The crypto market is a thriving industry known for its high volatility and innovative technology. Aside from tokens like Bitcoin (BTC) and Ethereum (ETH), developers and tech experts are looking into creating more crypto assets that solve modern-day problems such as low-quality video streaming and third-party fees.
An example of this is Theta which is a unique network that enhances online streaming at a lesser price. It’s an unconventional method that fits this current era where most people love to watch everything online. Uncover more about this here at Cryptoshimbun.
Getting to know Theta’s founders
Theta is a network that works under a blockchain technology made for video streaming. Similar to Ethereum, this decentralized platform allows users, developers and its partnered companies to create a comprehensive network where they can watch streams and share bandwidth through the community.
Compared to other centralized alternatives, this has higher and better quality videos with less loading time. Additionally, this provides a variety of content from different categories like esports, movies, television shows, music and education.
This was first established in 2017 through the efforts of its two founders, Mitch Liu and Jieyi Long. Liu is known for his background in creating startups relating to mobile games and online advertisements while Long had a career in VR live streaming technologies before they created Theta.
Aside from its founders, Theta now has an impressive board of advisers composed of big names in the tech and video industry including Youtube’s co-founder Steve Chen and Twitch’s co-founder Justin Kana to name a few. It also has a large array of investors supporting its project such as:
- Sierra Ventures
- The Venture Reality Fund
- Samsung NEXT
- Sony Innovation Fund
- CAA Creative Artists Agency
Theta tokens: THETA and TFUEL
In the Theta blockchain, there are two native tokens which are Theta (THETA) and Theta Fuel (TFUEL). Currently, THETA has a trading price of $8 with a market capitalization of over $8 billion while TFUEL is priced at $0.3645 with a market cap of more than $1 billion as of writing.
The main objective of the THETA cryptocurrency is to help regulate the blockchain and aid in the progression of the network. As for TFUEL, this is usually utilized by Theta as a reward for its users who share their bandwidth with other people in the network. This enhances the overall quality of the platform, resulting in better streaming services and less loading time.
The work behind the scenes: About the Theta blockchain
Theta is a network powered by cutting edge blockchain technology that works on a peer-to-peer (P2P) basis. Through this protocol, creators are given real-time payments for sharing content without third parties taking a cut from their profit.
It utilizes a proof-of-stake (PoS) mechanism rather than Proof of Work (PoW) used in Bitcoin that involves miners solving mathematical equations. The PoS is known to be more energy-efficient and faster than PoW since the latter requires all miners to compete in solving algorithms, leading to wasted effort, high energy usage and high electricity costs.
Meanwhile, in the PoS protocol, miners need to stake a certain number of coins before they can be chosen to verify a transaction. Only one miner is assigned per block which saves energy, effort and time.
Three key participants in the blockchain
Aside from the PoS protocol, the Theta blockchain also involves three important validators that assess the data that is put in the network and see if there are any problems during the transaction.
Below are the three key validators that are part of the Theta blockchain:
- Enterprise validator nodes
As its name suggests, enterprise validator nodes are companies that stake THETA tokens to help process the transactions in the blockchain. They are the so-called first line of defence and are required to put 1 million THETA coins for the PoS. Some examples of these nodes are big names like Google, Sony and Samsung.
- Guardian nodes
After the enterprise validator nodes, the guardian nodes are the second layer of protection in the network. They are users who are tasked to create a consensus by verifying the data in different parts of the blockchain. Also, they ensure that the transactions from the enterprise validator nodes run smoothly. Guardian notes are required to stake at least 1,000 THETA coins.
- Edge nodes
Edge nodes allow users to transfer their video stream over the Theta blockchain. Unlike the previously mentioned nodes, these don’t require the user to stake THETA coins. Instead, they reward the participants who actively utilize this network through bandwidth sharing with TFUEL tokens.
What are its benefits?
The Theta blockchain is beneficial for various stakeholders like the users and the industry providers because it makes watching and sharing streams easily accessible and more convenient. Know more about its benefits here:
- Faster streaming service
Since Theta is a decentralized network, it allows users to stream and watch regardless of where they are located. As a result, people can now stream faster with better quality videos, especially for their favourite games and shows.
- Helps you earn rewards
By being part of the Theta network, you can earn TFUEL coins which you can use to buy products, tip creators and purchase subscriptions. All you have to do is share your extra bandwidth to be rewarded with these tokens.
- Reduces costs
Since the Theta blockchain is fully digital, this gets rid of the need to build physical infrastructures to establish a business in video production. As a result, it reduces costs for companies and paves the way for more innovative business models. On another hand, content creators will have lesser expenses when they stream with their avid followers.
Theta know-hows: Buying the THETA cryptocurrency
Get started on your crypto journey with the THETA cryptocurrency by following these three important steps:
- Choose your wallet
Before buying THETA coins, you need to first secure a wallet to store these tokens. You can explore through a variety of options like the Atomic, Trust and Ethereum wallet.
Another great choice to consider is Theta’s own wallet which is the Theta Wallet. Find this on their official website ‘thetatoken.org’ in the top part of their homepage. It’s a wallet that is suitable for both desktops and mobile devices. You can also download it on the App Store or Google Play.
- Find the best exchange
Once you have a THETA-compatible wallet, you can buy them through large exchange sites like Coinbase, Kraken and Binance.
- Put your coins in your wallet
After buying your THETA tokens, you’ll have to put them in a secure wallet. This does not only keep your coins safe but also lets you track your current balance.
Make a mark in history by choosing Theta
Embark on a journey towards the future by choosing Theta cryptocurrency. Its groundbreaking blockchain technology is predicted to make history because of its ability to relay high-quality videos least expensively. Try it now and enjoy the best streaming experience through Theta!