Theta (THETA) Network is a blockchain powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis.The project is advised by Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch.
Theta features its own native cryptocurrency token, THETA, which performs various governance tasks within the network, and counts Google, Binance, Blockchain ventures, Gumi, Sony Europe and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run guardian nodes.
Theta Network is a decentralized platform that allows users to share bandwidth in a peer-to-peer environment. The network was created by a group of developers who recognized a scalability problem. Thousands of contributor nodes, as well as thousands of peer nodes, make up the network. To ensure that the system operated smoothly, each of them received micropayments for sharing bandwidth. But scalability was not an immediate problem for the team building the platform.
Theta uses blockchain technology to run its operations. It also boasts two native cryptocurrencies: the THETA coin, which is used for voting on protocol changes, and ThetaFuel (TFUEL), which is used for transactions. Theta is open-source software, which makes it easy for developers to build and maintain applications on top of its network. It has also seen an increase in market capitalization since the launch.
Theta is a decentralized network that uses nodes to distribute content. Theta is similar to BitTorrent, whereby a single node is responsible for delivering the content to a community of peers. The second layer of Theta is made up of many nodes. Each node in the network has two different sets of content. If the quality of one is high, then the network will be slow and not as efficient.
ThetaFuel Token Powering THETA Network
Theta has two tokens. One is TFUEL and the other is THETA. TFUEL is used to make payments. Each THETA is given five TFUEL to seed the ecosystem. This new feature will allow users to send and receive payments in real-time. Theta Network plans to introduce additional tokens, which will make it more affordable for users to participate in the network. This means that it could be the future of payment infrastructure.
Theta’s team is impressive. They include Steve Chen, who co-founded YouTube, Rakuten Viki, and CJ Hello. Senior executives from Verizon are also on the team. Mitch Liu and Jieyi Long founded Theta network and raised $20 million in 2017 to support its growth. Other corporate giants have taken notice of its success and backed the company. Sierra Ventures and Sony Innovation Fund are on board, and Digital Media Investments and Sierra Ventures are among the investors.
TFUEL tokens are also being burned to maintain transparency. TFUEL can be generated from TFUEL transactions and is distributed to Elite Edge Nodes. Theta’s network will be self-sustaining with the use of TFUEL, so TFUEL will be burned for the purpose of increasing network volume. This will increase user engagement and security. If the project becomes a success, it could become the next big thing in crypto-asset technology.
To date, the network has received a total of $3.5 million in funding. The network is currently based on blockchain technology, which provides security. This system has a total supply of 5 billion TFUEL tokens, each with a supply of one billion. TFUEL has no central authority, but it is also distributed among its participants. Theta uses a multi-level Byzantine fault-tolerance to ensure security.