The live streaming industry is experiencing one of the fastest expansions in internet components. The value was estimated at $ 30.3 billion in 2016. It will reach $ 70 billion by the end of this year. This is no surprise when you consider that online consumption of video content, both live and recorded, is increasing through platforms such as YouTube, Vimeo, Netflix, and others. Enter the latest decentralized project in this area: Theta Blockchain.
The latest in online streaming are blockchain-powered video delivery platforms. One of the platforms with this proposal is Theta Network. Its THETA governance token is currently the 21st most popular cryptocurrency in the world. It recently launched its Mainnet 3.0, which aims to be the leading blockchain-based content delivery platform for online streaming.
What is the Theta Blockchain and what does its development promise?
Theta is a native blockchain with an open source protocol. This means that it allows developers and partners to build decentralized applications on the network like Ethereum does.
It is a decentralized peer-to-peer (P2P) video delivery network based on blockchain technology that enables free delivery of high bandwidth content. When users watch videos, some of their processing power is used to stream those videos to other users. The main users earn tokens as a reward.
Theta Network aims to become the next generation in entertainment technology. It basically offers decentralized video streaming infrastructure that is cheaper than competing centralized platforms. The P2P video delivery platform supports its users and offers multiple types of content. Examples of content would be esports, movies, TV series, and music.
Tetha Blockchain: The Beginning
Mitch Liu founded Theta in 2017. He is an entrepreneur who previously co-founded mobile gaming and online advertising startups. He is also an expert in virtual reality live streaming technologies.
In 2017, the team behind Theta organized a private token sale. They sold 30% of THETA’s limited offer of one billion units to raise the equivalent of $ 20 million. This helped get their project off the ground.
Theta Labs, the company behind Theta Network, also has its own streaming site, Theta.tv. The website pays viewers on TFUEL to watch video content that is “redirected” to other viewers while watching, using some of the processing power of the core users.
Theta Network’s advisory board consists of Twitch co-founder Justin Kana, YouTube co-founder Steve Chen, and several senior executives from Verizon.
How does theta blockchain work?
Theta’s blockchain network is based on a P2P protocol. It enables attendees to be rewarded with real-time payments for content distribution. The network also allows developers to build DApps on its open source blockchain protocol.
Theta uses a proof-of-stake consensus mechanism similar to Tendermint’s blockchain protocol that is based on participation. This means that the participants block large amounts of THETA tokens in order to get the right to process blocks of transactions.
The theta blockchain network is operated by three categories of participants:
Enterprise Validation Node.
These are companies that use THETA tokens to process transactions on the network. The network’s best-known validation nodes include Sony, the Talentstore Creative Artists Agency, Google and Samsung. Validation nodes are the network’s first line of defense and require participants to wager 1 million THETA coins.
These are users who ensure that the transaction blocks created by Enterprise Validation Nodes work correctly. It basically adds a second layer of security to the protocol. When a malicious block slips through a Validator node, it is stopped by a Guardian node. Guardian knots only need to insert 1,000 THETA coins.
Edge nodes allow users to broadcast video streams and share their bandwidth for broadcasts on Theta.tv. You will receive rewards from TFUEL for supporting the network. Theta Network enables users to stream peer-to-peer (P2P) without the need for a centralized content distribution network.
This is how Theta’s two native tokens work: THETA and TFUEL
One of the things that make theta stand out is that it has two native tokens: TFUEL and THETA. TFUEL, trading at $ 0.3089 per unit and with a market capitalization of $ 1,637,980,386; and THETA, which is priced at $ 6.99 and has a market cap of $ 6,991,735,128.
Theta network participants who act as edge nodes to help share video content receive rewards for the data they transfer using TFUEL. The platform itself pays for the distribution of content, meaning the service is free for end users.
The Theta Network’s second native cryptocurrency, THETA, is a government token. It helps manage the blockchain and its future development. THETA has a fixed supply of one billion coins, which avoids the risk of inflation.
Users can wager THETA Coins to receive TFUEL as a reward, but as mentioned above, a user needs at least 1,000 tokens to become an Eligible Guardian Node and 1 million tokens to become a company-level validator.
Theta wants to change the future of video delivery platforms with the help of blockchain technology and its network of validators. The software encourages its global user network to create and support a fully decentralized video streaming platform.
Despite immense technological advances, the video streaming quality and loading times do not meet the high expectations of viewers. This is because video streaming platforms and content distribution networks are limited by the location of their servers. Ordinary content distribution networks receive payments for delivering video content to end users, but centralized servers simply cannot keep up with the ever-increasing demand for streaming quality.
The more users are active on the network, the more bandwidth is available for video streaming, increasing the speed and quality of the stream with each new node.
Additionally, Theta gives content creators greater control over their content and how it is monetized, which is likely to add to the popularity of the network. For now, investors are still exploring theta as they believe that the future of shared video streaming platforms will be based on blockchain technology.
Theta’s vision for the future
Analysts predict this project will see over 18% annual growth from 2020-24, with even higher growth in the long run as technologies like blockchain and virtual reality continue to advance.
Theta aims to reduce the transmission-related costs of content delivery networks and make distribution smoother, serving potentially industry giants like YouTube, Twitch, and Netflix, and adding momentum to the growth of fully decentralized content delivery platforms.
Theta’s launch of 3.0 mainnet is also fueling expansion plans for the NFT marketplace ThetaDrop, which could help Theta gain market share in this booming industry.
Theta Labs wrote in a blog post: “With our planned growth for the ThetaDrop NFT marketplace, licensing of our platform to third parties, and other expansion plans, we forecast that NFT interactions with Theta Smart Contracts alone will reach 600,000 transactions per day, point Burn nearly 250 million TFUELs a year, which cancels out most of the annual TFUEL inflation. “
After the upgrade, Elite Edge nodes will become decentralized storage for NFT as Theta builds on-chain bridges between its own network, Ethereum, and other decentralized networks. This can potentially solve the high cost associated with minting NFT on the Ethereum network.
Mainnet 3.0 will lead to a more secure, scalable, and future-proof blockchain protocol that can enable other initiatives in the industry.
NFTs (non-fungible tokens) based on THETA Blockchain!
On July 29th, Theta published an article on his Twitter account about how decentralized video delivery and edge nodes work with ThetaDrop, as well as about the introduction of the TDROP NFT liquidity mining token.
On Monday, August 9th, Theta also announced on its Twitter account that all theta token bettors will receive a share of the February TDROP release payout proportional to the amount of theta they have between May 1st Insert August and February 1st. But that only counts tokens that count from qualifying own theta wallets and not from tokens that are held in an exchange.
THETA Network Token Elements (TNT)
With the implementation of NFT on THETA.tv, elements such as badges, emoticons and more are 100% integrated into the blockchain technology of THETA Network. Each TNT is unique and belongs to the user, is validated by the blockchain, and will have expanded utility due to the power of this new technology.
Every article created as a TNT has its own smart contract. This will give item creators much more options to use and monitor the transaction of their items.
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