In this detailed guide, we will explain what is Theta in crypto and present you with all the essential, information related to Theta Blockchain to help you better understand this highly interesting technology that is trying to change the streaming space.
The rise of streaming video services almost exactly coincided with the development of blockchain technology. This led cryptocurrency enthusiasts to try to integrate these two ecosystems into a single one.
Combining these two technologies, the fairly popular Theta network was born. With this purpose in mind, Theta Labs, the company that develops the Theta ecosystem, has innovative itself with the idea of creating a video distribution network based on the Theta blockchain.
The Theta blockchain provides an infrastructure for the use of the platform’s cryptocurrencies, which we will see in more detail below, while the distribution network remains a place for decentralized live streaming.
The Problem
With the evolution of technology, the need for high-definition video is increasing. However, a large chunk of videos streamed online is of low quality, especially in countries with poor infrastructure. Content Delivery Networks (CDNs) cannot meet users’ requirements for 4K, 8K, or even greater clarity.
So here you create a data traffic jam problem. In many applications, this leads to excess loading times and buffering. In addition, platforms such as YouTube and Netflix receive a significant portion of their revenue from artists and creators.
Here’s where Theta jumps in.
KEY TAKEAWAY
To stream high-quality videos you have to suffer excess loading time and buffering – especially if you live in countries with no high-speed internet. Streaming platforms take most creators’ profits to build the needed infrastructure to deliver high-quality videos.
Theta’s Goals
Theta’s main goal is to develop a peer-2-peer video distribution network where both creators and ”bandwidth sharers” get rewarded for their contribution to the network.
- End Low-Quality Streaming: The platform Theta.tv does not want users to pay for low-quality streaming services. A variety of problems have been identified in today’s content distribution networks, which are characterized by insufficient global reach, delays, omissions, and poor video quality that continue to plague many geographical areas. Theta seeks to address these concerns by creating a peer-to-peer (P2P) network in which users are compensated with tokens in exchange for sharing their resources and ensuring that the smooth operation of the platform is maintained continuously.
- High-Quality Streaming: The next objective is to provide high-quality streaming in an unobstructed manner without incurring prohibitive technical costs. Since content platforms (e.g YouTube) need to develop and maintain streaming infrastructure, all costs are attributable to them. So it is natural for mainstream streaming platforms to keep a large chunk of the profits, leaving less revenue to end up in content creators. Theta’s model, which requires a larger number of users on the blockchain, minimizes the cost of delivering high-quality video. This should give creators more flexibility in handling revenue sources and content production.
- Fair Reward Mechanism: Another goal is decentralization and a fairer reward mechanism through Theta’s peer-to-peer platform. Current content distribution models are considered to provide less incentive for an increasing number of participants. On Theta’s network, intermediaries are removed and content creators are less dependent on third-party advertisers or hosting services. In addition, viewers will be able to use their tokens to reward their favorite streamer within the ecosystem itself.
KEY TAKEAWAY
Theta’s main goal is to develop a peer-2-peer video distribution network (a p2p YouTube) where both creators and ”bandwidth sharers” get a fair reward for their contribution to the Theta network and high-quality content is delivered in a ny part of the world either there is infrastructure or not.
How Theta Works
At the core of Theta’s platform is a mesh network, which consists of a collection of multiple nodes to achieve common communication.
These nodes connect the network to each other and act as the backbone for Theta’s bandwidth. At the same time, Theta blockchain makes it possible to connect all these nodes to the network.
The main feature of the platform is the Theta.tv network, which seeks to compete with conventional content distribution networks.
The P2P architecture of the Theta network is used either to enhance the performance of existing content distribution networks or to completely replace them in the following way:
Nodes on the Theta network consist of users who have various types of hardware and resources used to view video content.
All these nodes can become “cashed” on the Theta network, which can store video and stream to viewers anywhere in the world. This reduces the dependence of traditional content delivery systems on geographically dispersed data centers whose remote distance from customer locations can reduce the quality of video flows.
Video data will be cached and transmitted from nodes that are geographically closer to viewers and will have a large enough number of nodes to view videos without loss of quality.
Instead of depending on the content distribution networks (CDNs), the “friend nodes” of the Theta network could pull the video stream between them.
Theta tokens will be awarded to Nodes participating in this model as a reward so that they can continue to share their bandwidth and attract new nodes to the Theta network. Theta’s team foresees an 80% reduction in content distribution costs due to the absence of the need to operate costly data centers.
Theta’s Token Model
Theta uses a dual token model consisting of Theta Token (THETA) and Theta Fuel (TFUEL). Both cryptocurrencies have an important role in the Theta ecosystem.
What is Theta Token
Theta protocol is configured by Theta Token (THETA). Validators and guardian nodes can also stake Theta’s cryptocurrency to contribute to the production block. Nodes that contribute to production are rewarded with Theta Fuel.
The maximum amount of Theta Token coins is 1 billion, they are all in circulation, and no more can be produced.
What is Theta Fuel
Theta Fuel (TFUEL) operates in a similar way as the end of transactions on the Ethereum network. Except that it is several times smaller this end on the Network of Theta.
KEY TAKEAWAY
Theta network consist of THETA Token and TFuel. Theta Token is for governance and TFuel acts as Theta’s reward system.
How To Get THETA and TFUEL
There is more than one way to obtain Theta network cryptocurrencies. Let’s look at them in more detail below.
Purchase from exchanges
The simplest way to acquire Theta’s two cryptocurrencies is by purchasing at the current exchange rate, in euros or dollars from an exchange.
The best choice in exchange that supports both Theta (THETA) and Theta Fuel (TFUEL) is Binance and Crypto.com
Τheta.tv
The Theta.tv website is a global streaming platform where users can watch esports, cryptocurrency conferences, anime, even movies and generally anything that can be distributed via streaming! More generally there are many kinds of content that anyone can enjoy.
Alongside the theta.tv, the current options for viewing content also include using the app for Android and iOS devices.
The icing on the cake is that the users of the platform can win the Theta Fuel cryptocurrency simply by watching their favorite program or giving daily presents for the bonus of the day.
Currently, the winning coins can only be used within the platform and cannot be withdrawn into our electronic wallet. I suspect that in the future there will be the possibility of transfer from the platform.
You can make an account on the platform from here.
Theta Edge Node
A more special but at the same time quite simple way to win free Theta Fuel is through the Theta Edge Node program, which you can download from here.
In essence, what is achieved through this application is peer-to-peer decentralization and consumer power assistance in the network. The settings are quite simple and you can see them through the official page.
KEY TAKEAWAY
You can obtain Theta Token and TFuel via exchanges (Binance, Crypto.com), interacting with Theta.tv or downloading and running on your computer the Theta Edge Node.
Final Words
Theta’s becosystem is huge, diverse and promising. It innovates by developing the first 100% decentralized, peer-to-peer video streaming platform Theta.tv, and has established itself as a leader in blockchain and cryptocurrency.
Theta Network uses blockchain technology to change the way we consume media, sharing bandwidth among a dedicated motivated team.
We hope that after reading this guide you understand What is Theta. If you are still having questions on what is theta crypto, how it works or what is theta token or what is tfuel, feel free to drop us a line here.
