Theta Network (THETA) blockchain network aims to revolutionize digital video broadcasting. Theta Network offers a wide range of blockchain-based solutions to solve the problems of the traditional video broadcasting industry. In addition to decentralized bandwidth and various content sharing incentive schemes, the platform offers high-quality video streaming at a lower price than traditional providers.
Content delivery networks, which are geographically distributed networks of operators, are compensated for streaming video content to end users on traditional platforms. However, these networks cannot keep up with increasingly high-quality broadcasts because of their fixed location. In other words, they suffer from a scalability problem of sorts.
Video And VR Tokens
Theta Network (THETA) can also be considered as a decentralized digital video streaming network. Theta Network’s digital video streaming services are supported by a decentralized network of users. This user network provides free bandwidth and computing power to the network in exchange for Theta Fuel (TFUEL) token incentives. This allows Theta Network to stream high-quality video cheaply, reliably, and unimpeded.
Enterprise Validator Nodes and Guardian Nodes form Theta Network’s proof-of-stake-based consensus process. Guardian Nodes seal blocks and check Validator Nodes for malicious or otherwise dysfunctional behavior.
Theta users can earn Theta Tokens (THETA) by sharing movies with other users via Theta Network’s Edgecast decentralized application. Theta Network has built a trusted, user-driven platform to support a growing ecosystem of entertainment-focused services, many of which focus on e-sports, music, television, film, education, and workplace conferencing.
Copyright distribution and crowdsourcing are two examples of decentralized applications that can be developed using Theta Network’s blockchain.
THETA Token Project
There are two tokens on the Theta platform. One is the THETA token, which serves as the network’s primary administrative token. Theta Fuel (TFUEL) currency is used to pay transaction fees and compensate network administrators.
THETA Coin is the protocol’s currency for managing the Theta Network’s blockchain. Companies can also become validator nodes with THETA tokens. Google and Samsung are two companies that have recently become Validator Nodes on the THETA network. To become a Validator Node, THETA tokens must be issued. To become a Validator Node, 10 million THETA tokens must be issued and 100,000 must be distributed to become a Guardian Node.
THETA Coin was created on the Ethereum network (ETH) using the ERC-20 protocol. The implementation of the core Theta network did not take place until 2019. THETA token is a cryptocurrency based on the ERC-20 standard.
Who is responsible for the creation of the Theta Network (THETA) project?
Theta Network (THETA) was founded in 2017 by Mitch Liu and Jieyi Long. Mitch Liu previously worked on mobile gaming and internet advertising startups. Jieyi Long is familiar with virtual reality (VR) technology.
Steve Chen, one of the creators of YouTube, and Justin Kana, one of the founders of Twitch, are also among Theta Network’s advisors.