Theta is a platform powered by the blockchain which was specifically designed for video streaming. Similar to several other cryptocurrencies, the Theta system’s mode of operation is a decentralized network with a series of interconnected computers and users which share the same bandwidth and other computational parameters on a peer-to-peer premise.
In today’s age of technology, several content delivery networks which are located in different parts of the world are under the obligation to deliver video streaming content to consumers. However, there are limitations imposed on these networks which prevents them from being able to deliver the required high-quality streams to the end-users. Theta provides an avenue for these networks can make use of their computing power and resources to provide video streaming services without the locational barrier. The Theta platform also pays for making use of these services.
The payment usually comes in the form of THETA, which is the platform’s very own token. The token can be used to perform a series of services across several platforms including most of the governance inside the network, Blockchain ventures, and a provision of a guardian network for a series of in-house-run nodes. According to developers using the platform around the world, the goal seems to be a revitalization of the video streaming industry by providing decentralization for a better end-user experience.
Who are the Founders of Theta (THETA)?
Theta was launched in 2019, although it was founded back in 2018 by a group of individuals. Mitch Liu and Jileyi Long are partners who teamed up to create Theta. The duo is successful individuals with experience in the video industry. Liu for starters has spent several years in the video and gaming industry before co-founding a video advertising firm. The firm was the first live streaming platform whose decentralized app was initially built on the Theta protocol. Similarly, Long also has years of experience in the video sector. However, his expertise was more focused on design automation, large-scale distributed systems, and virtual reality. Long was also an author who wrote and reviewed several academic studies and is also an owner of a series of video streaming and virtual reality patents.
Theta has experienced exponential growth over time and has developed a team of workers which have created strategic links with major corporations such as Sony innovation fund, Digital media investments, and Samsung Next. In 2017 the Theta team executed a token sale in private which raised about $20 million via the sale of 30% of the total supply.
What is Theta (THETA) used for?
Theta can be used for several things, however, the most practicable usage is for the enjoyment of individuals in the content creation industry. Theta allows any content creation platform the power to control the video aspect of the content and the monetizing features. Given that the streaming industry is one of the fastest-growing sections of the internet with a growth value of over 100% from 2016 up until now. As of 2016, the global value of the streaming industry stood at $30.3 billion, currently, projections are stating that this value is expected to reach $70 billion by the end of this year. Individuals in the virtual space are constantly increasing their level of video content consumption in all forms including live and pre-recorded videos. The creation of Theta was in a bid to provide the next generation in the world of online streaming through the use of a video delivery platform that is blockchain-powered.
What Is the Unique Point of Theta (THETA)?
According to the evidence of its use, Theta’s main provisions are decentralized video services, cutting-edge computing, and delivery of data. These points stand as advantages for the participants on the platform that provide these services in the video industry. All the operations of Theta are executed on a blockchain and have two tokens that are employed in powering the network. These tokens are known as Theta (THETA), Theta Fuel (TFUEL).
The provisions that Theta brings to the market are at different levels. The first level is its provision of a better quality of streaming services. This allows content creators to increase their overall earnings in the long run. It also helps them save money that would have been used for developments on each platform. The system also gives its members incentives that could apply to both watching videos and using the computational resources in the form of tokens.
How many Theta (THETA) is in circulation?
Unlike the operations of most cryptocurrencies currently in the market, Theta uses two tokens on its network which are THETA and TFUEL. Although the tokens are principally for the purpose of governing the system, however, the assignment process is a little different from the usual. In 2019, the issuance of the TFUEL tokens was 5 for every 1 THETA token. Based on the teachings of history, Theta launched in 2018 while it was given to buyers in the form of ERC-20 before they were later switched on the manniet to THETA tokens
The total amount of Theta that was created is 1 billion tokens. However, over time these tokens have been shared in different quantities among the participants of the network and the members of the Theta team. TFUEL on the other hand has the main job of powering transactions with a total of 5 billion tokens.
Is the Theta (THETA) Network secured?
In its governance scheme, Theta makes use of financial incentives in the form of tokens to maintain control over the decentralized system by its users. The platform uses a proof of stake system to enact this governance. This security governance system is the same as used by other cryptocurrencies with the major difference being the Modified Byzantine Fault Tolerance being integrated into the system. This modification differs from the traditional proof of stake system in a consensus mechanism whereby both the guardian nodes and validators participate, which in turn provides an extra layer of security for the platform as a whole. For transactions to be executed, the nodes are required to stake Theta tokens to power the network, then produce blocks and vote on the changes to be made. In this process, the guardian nodes are obligated to stake 100,000 THETA, while validators around 10 million THETA.
How do I buy Theta (THETA)?
The main token released to the general public for sale and trading purposes is the THETA token and it is readily available. To buy Theta (THETA) tokens is quite easy. The steps below provide the right direction.
* Open an account with any crypto trading platform that offers THETA.
* Transfer the specific amount of your fiat currency to the trading platform account.
* Wait for your deposit to be confirmed and Buy THETA through the trading platform account.