I. What is Theta Network?
Theta Network (THETA) is known as a Blockchain Protocol. . Theta Network makes the process of developing and delivering content (esports, sports, entertainment videos, education, etc.) to followers as efficient and effective as possible by integrating the different Streaming platforms on the platform.
Theta Network was founded in March 2019 and specializes in sports programming, e-sports, music, and other creative content.
Theta Network wants to build a truly decentralized, token-incentivized, safe, and internationally scalable content delivery network.
II. History of Theta Network
ThetaLabs.INC, with its main office in San Jose, California, owns Theta Network. Theta.TV, formerly known as Sliver.TV, was the first product the founding team of Theta Network launched in 2016. It allows content producers to arrange their streams for users. Theta.TV is regarded as a reliable streaming service.
Theta Network, a decentralized video streaming and distribution network, was introduced by the firm in March 2019. This network uses a Proof of Stake (PoS) consensus algorithm and can handle more than 1,000 transactions per second. The TPS of the Ethereum Network is 13.7 and that of the Bitcoin Network is 2.77.
III. Striking Features of Theta Network
Theta Network video streaming problems and solutions
Users are currently very fond of video streaming (streaming video), such as the live streams of Youtube, Netflix, Facebook, Tiktok, etc. One issue we’ve observed is that these middlemen are holding onto user video content and video streaming royalties. Royalties are distributed in extremely small percentages, and content is managed, centrally kept, and challenging to access across multiple regions. There isn’t truly a single platform that can centrally store all content worldwide and provide high throughput access to it.
With the intention of establishing a worldwide decentralized video distribution network, Theta was created. Take over and surpass the conventional approach of content delivery. Through Theta token’s economic model, users can freely stream the content they produce, access videos more quickly, and make money from watching videos.
Problems that THETA network wants to solve:
- Eliminate 3rd parties that store users’ videos: like traditional video platforms, users will store their videos at the storage centers of companies such as Youtube, Facebook, tiktok… As for Theta , it is the users in the THETA network who will host these videos.
- The issue of royalties: when using a traditional centralized video platform, royalties are paid very low and are managed by the service provider company. With THETA, this money will belong to the users of the network and will be divided equally so that everyone agrees.
- Controlled content: traditional video channels will have the ability to delete user-generated videos, but with Theta’s Blockchain technology, no one has the right to delete any videos on THETA network.
- Video traffic throughput: THETA is striving to become a global decentralized Video distribution network, helping users anywhere to watch videos in the fastest way with the highest quality.
- Video quality: Theta aims to provide a solution for viewing videos up to 4k or 8k, not just 360, 720, HD as it is now.
What makes the Theta Network (THETA) project special?
The following is a highlight at Theta Network:
Consensus at multiple BFT levels: DPOS and BFT.
To produce and validate a new block before adding it to the Theta Blockchain, a group of 10 to 20 validators will be chosen. Block and transaction detectors will be the Guardian nodes.
Theta Network is able to attain high TPS thanks to this method. features fault tolerance for when a malicious actor enters the network.
Theta Network’s fundamental concept is to concentrate on Content Creators and End-Users because they are the ones who actually bring in money for the participants. Simply put, Theta Network decentralizes, lowers the cost, and streamlines the CDN process.
Theta Network’s general operation is explained below.
IV. Core Technology of Theta Network
Technology that THETA applies:
- Multi-BFT Consensus: The novel BFT consensus technique enables hundreds of nodes to take part in the consensus process and facilitates extremely high transaction throughput.
- Reduce the time it takes to convey complicated messages and the cost of transmission with the Aggregated Signature Gossip Scheme.
- Resource-Oriented Micropayment Pool: Specifically designed for online video streaming, this system enables users to construct an off-chain micropayment pool that any other user can withdraw from using off-chain transactions and is resistant to double spending. In comparison to off-chain payment channels, it is much more flexible.
V. What is THETA?
1. Detailed Information about THETA
In Theta Network there are two types of Tokens that are THETA and Theta Fuel:
- THETA is Governance Token: Owning THETA means you have the power to make decisions about upgrading the system and protocol.
- Theta Fuel is Utility Token: It is used as Gas in Theta Protocol. Also used for payments in Theta Network’s ecosystem.
At the present time, THETA and Theta Fuel are Tokens on the project’s own Blockchain. Before that, THETA was an ERC-20 token on Ethereum.
Basic information about THETA
- Ticker: THETA
- Blockchain: Blockchain of Theta Network
- Consensus: Multi-Level Byzantine Fault Tolerant (“BFT”) + PoS
- Function: Governance
- Total Supply: 1,000,000,000 THETA
- Circulating Supply: 1,000,000,000 THETA
- Annual inflation: None
Basic information about Theta Fuel
- Ticker: Theta Fuel
- Blockchain: Blockchain of Theta Network
- Function: Utility
- Total Supply: Not fixed
- Circulating Supply: 3,838,301,572 Theta Fuel (Coinmarketcap.com figures)
- Initial distribution: Snapshot from THETA ERC20 to the main Blockchain, at the rate of 1 THETA:5 Theta Fuel.
- Annual inflation: Expected 5%, will be adjusted at the protocol level based on market supply and demand.
2. THETA Allocation
3. THETA Noticeable Milestones
Token Sale THETA
The project only conducts Private Sale, does not conduct Public ICO as mentioned on other information sites.
- Start: September 26, 2017
- End: December 27, 2017
- Token Sale Price: 0.067$
- Total Raised: 20,000,000$
Distribution Plan THETA
All THETAs have been unblocked. The current circulation of THETA is Full caped 1,000,000,000 THETA.
4. Use Cases of THETA
The Theta Network ecosystem uses THETA and Theta Fuel for operation.
THETA is utilized in the following ways by Theta Network ecosystem:
- Theta Fuel will be awarded if you lock and stake THETA to become Validator Nodes (Block Production) or Guardian Nodes (Block Finalization).
- used to vote on crucial Theta Network issues like the Upgrade Protocol.
In the Theta Network ecosystem, Theta Fuel is employed as follows:
- Transaction Fees.
- Ecosystem-wide Theta Network payment currency.
- Gas Fee is a provider and manager of smart contracts (in the future).
VI. How to earn & own THETA?
Several exchanges, including Binance, HitBTC, Gate.io, Huobi Global, OKEx, KuCoin, AAX, ZB, Hotbit, and Bitcoin.com Exchange, now list and support trading of THETA Token. In which 33.21% of all trading volume is made up of the most popular LINK Token on Binance. To purchase and sell LINK Token, you can refer to and pick one of the exchanges mentioned above.
VII. Which Crypto Wallets are suitable for THETA?
You can safely store THETA Token on supported e-wallets such as Trezor, Ledger or store it on Theta Wallet’s wallet.
VIII. THETA Recent Developments
Roadmap of the project in Q4 and first half of 2020.
Theta Network’s two major milestones are the launch of the Guardian Node in Q1/2020. Support Smart Contract in more after 2020.
Mainnet:
Mainnet on March 15, 2019, was late compared to the previous planned time of Q4/2018.
Blockchain development roadmap from Theta 2.0 to Theta 3.0
As mentioned above, Theta 2.0 with Theta’s unique multi-BFT consensus design combines a validator committee of 20–30 block validating nodes, with a second layer of 1000 communities- running guardian node. Validator nodes propose and generate new blocks in the chain, while Guardian Nodes seal the blocks and act as a check against malicious or non-functional Validator Nodes.
As of December 2020, with Theta Enterprise Node Validators run by Google, Blockchain Ventures, Samsung, Sony Europe, Binance, gumi Cryptos and Theta Labs, with more large enterprises in the process of joining.
After the launch of Theta 2.0 in May 2020, the number of Guardian Nodes has rapidly increased. Currently, there are over 3,000 Guardian nodes run by Theta community members.
The Blockchain Theta mainnet enables support for Turing complete smart contracts. Smart contracts usher in a whole new set of user experiences and new attribution models for DApps built on the Theta network.
For example, leveraging smart contracts on the Theta network can enable fully digitized item ownership, innovative payment-consumption models, transparent royalty distribution, fundraising mechanisms, and more. trustless crowdfunding and more. This provides an extra layer of social and economic interaction that complements the core functionality of video and data delivery, while significantly increasing platform engagement and user retention.
In addition to Node Validators and Node Guardians, Theta community members also host Theta Edge Nodes, forming the Theta Edge Network, a completely decentralized network for data distribution and, in general, edge computing.
As of April 2021, this edge network has grown to more than 30,000 nodes, covering all corners of the world.
Following Theta 2.0, the capabilities of the Theta Edge Node network have been greatly enhanced with the release of Theta’s industry-leading peer-to-peer “EdgeCast” technology. This all-new decentralized technology stack adds live video capture, real-time video transcoding, caching, and forwarding of live video data to users globally – all through over Theta’s P2P edge network run by thousands of community members. There is no central server or service used in this path. This is a huge challenge and achievement.
Theta Mainnet 2.0 introduced a 5% per year TFuel inflation bonus for Staking Theta as shown in the Graph as above, incentivizing token holders to stake their THETA for Node Validators and Node Guardians, and thus which secures the blockchain network through Theta’s multi-level BFT consensus mechanism. Additionally, video platforms buy TFuel to incorporate Theta’s P2P video delivery protocol into their infrastructure, rewarding end users for bandwidth sharing and as a payment method for content creators. dung.
In Mainnet 3.0, the platform extends the protocol to reward Theta edge nodes, another important network participant responsible for providing video delivery services as shown in Diagram 2. Advanced economics. including inflation, staking and burning new TFuel.
IX. Teams, Funds & Partners of THETA
1. Team
THETA was founded by Mitch Liu and Jieyi Long from China, in which:
- Mitch Liu: currently CEO of THETA, co-founder of THETA.tv, Gameview Studios. Tapjoy, has a bachelor’s degree in Computer Science & Engineering from MIT, and holds an MBA from the Stanford Graduate School of Business.
- Jieyi Long: co-founder of THETA and THETA.tv, PhD in Computer Engineering, Northwestern University, has developed many patented technologies including VR live streaming as well as instant playback for games.
- THETA’s development team consists of many talents from both China and developed countries with high education and many years of working experience in the field of information technology.
In addition, THETA also has a team of experienced advisors such as:
- Steve Chen: Co-founder and chief technology officer of YouTube
- Dennis Fong: Co-Founder and CEO of Play.tv
- Clifford Morgan: CEO of GFUEL
- Sam Wick: Sales Manager, United Talent Agency, held senior positions at MySpace, AOL, Mp3.com and Sony.
- Justin Kan: Co-Founder of Twitch
- Karen Huh: Senior Vice President of CJ Hello
- Kyle Okamoto: Network Manager at Verizon Digital Media
- Jonathan Wong: Product Manager at Rakuten Viki, used to work at Microsoft
2. Investment Funds
3. Partners
Many video platforms, including Samsung VR, MovieBloc, the Korean TV station MBN, and the streaming service Sliver.tv, have integrated Theta Network.
Traditional investors like Samsung and the Sony Innovation Fund are also paying attention.
X. Where can THETA information be updated?
Currently, Crypto users can fully consult, research, and analyze information about THETA through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of THETA, and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Theta Network
- Is Theta an Ethereum Destroyer?
The term is used a lot in cryptography, and Theta is no exception. Given that the Ethereum blockchain dominates the DApp ecosystem, this is actually not surprising. Theta developers first built the framework in Ethereum but ultimately chose to host in their own network. As a result, as already said, Theta developers can use this chance to focus their blockchain in the desired direction and turn it into a platform for decentralized video streaming. Despite the fact that this specialized market has a lot to offer, it is not regarded as an “Ethereum destroyer” because it is a specific one.
- What products does Theta Network have?
- Theta Official Wallet.
- SLIVER.tv: Video Streaming Platform.
- Theta Explorer.
- What operating systems does Theta Network support?
Currently, Theta Network project has been deployed on a variety of platforms such as Web, Android and iOS.
- How to contact and update information on Theta Network?
- Whitepaper: https://s3.us-east-2.amazonaws.com/
- Bitcointalk: https://bitcointalk.org/index.php?topic=2451089.0
- Github: https://github.com/thetatoken
- Telegram: https://t.me/joinchat/Gt6mbxJb-2XukwGA_atLjg
- Medium Blog: https://medium.com/@ThetaLabs
Conclusion
In conclusion, the Theta Network project uses a decentralized content distribution network to help users with various real-world issues. Additionally, the team’s edge computing network represents a new step forward.
The founding group appeared knowledgeable and capable of handling the task they pledged to complete. They also have numerous reputable associations of partners, investors, validating Nodes, and media advisors. Despite possible competition, Theta is likely to win the race thanks to its superior innovation.
However, a few problems have many individuals having second thoughts about the initiative. The number of whales holding THETA tokens at this time cannot be ascertained through Theta Explorer due to the unclear distribution of tokens.
The dual-token approach used by Theta Network further complicates the network’s value system. As an investor, it can be challenging to determine if you should invest in THETA or TFUEL because they each have unique use cases and supply concentrations.
The above is Meta Lion’s comment on the Theta Network project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
