What Is Theta Network and Its Cryptocurrency?

What Is Theta Network

Theta Network is the next-generation, media- and entertainment-focused blockchain. Learn all about its main features in the article.

Large internet bandwidths have made streaming videos in high-quality resolutions possible. But network bottlenecks and other issues could compromise image quality and lead to playback problems. Blockchain technology powering decentralized networks like Theta can help by securing P2P video delivery.

Intro to Theta Network

Intro to Theta Network

Theta Network’s origin goes back to 2017. Jieyi Long and Mitch Liu, a skillful duo with experience in VR live streaming and mobile gaming, established the network focused on peer-to-peer video delivery.

The platform utilizes smart contracts with advanced features. These capabilities power the economy within the streaming-focused ecosystem offering decentralized P2P video transactions. Theta uses two tokens – TFUEL and THETA. Although BTC to XMR and similar pairs are more popular, you can trade these tokens on many crypto exchanges, too.

How Theta Network Uses Two Tokens

THETA is a coin used to govern the protocol. The token can serve for staking as a Guardian or Validator node, which allows participation in making new blocks. THETA tokens have a capped supply of a billion tokens, and this won’t change.

As users stake coins and run a node, they earn TFUEL tokens. Theta Fuel are coins that serve operational purposes. Users participating in the Theta Network share video content with other users. Viewers (end-users) don’t pay for this service.

Instead, it’s the video sites that are charged. Relayers who share the streams earn TFUEL. These tokens also serve for interaction with smart contracts and deploying them, which makes TFUEL a true gas coin of this platform.

Theta Network Blockchain Mechanism

The creators designed the Theta Blockchain from scratch. Its main purpose is video streaming in the entertainment and media industry. The platform uses a Byzantine Fault Tolerance (BFT) consensus with multiple levels.

The first layer includes up to 30 Enterprise Validator Nodes, and the other layer contains thousands of Guardian Nodes run by the community. The former nodes suggest and confirm new blocks on the platform, while Guardians look for potentially non-functional or dangerous Validators and protect blocks. Thanks to this approach, security is very high.

Validators offer a similar security level to Solana, BSC, and other chains utilizing the proof-of-stake mechanism. Adding the layer with Guardians increases security to ensure it’s at the maximum possible level.

Theta gathers major companies to run the Enterprise Validator Nodes. Google, Samsung, Binance, Creative Artists Agency, and Sony Europe are only some running these nodes. The estimation is the community runs over 3,500 Guardian nodes, which ensures maximum decentralization.

A huge advantage is the non-existing carbon footprint to ensure Theta is an eco-friendly project. As for the transfer speed, the network can finalize 1,000 transactions per second.

Real Use of Theta Network

Real Use of Theta Network

The main advantage is you can easily integrate decentralized videos into an app. You don’t need any video stack development, and the entire process requires only a minimum of hassle. Everything that’s necessary is several clicks, ensuring this is an easy and cost-effective solution.

Many platforms utilize this network, such as Pandora.tv and Samsung VR. Samsung works with the administrators to integrate the network into their smart TV products.

Theta has a simple working process. Any person can upload a video via the Theta Video API. After uploading, the user receives a link to play the video. The platform also allows placing a video player powered by Theta on the user’s website. Viewers can relay the clip by using the P2P approach, which maximizes decentralization.

Developers find the network easy to use, too. The approach can decrease the price of launching a new video platform to level the playing field for all website sizes.

How Do I Store My Theta Tokens?

After you purchase or acquire THETA and TFUEL tokens by trading, you’ll need a place to store them. Theta wallet is a specially designed software solution intended to store these coins. You can access the wallet via a web browser, but it also supports Android and iOS devices.

If you want to maximize the security of your tokens, the Theta wallet is compatible with Trezor and Ledger. Once you use https://godex.io/exchange/btc-to-theta or similar converters to acquire Theta tokens, these hardware wallets are the safest way to store your tokens.

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