Theta Labs is the sole developer of the Theta network. To facilitate worldwide content, data sharing, and processing power, this project plans to implement blockchain technology to facilitate decentralized peer-to-peer video distribution for online video streaming.
Users of the Theta mainnet collaborate to share network capacity and computational resources in a P2P model. Achieving this level of success so early in the year demonstrates the long-term viability of the network’s service and the widespread acceptance it has found among investors around the globe. The Theta Network price is certainly a matter of great interest among investors today. If you also wish to invest in this coin, this article is for you.
What is the Theta Network?
The Theta Network is a P2P video streaming platform that strives to be more affordable and decentralized than centralized alternatives. Current content distribution networks need to be improved because of the ever-evolving need for high-quality streams in the business, and they are also geographically limited. To address these fundamental problems, Theta was created.
In addition to e-sports, movies, TV shows, and music, the platform provides a user-driven, blockchain-powered infrastructure that facilitates trustless transactions between fans worldwide. Theta is a blockchain-based incentive system enabling users worldwide to access premium content regardless of physical location.
How does Theta function?
The Theta blockchain is a peer-to-peer technology facilitating online commerce and data sharing. Like Tendermint, it is based on a Proof-of-Stake consensus mechanism, which allows users to process blocks as the value of their token holdings rises.
Players fall into three categories:
- Enterprise validator nodes process network transactions using THETA tokens. Google and Samsung are two of the companies that are now functioning as Validator Nodes.
- Users that take on the role of guardian nodes conduct tasks to verify the integrity of the transaction blocks supplied by Enterprise Validator Nodes.
- Edge nodes exchange TFUEL for the ability to share their bandwidth or relay video feeds throughout the Theta network.
The native tokens of this network, namely – THETA and TFUEL, enable users to earn TFUEL for sharing content through services like Video Sharing. However, THETA was created with network administration in mind.
Low-quality video and expensive expenses for platform infrastructure, which otherwise would guarantee fast Streaming service delivery to end-users, are also problems that Theta’s fundamental components address.
What is the THETA token?
The network now has two native tokens –
- You can join the network’s validator or guardian node with THETA and start making TFUEL. It also enables transaction confirmation and block production, which are vital for securing the network.
- Micropayments in the video industry are done through a currency called TFUEL. Edge Nodes are purchased with TFUELS from users who wish to share their streams with others and can subsequently be utilized on Theta for streaming.
Using a two-token system
Theta Fuel (TFUEL) is the network’s operating pass to purchase data transfers. The purpose of this is analogous to that of the gas fees of Ethereum. TFUEL tokens will be used as an incentive by streaming media services to get people to share videos.
There are presently 5,270,590,400 TFUEL in circulation, equivalent to a maximum value of $1,990,333,036 in the cryptocurrency market.
Thetas (THETA) is a form of Theta Network currency. This is a governance token for usage in THETA activities and acquiring associated advantages. The goal is to give the community a say in how the Theta blockchain evolves in the future.
THETA token has a maximum supply of 100 billion and a current market cap of $12,677,420,955.
Mechanism of Operation
The Theta network will reward members with THETA tokens for their contributions to attracting viewers, boosting revenue, and delivering unique content and viewing experiences.
As a result, providers take on the role of cache node in the streaming media platform, addressing the issue of poor performance that is sometimes seen in the conventional media streaming market.
Viewers get rewarded with Theta Fuel for contributing to the Theta network by donating their unused bandwidth and resources.
Conclusion
Theta is meeting an important need in the market. The token’s popularity has risen as a result. Theta tokens, which can be used on this decentralized streaming network to contribute to its mission of improving the user experience for everyone, are currently readily available to investors.
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