Theta Network is a leading blockchain-based content delivery platform. It enables the delivery of high-bandwidth content through the use of decentralized technology. The Theta Network allows users to watch videos and earn tokens as rewards simultaneously. Users are rewarded for relaying video to other users who are also watching the same video.
Just like other sharing economy models, users can opt-in to volunteer their spare bandwidth and computing resources in their bid to relay content to other users. Users contribute to Theta Network using their PC, mobile phones, or smart TV. With the Theta Network, video platforms can reduce their video delivery cost. They can achieve this by integrating Theta into their video delivery stack.
Theta-enabled content platforms spend less on video delivery infrastructure and more on rewarding their users. Therefore, they can grow their userbase and gain more market share in the process.
Theta Network’s Blockchain
Theta Network is built on blockchain and specifically designed for the relaying of data and video. The unique multi-BFT consensus protocol combines between 20-30 Enterprise Validator Nodes. There is also a second layer of thousands of community-run Guardian Nodes. The work of the Validator Nodes is to propose and produce new blocks in the chain, while Guardian Nodes finalize blocks. Guardian Nodes also act as a check on malicious or non-functional Validator Nodes.
The Enterprise Validator Nodes on Theta are run by blockchain ventures like Gumi Cryptos, Samsung, Binance, and Theta Labs. Some major enterprises are also in the process of joining. Before it went live on May 27, 2020, the Guardian Nodes were tested by more than 400 Theta community members on the Theta testnet.
Theta Token (THETA) and Theta Fuel (TFUEL)
- Theta Token (THETA)
This is the staking and governance token of the Theta protocol. It can be used to stake as a Validator or Guardian node. While serving as a Validator or Guardian node, the token contributes to block production and the Theta Network’s protocol governance. When a user stakes and runs a node, the user will earn a proportional amount of the new TFUEL generated. The supply of THETA is constant and is fixed at 1 billion, and it will never reduce or increase.
- Theta Fuel (TFUEL)
This is the operational token of the Theta protocol, and it is used for on-chain operations like executing payments to Edge Node relayers. The Edge Node ralayers are paid for sharing a video stream or for deploying or interact with smart contracts. A relayer will earn TFUEL for every video stream the relayer streams to other users on the network. TFUEL can also be seen as the “gas” of the Theta Network. There were 5 billion TFUEL at the genesis of the Theta blockchain. However, the supply increases yearly at a fixed percentage.
Where to Store your tokens on Theta Blockchain
You can store your THETA and TFUEL in the Theta Wallet. The wallet is available on the desktop web, iOS, and Android devices. Theta web wallet is compatible with Ledger and Trezor hardware wallet devices. You can use the Theta Explorer to view on-chain transactions, addresses, and blocks on the Theta blockchain.
Who are the users of Theta Network?
There have been several integrations with lots of video platforms like Samsung VR, COS.tv, Pandora.tv, etc. Theta Labs have been working with Samsung’s Visual Display group to help bring the Theta Network to their lineup of smart TVs.
With the applications highlighted in this post, Theta Network is gradually rising in the blockchain sector. Time will tell how far this network will go in gaining mainstream adoption.
Okereke has a passion for researching blockchain and cryptocurrency. He enjoys creating long form educational content to inform others on the opportunities in this space.