Theta Network | Next-Generation video and entertainment Blockchain powered by you
There are many tokens coming up daily in the world of Crypto. It's very critical to check the background of any token/coin before investing our hard-earned money. Today, I am going to discuss, " Theta Network" which is showing a very promising roadmap. Theta network is an open-source platform based on proof-of-work where decentralized apps can be made on fully EVM smart contracts. Technology related to Virtual Reality is being used such as pendora tv and theta tv. Theta has 2 tokens, 1. theta itself, 2nd is Tfuel which is being used for rewards and transactions on theta chain.
Theta Network's primary goal is to lead the video streaming delivery network such as YouTube and other streaming platforms on internet and to convert those in a decentralized way powered by Blockchain technology. Additionally, apart from video streaming, Theta network is planning to make the Peer-to-peer data transfer process faster through decentralization.
The problem:
When we talk about video streaming and transmitting data to users, nowadays the streaming is getting into 4k and 8k so the quality is getting low. The centralized way is getting a lot of trouble in delivering high-quality video streaming with proper efficiency.
The solution:
Theta network offers the solution to decentralized the whole system where theta native chain will integrate with user's computer and it's computing power so the pool of resources will increase and the quality of the video will get better and streaming will become smooth furthermore the network will save the cost of not creating the centralized infrastructure of providing the service and here the user will get the reward in Tfuel for helping in integration on the chain.
For instance, I'm a theta user so my computer will act as a node and can be used to provide resources to theta network such as processing power to stream videos so the stream quality will get better. The more edge nodes will connect with the network better the quality of video streaming gets. The advantage of making nodes is that the workload is divided into several nodes so it performance very efficiently and data is transmitted faster than usual.
There are two types of nodes on the theta chain.
Validator node - validator node proposes and produce new blocks in the chain.
Guardian node - Guardian Node seal blocks and act as a check on malicious or otherwise non-functional Validator Nodes.
Google, Blockchain Ventures, Samsung, Sony Europe, Binance, Gumi Cryptos, and Theta Labs, are acting as validator node on theta Blockchain.
You can simply download the edge node from theta and integrate your computer with the network chain. You have no need to watch streaming on theta if your computer is computing so you will get the reward in Tfuel.
Price Action
The all-time high is 14$. While the circulating supply is $1 billion and the current price is around 3$.
Theta network team
There are 21 strong team members. The co-founders are visionary and both have experience in the video gaming industry, video advertisement and mobile social gaming and CTO has experience in design automation gaming virtual reality and Large scale distribution systems. They have written a lot of academic papers and they reserve a lot of patterns for video streaming, Blockchain and Virtual Reality.
"Theta’s innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K and higher quality video streams,” said Steve Chen, Co-Founder of YouTube. “I’m excited to be part of the next evolution of the streaming space, helping Theta create a decentralized peer-to-peer network that can offer improved video delivery at lower costs."
They also have strong investors such as Samsung, Sony, silicon valley, Seirra ventures.
The community
The largest community following Theta is on Twitter, it has nearly 245k Twitter followers. Theta Network’s Facebook page has over 62,000 followers. Theta has almost 11,000 Telegram members, which isn’t a bad showing on that platform. Theta there are just 3,300 followers for the Theta subreddit. There are also over 5,000 followers on a defunct Theta subreddit that moved almost a year ago.
Conclusion
Since the launch of the Theta live streaming platform back in 2016 the project has come a very long way. With THETA now live on the SLIVER.tv platform and the mainnet working well and nearly ready for version 3.0, the team has been working to expand the partnerships and reach of the Theta Network.
Video streaming has a huge and increasing demand in the 21st century, and the Theta Token team is looking to make their platform the go-to blockchain for video streaming. They are also planning for the inclusion of a general service platform that goes beyond streaming videos but provides such services as smart streaming contracts, There are more interesting things being planned now the network is launched, including shared mining rewards to distribute rewards among several users.
