Content distribution networks, or CDNs, charge to provide video streaming content to end users. CDNs send users who wish to access a website to servers that are geographically nearest to them and enable them to get services through these servers.
Theta recognizes this issue and allows its worldwide pool of users to stream videos by providing extra bandwidth and computing resources. as well as rewarding them for doing so. As a result, more bandwidth becomes available as more people join the Theta network, enhancing video streaming quality.
Theta Coin and TFUEL
In order to vote on protocol updates, Theta employs THETA coin. In order to conduct transactions, it uses TFUEL. Anyone can build new applications and services on top of Theta’s open-source software.
Theta Network is attempting to create a new infrastructure that is not just decentralized but also less expensive for corporations like YouTube and Twitch.
Theta was formed in 2017. It was formed by Mitch Liu and Jieyi Long. Mitch Liu is a mobile gaming and online advertising venture capitalist. Jieyi Long is a former VR streaming technology develope. Theta hit the market in 2018 after a $20 million private token sale.
Board Of Directors
Theta’s board of directors includes YouTube co-founder Steve Chen, Twitch co-founder Justin Kana, and Verizon senior executives Rakuten Viki and CJ Hello. Samsung and the Sony Innovation Fund, as well as a number of venture capital firms, are among its backers.
The extensibility and interoperability of the Theta network are other important features. The network enables the development of vertically distributed applications (Dapps). These apps run on the platform and take advantage of the robust technical toolkit.
Developers can also build decentralized apps on top of the blockchain using the Theta network. Users of the Theta network can now utilize the official Theta Wallet app. It uses to carry or buy shares of THETA and TFUEL tokens. Theta has also developed a video streaming micropayment system. As a result, this allows viewers and creators to send and receive content using THETA’s official wallet app.
The redesigned BFT, a proof-of-stake (PoS) governance mechanism that administers Theta Network and keeps the dispersed electronic network in sync, is at the heart of the project.
How does it work?
A small set of nodes serves as a Verifier committee. Firstly, these nodes provide the initial confirmation. Secondly, the Guardian Pool, a much bigger collection of thousands of nodes, fully validates transactions and adds them to the blockchain.
Theta’s consensus process differs from typical PoS in that it includes both Verifier and Protector Nodes. This offers an extra layer of security to the protocol.
Stake THETA tokens to help power the blockchain, generate blocks, and vote on improvements. Protector nodes only require 100,000 THETA, but Verifier nodes require a minimum of 10,000,000 THETA. The amount of THETA staked has an effect on voting power as well.
The Theta blockchain currently serves as the only end-to-end infrastructure for video streaming and distribution that is decentralized.The cryptocurrency THETA underpins the Theta Network. It is frequently held by those who wish to serve as Verifiers or Protectors.
THETA is the network’s administrative token. It has many features that include the ability for nodes to verify transactions, construct blocks, engage in protocol management during network changes, and receive TFUEL as a gift. Creators limit THETA tokens supply, with 1,000,000,000 in circulation at the moment.
Theta.tv is the most important streaming service for the network. Users can watch and upload videos here. This Dapp will be available on future Samsung Galaxy phones. The Theta software embeds in 75 million existing devices as a result of the partnership.
Active creators who desire more control over their videos, and hence the standard used in exchange for them, eyes for Theta. If you believe in the long run of streaming video sharing platforms, you should add THETA to your portfolio.
Unlike many other blockchain initiatives, however, Theta has a high-profile advisory board, as we stated in our piece. As a result, many believe that Theta has greater long-term potential than many other altcoins, owing to the nature of the project and the real-world problem it solves.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”