.
Theta network tokens (THETA and TFUEL)
Theta network users THETA cryptocurrency tokens to power and support the blockchain. The Theta ERC-20 standards token was released in December 2017 and was replaced at a 1:1 ratio after 2019 when Theta Blockchain was released on MainNet. Previously, these tokens were used to reward viewers and streamers on the Silver.TV platform for sharing their bandwidth with Theta Network.
At the Mainnet Theta Token Swap event it also rewarded its users by releasing Theta Fuel (TFUEL) tokens. A few months after the launch of Main Net, Theta Network introduced Guardian Nodes in version 2.0 of the Theta Blockchain. This was a revolutionary update of the two-tier consensus engine for Enterprise Validator Nodes, run by popular global partners of Theta Network, including some industry elites like Gumi, Google, Binance Exchange, Samsung, Blockchain.com.Blockchain.
As stated above, together with Theta mainnet fuel (TFUEL) was introduced similar to the 'gas' used in the Ethereum Network, this was one of the key aspects as TFUEL is used to power chain payment transactions for users to share its width bandwidth, deploy smart contracts, and more. Users (Relayers) earn TFUEL for each video stream they play and relay to other users connected to the network.
The THETA and TFUEL cryptocurrency makes the Theta Network's complete cost-effective system, running smart contract systems, incentivizing users, streaming video and more. The recently announced version 3.0 of the Theta blockchain will have a new mechanism to stack and burn TFUEL from the ecosystem.
Theta Token Partners
To add more in mind to the power of Theta Network, there's an amazing team of experts in computer science, video streaming and distributed accounting technology Steve Chen (co-founder of YouTube) and Justin Kan (co-founder of Twitch) have joined Theta Network as media consultants. Not that other media consultants have experience at major video streaming and marketing companies like Plays.tv, Gfuel, Sony, Verizon, Rakuten and Microsoft that make Theta get the best technology advice and support.
Theta Blockchain media consultants consist of:
- Steve Chen – co-founder of YouTube
- Dennis Fong – Plays.tv founder, the sport's first celebrity
- Clifford Morgan - CEO GFUEL
- Sam Wick – Head of Enterprises, United Talent Agency
- Justin Kan – co-founder of Twitch
- Karen Huh – Senior Vice President of CJ Hello
- Kyle Okamoto – Network Director, Verizon Digital Media
- Jonathan Wong – Product Director at Rakuten Viki
Theta Network (THETA) Cryptocurrency Where to Buy
To buy THETA, users can opt for several cryptocurrency exchanges. The most popular one is Binance, which offers a large trading volume. The most active trading pair on Binance is THETA/USDT, with a volume of approximately $15,224,205 in the last 24 hours.
Another option is Bybit. This platform also allows the purchase and exchange of THETA. Users can easily find the token available for trading.
Apart from these, OKEx is an additional choice. Just like other exchanges, it offers different trading pairs and a secure environment for transactions.
How to Buy Theta Network Coin (THETA)
To buy the cryptocurrency Theta Network (THETA), the Binance platform is an excellent option. The process is simple and can be done in just a few steps.
- Create an account on Binance
- Visit the Binance website and click “Register”.
- Fill in your information and verify your account via email or phone.
- Deposit funds
- Login to your account and go to the wallet section.
- Choose the deposit option and select the currency you want to use (such as Bitcoin or Fiat Currency).
- Find THETA coin
- On the dashboard, go to the “Markets” option.
- Search for “THETA” in the search bar.
- Make a purchase
- Click 'Buy THETA'.
- Choose an order type (such as 'Market Orders' or 'Limit Orders').
- Enter the amount of THETA you wish to purchase and confirm the transaction.
- Store THETA safely
- After purchasing, consider transferring your coins to an external wallet for added security.
It is important to follow the guidelines to ensure a safe and efficient experience when purchasing THETA.
Conclusion
The Theta ecosystem is extensive and broad however, if someone asks you “what is Theta Network?”, you can now let them know that Theta Network became a blockchain and crypto pioneer by creating the first streaming platform point-to-point video display 100% off-center.
Both content creators and consumers are rewarded for their efforts and, at the same time, receive a larger share of the revenue. By sharing bandwidth among a dedicated and driven community, Theta Network is changing the way we consume media through the use of blockchain technology.
FAQ
Is Theta Network Cryptocurrency Worth It?
Assessing whether Theta Network is worth investing in involves considering its decentralized video streaming technology and its potential for growth in the market. The platform offers a unique solution and could be attractive to investors focused on digital media innovations.
Will Theta Network Cryptocurrency Rise?
Theta Network’s valuation predictions depend on a variety of factors, including the adoption of its technology and the cryptocurrency market conditions. Analyzing past trends and industry news can help inform its future performance.
Theta Network (THETA) Cryptocurrency Price Prediction 2026
There is a possibility that Theta Network will manage to break through the $6,40 barrier and maintain that price in the market until the end of 2026. Theta Network’s lowest price is expected to range between $5,38 and $6,40, with the price most likely to stabilize around $5,76 by the end of 2026. Despite the drastic fluctuations in Theta Network’s value and the controversy surrounding its negative environmental impact on energy consumption, billionaire and venture capitalist Tim Draper maintains his prediction that Theta Network will reach $6,40 by the end of 2026 or early 2027.
Theta Network (THETA) Cryptocurrency Price Prediction 2031
At the beginning of 2031, Theta Network price prediction along with technical analysis indicates that the cost of Theta Network will reach $18,44, with the price of THETA expected to reach $18,44 by the end of the year. Furthermore, THETA may reach up to $16,94 in the same period. The time span between 2025 and 2031 will be significant for the growth of Theta Network.
Is Theta Network a good investment?
Theta Network can be seen as a good investment for those who believe in its business model and the growth of the streaming space. However, each investor should evaluate their financial goals and risk tolerance before investing.
What is the future of THETA coin?
The future of THETA coin looks promising, especially if Theta Network continues to expand its presence in the video streaming market. The development of new partnerships and technological innovation are factors that could impact its value over time.
Is Theta Network Coin safe?
The security of Theta Network Coin is ensured by the blockchain technology it uses. Additionally, global cryptocurrency security practices help protect investors, although risks are always present in this space.
How to store Theta Network Crypto securely?
Storing Theta Network Crypto securely can be done using recommended digital wallets or hardware wallets. These options offer additional protection against unauthorized access and are popular choices among investors.
What are the risks of investing in Theta Network?
Investing in Theta Network comes with risks, such as cryptocurrency market volatility and competition from other streaming platforms. It is important for investors to be aware of these risks and conduct research before making any decisions.