What Is Theta Network? All You Need to Know About THETA

The video-streaming industry is rapidly expanding, with a projected compound annual growth rate (CAGR) of 20.4% from 2020 to 2027. However, traditional centralized video delivery platforms continue to face intermittent bottlenecks within content-delivery pipelines. Theta Network is a decentralized video delivery network that offers a range of blockchain-enabled solutions to these problems, providing high-quality video streaming at a reduced cost and multiple incentive mechanisms for decentralized bandwidth and content-sharing.

What Is Theta Network?

The Theta Network is the next-generation blockchain platform, designed to change the way we experience media and entertainment. With its cutting-edge technology, the Theta infrastructure enables existing video and media platforms to drive incremental revenues and reduce content delivery costs, while rewarding end-users for sharing their storage and bandwidth on any device. From PC to mobile, Smart TV to IoT devices, Theta Network is the solution the industry has been waiting for.

Theta’s key features and how it works

Theta is a dual network consisting of two complementary subsystems:

• Theta Blockchain
• Theta Edge Network

The blockchain provides payment, reward, and smart contract capabilities, while the edge network is responsible for the storage and delivery of media assets like videos and images. Let’s analyze both in detail.

Theta Blockchain

The Theta Blockchain is a highly efficient and sustainable blockchain solution that is purpose-built for the media and entertainment industries. With its unique consensus mechanism, the Theta Blockchain combines the security of a decentralized network with fast transaction processing capabilities. In this article, we will delve into the technical details of the Theta Blockchain, including its consensus mechanism, smart contract support, and the upcoming Theta Metachain.

Unique Multi-Level BFT Consensus Mechanism

The Theta Blockchain has a multi-level consensus mechanism that is designed to provide both security and efficiency. This mechanism is based on a combination of Enterprise Validator Nodes and Guardian Nodes. The Enterprise Validator Nodes propose and finalize new blocks, while the Guardian Nodes seal the blocks and act as a check on malicious or non-functional Validator Nodes. The Enterprise Validator Nodes are run by well-known enterprises, such as Google and Samsung, while the Guardian Nodes are run by the Theta community.

As of February 2023, there are over 3,000 Guardian Nodes in operation, which provide an additional layer of security to the network. With this unique design, the Theta Blockchain is highly decentralized, yet able to process 1,000 transactions per second with virtually zero carbon footprint.

Smart Contract Support and EVM Compatibility

The Theta blockchain mainnet provides full support for Turing-complete smart contracts, which opens up new possibilities for decentralized applications (DApps) built on the network. With smart contracts, DApps can leverage the power of the Theta network to offer innovative new features, such as fully digitized item ownership, transparent royalty distributions, and trustless crowdfunding mechanisms.

The Theta Virtual Machine is also fully compatible with the Ethereum Virtual Machine (EVM), which means that existing Ethereum-based contracts can be easily ported over to the Theta network. Additionally, with the Theta/Ethereum RPC adaptor project, Theta now supports the entire Ethereum DApp development stack, including popular tools like Metamask and Truffle Suite.

Theta Metachain: Scaling the Theta Network

In April 2022, Theta Labs announced the upcoming Theta Metachain, which was targeted to launch in December 2022. The Theta Metachain is an interconnected network of blockchains that aims to allow for horizontal scaling of the Theta network. With the Theta Metachain, the Theta network will be able to achieve potentially unlimited transactional throughput and 1-2 second block finalization times.

The Theta Metachain will consist of one main chain and an unlimited number of subchains, which will allow for the network to scale as needed to meet increasing demand. The Theta Metachain will also allow for new features, such as subsecond block finalization times and potentially unlimited transactional throughput, to be added to the Theta network.

The Theta Edge Network

The Theta Edge Network is revolutionizing the way we store, deliver, and access content on the web. With over 130,000 nodes worldwide and growing, this fully decentralized network is making waves in the world of edge computing. From decentralized video-on-demand and live streaming to NFT-based digital rights management, Theta Edge Network is offering a wide range of innovative solutions that are making the web more decentralized, secure, and accessible.

Theta Video API

The Theta Video API is a game-changer for developers. With just a few clicks, users can add a decentralized video to any website or application, eliminating the need for central servers, content delivery, or video hosting software. The API makes it easier than ever before to roll out a decentralized video, and it empowers users to relay video over the Theta Network on a peer-to-peer basis. This means that anyone can use the Theta Video API to upload any video to their website without any limitations or restrictions.

Decentralized Live Streaming

The Theta Edge Network has taken decentralized live streaming to the next level with the release of its industry-leading “EdgeCast” technology. This fully decentralized technology stack enables users to capture live video, transcode it in real-time, cache it, and relay it to users all over the world - all through Theta’s P2P edge network. This is a massive accomplishment, as it eliminates the need for central servers or services in the live-streaming pipeline.

NFT-based Digital Rights Management (DRM)

Theta Labs has received patent approval for its technology that implements decentralized digital rights management (DRM) via NFTs in a decentralized network. This technology has numerous applications across various domains, including live performances, concerts, and other ticketed events. The release of this patented DRM technology in Q2 2022 features interoperability with existing ingest software, such as Wowza and FFMPEG, and supports popular live streaming standards, such as HLS. This makes it easy to integrate into existing platforms and independent streamers.

Theta EdgeStore

The Theta EdgeStore is a decentralized key/value storage network for the permanent web. It also acts as a decentralized content delivery network (dCDN) for any type of file. The Alpha Preview version of the software was released in February 2022, and subsequent releases are expected to be shipped along with the Edge Node software, making it an integral part of the Theta Edge Network. With its append-only, content-addressing capability, Theta EdgeStore is poised to revolutionize the way we store and access data on the web.

THETA Coin & Use Cases

Theta Network has a circulating supply of 100MTHETA. The highest recorded Theta Network price is $14.276 and the lowest recorded THETA price is $0.04352320.

Governance

The primary token in the Theta ecosystem is the Theta governance token. Governance within the crypto world is all about controlling the network’s activities from within, and Theta token holders play a crucial role in this process. According to the Theta whitepaper, holders of this token are responsible for voting on different activities within the ecosystem, helping to ensure that the network develops in the most effective and efficient way possible.

One of the major development goals for Theta is the creation of a decentralized TV system. While the network already has a Theta TV platform for video streaming, the long-term vision is to bring other video platforms like YouTube and Twitch onto the Theta network, streamlining the entire video streaming process for users. These developments will be decided upon by a group of Theta token holders, who will vote on the best projects to pursue based on the number of tokens they hold.

THETA Use Case: Dapp Support and Gas Fee Payment

THETA and TFUEL

Theta relies on a dual-coin model to enable its network operations.

The TFUEL token is another crucial component of the Theta ecosystem, particularly when it comes to video streaming activities. TFUEL is the operational token used to make payments for video streams within the network, and it also plays a role in supporting smart contracts.

One of the key benefits of the Theta Ledger is its compatibility with the Ethereum Virtual Machine (EVM), which enables developers to create smart contracts on the Ethereum chain. This compatibility makes it possible to leverage both the Ethereum and Theta chains when building decentralized applications (dapps), and developers can even migrate dapps from one chain to the other.

The TFUEL token is essential for paying gas fees when operating dapps on the Theta network. As dapps consume computational power, blockchains typically charge gas fees to compensate for this. By requiring developers to pay gas fees using TFUEL, the Theta network ensures that it remains sustainable and efficient.

THETA Use Case: Payments for Streaming Services and Royalty Distribution

The Theta network also has a range of benefits for those involved in video streaming services. Currently, many streaming platforms rely on a subscription model, where users pay either monthly or annually for access. However, the Theta network is looking to streamline this process by introducing a pay-as-you-go or pay-per-use system, which will allow users to only pay for what they consume.

This system will be beneficial for content creators, as it will allow them to earn direct income from their work. Theta has a feature that allows for the tracing of micropayments and video segments, ensuring that royalties are fairly distributed to all content creators. The governance token Theta will play a key role in making decisions related to payments, while TFUEL will serve as an internal payment asset for the services offered.

Theta Drop and TDROP

Theta Drop is a rewards program that encourages users to donate unused network bandwidth and resources to the Theta network. This contributes to better video streaming quality for everyone on the network. These tokens can then be traded on cryptocurrency exchanges or used to purchase Theta network video content.

TDROP is the abbreviation for Theta Drop. It refers to the tokens that are distributed to users as a reward for sharing their network resources with the Theta network. TDROP tokens are the native cryptocurrency of the Theta network and are used to incentivize users to contribute to the network. \
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Theta Drop is significant because it contributes to the long-term viability of the Theta network. Theta Drop improves the quality of video streaming on the network and makes it more appealing to users by incentivizing users to share their network resources. As a result, the value of TDROP tokens rises due to increased adoption and usage of the Theta network.

News on Theta Network

Theta Network has recently made significant technological and partnership advancements. The main focus has been on the launch of their Theta 4.0 mainnet upgrade, which introduces new network features such as staking and governance. This upgrade aims to make the network more secure and scalable, as well as to provide more opportunities for users to participate in network growth.

Theta has launched Theta Edgecast, a decentralized CDN platform, in addition to the mainnet upgrade. This platform allows users to earn rewards for contributing bandwidth and resources to the network, resulting in a more sustainable and decentralized infrastructure for video content distribution. The platform has gotten a lot of attention and is well-liked by the industry.

Theta’s collaborations have also been a hot topic in recent updates. The network has collaborated with Samsung to incorporate Theta technology into Smart TVs, allowing users to earn rewards for sharing their unused bandwidth. This collaboration is significant because it demonstrates Theta’s growing clout in the media and entertainment industries. Theta has also joined the Razer SoftMiner program, which rewards gamers for running Theta software on their gaming PCs. This move strengthens Theta’s position in the gaming community and expands opportunities for users to participate in the network.

How to Own Theta Network (THETA)

To own THETA, you can use the services of a centralized crypto exchange. Start by creating an account on a reputable exchange that supports the trading of THETA, such as Gate.io. Then, get your account verified and funded with your desired currency. Once your account is set up, you can go through the steps to buy THETA on the exchange. Remember to do your research and compare prices across different exchanges before buying, and also make sure to store it in a safe and secure wallet.

Is Theta Network a Good Investment?

The recent developments in the Theta ecosystem have been quite significant. Apart from the numerous listings on various exchanges, Theta has also been working towards expanding its capabilities through the development of its next-generation blockchain platform, Theta Metachain.

Theta Metachain is being designed as a high-performance, scalable, and fully decentralized blockchain that will provide the infrastructure for decentralized applications and decentralized autonomous organizations. Theta has been working on the development of this platform with the goal of providing a more secure and efficient decentralized network. With Theta Metachain, the network aims to provide faster transaction speeds and lower fees, making it more accessible and usable for a wider range of users.

Moreover, Theta is also focusing on developing partnerships and collaborations with various organizations and projects in the blockchain space. These partnerships will not only help in expanding the reach and use cases of Theta, but will also contribute to the overall growth of the decentralized ecosystem. Overall, Theta is making significant strides in its mission to provide a decentralized network for video streaming and distribution, and the development of Theta Metachain is a testament to this. With its innovative technology and growing partnerships, it is no surprise that Theta has been receiving a lot of attention from the blockchain community.