What Are Theta Coin And Theta Network? Fulfilment Information About Theta
24 May 2022
What is Theta coin? Theta coin is the governance and staking coins of the Theta network. Theta network is the premier blockchain-based video distribution network. Theta enables users to watch video material concurrently and receive token incentives for relaying video to other users who are also viewing the same content.
In a manner similar to other sharing economy models, users offer their unused bandwidth and computer resources to transmit video to other users in exchange for token payments. Theta Network users may participate from any computer, mobile device, or smart television.
Integrating Theta into their video delivery stack helps video platforms to minimize video delivery costs, increase viewer engagement, and generate additional profits. Theta-enabled video platforms may expand their user base and win market dominance by investing less in video distribution infrastructure and more in user incentives.
Today bePAY will introduce in-depth information about the Theta network and THETA coin. Let’s see what is theta coin as well as evaluate whether is Theta coin a good investment?
What Is Theta Network?
Theta Network Definition
Theta is software designed to encourage a worldwide network of computers to run a decentralized video streaming platform (DSN).
Today, content delivery networks (CDNs), which are networks of geographically dispersed operators, are compensated for delivering video stream material to end customers. Existing CDNs are unable to keep up with progressively high-quality streams because their locations constrain their capacity.
Theta enables its worldwide user base to transmit movies by donating their unused bandwidth and computer capabilities in exchange for compensation. As more people join the Theta network, more bandwidth becomes available, enhancing the network’s video streaming quality.
Theta’s two native cryptocurrencies, THETA currency for voting on modifications to the protocol and TFUEL for performing transactions, are integral to the blockchain’s functionality. Theta is open-source software as well. It is said that this will improve the opportunity for anybody to build new apps and services on top of it.
Theta network explanation
What Is Theta Coin?
Theta coin (THETA) is the protocol’s staking and governance coin. THETA is staked as a Validator or Guardian node, contributing to Theta network block production and protocol governance. By staking and operating a node, users will get a proportionate share of the newly created TFUEL. The supply of THETA will never expand beyond 1 billion units.
Theta coins intend to use blockchain technology to disrupt the media business by creating a new blockchain that will power the Decentralised Streaming Network. Theta coin price is always volatile. Ensure you keep the up-to-date Theta coin price before engaging in holding them.
Below are some use cases of Theta coin:
- Decentralized video distribution from start to finish.
- Provide support for Dapps in esports, movies, entertainment, education, business conferences, and other areas.
- Theta coins serve as a motivator for all stakeholders to engage in the DSN.
THETA is concentrating its efforts on developing a decentralized peer-to-peer network capable of providing enhanced video distribution at cheaper prices. THETA can transform the gaming industry as we know it because of its business approach and seasoned staff.
What is Theta coin?
What Is Theta Fuel?
Theta Fuel (TFUEL) is the protocol’s operating token. TFUEL is used for on-chain activities such as payments to Edge Node relayers for video stream sharing, as well as for installing or engaging with smart contracts. Relayers get TFUEL for each video stream they relay to other network users.
Theta Fuel may be thought of as the “gas” of the protocol. At the inception of the Theta blockchain, there were 5 billion TFUEL, and the supply rises yearly by a protocol-defined percentage, which is now 5%.
What Is Theta Blockchain?
Theta is a blockchain created from the bottom up for video and data transmission. Theta’s distinctive multi-BFT consensus architecture combines a committee of 20–30 Enterprise Validator Nodes with a second layer of thousands of community-operated Guardian Nodes.
Guardian Nodes finish blocks and serve as a safeguard against malicious or otherwise ineffective Validator Nodes. See the research paper titled “Scalable BFT Consensus Mechanism Through Aggregated Signature Gossip” by Theta CTO Jieyi Long and Lead Developer Ribao Wei for further details.
Enterprise Validator Nodes on Theta is now operated by blockchain Ventures, Samsung, Binance, Gumi Cryptos, and Theta Labs, with the addition of a number of more significant corporations imminent.
How Does Theta Work?
Theta is a network that is driven by three types of participants:
- Enterprise Validator Nodes — Organizations that stake THETA tokens for the right to process network transactions. Google and Samsung are two current Validator Nodes.
- Guardian Nodes – Users that verify the validity of the transaction blocks proposed by Enterprise Validator Nodes.
- Edge Node — A user who shares their bandwidth or relays video streams over the Theta network in exchange for TFUEL.
Developers may also construct decentralized apps on top of the Theta network’s blockchain. Applications for royalty distribution and crowdfunding are two examples.
To hold or stake your THETA and TFUEL tokens, Theta network users may download the official Theta Wallet app.
Theta has also developed a micropayment mechanism for video streaming, allowing content watchers and producers to give and receive THETA using the official wallet app.
How does Theta work?
>> Learn more facts about the crypto wallets
Modified Byzantine Fault Tolerance (BFT)
The modified BFT, a proof-of-stake (PoS) governance mechanism that maintains the dispersed network of machines running the Theta network in sync, is central to Theta. There is a fulfilment information post about the Proof-of-stake mechanism in our blog. Let’s check it.
Theta’s consensus process varies from typical PoS in that it involves both validator and guardian nodes, offering an additional layer of security to the protocol.
To assist power the blockchain, creating blocks, and voting on modifications, these nodes must stake THETA tokens. Validator nodes must invest a minimum of 10,000,000 THETA, but Guardian nodes must deposit just 100,000 THETA.
It is worth noting that voting power is determined by the quantity of THETA staked.
What Is THETA.TV?
THETA.tv, the first video platform developed on the Theta network, harnesses millions of esports fans. It provides live esports streaming 24 hours a day, seven days a week, premier crypto conferences such as Consensus and Virtual Blockchain Week, and premium content such as live World Poker Tour tournaments.
Every Livestream on THETA.tv is powered by the Theta network, and viewers that transmit the feed over the peer-to-peer Theta network receive TFUEL tokens. THETA.tv is also broadcast through the THETA.tv Android TV app, the Android and iOS mobile applications, the Littlstar PS4 app, and a number of partner sites, including G Fuel, Sizzle Popcorn, and EasternMediaGG.
FAQs About Theta Network
Is THETA’s Future Secure?
THETA is a cryptocurrency that has a promising future. Riding the crypto wave, it will control the digital kingdom, and as a payment method, it will have a long reign.
Is THETA Coin A Good Investment?
Due diligence is always recommended, and it is a critical component in this case. If you purchase or sell with caution and calculated risk, there should be no heartbreaks or overblown expectations.
Is Theta A Scam Or Legit?
Despite all of the controversy and argument, THETA displays a highly vibrant and active ecology. As a result, it is a legitimate platform.
Where Can I Buy Theta?
THETA is now available for purchase on major cryptocurrency exchanges such as Binance, Crypto.com, Kucoin, etc. Once you’ve established a trading account with one of the exchanges that trade THETA, you’ll need to transfer your Bitcoin (BTC) or Ethereum (ETH) money from Coinbase to that exchange. This is accomplished via the use of a wallet mechanism.
Where can I buy Theta?
Why Is Theta On The Rise?
That is due to the trust investors have placed in the asset. At the same time, it is a fantastic reason why THETA is listed on the exchange to perform well. This elicits an investor reaction and demonstrates a high level of motivation in the markets. As a result, the token’s value continues to climb.
Theta Network’s Mainnet has been updated to version 2.0. This improves the network and offers many advantages.
The enhancement will increase support for edge nodes. These nodes download and distribute video material without requiring the user to see it. This is for those who want to contribute to the network and earn TFUEL. Levitt predicted that a full-time node operator may make $10 to $15 per month.
Additionally, Theta Labs intends to offer an NFT marketplace. NFTs are one-of-a-kind digital tokens that represent digital content such as art or music. The marketplace will enable Theta TV content producers to issue and engage with their own NFTs.
Levitt observed that the majority of Theta’s entertainment industry partners are attempting to access the fledgling NFT sector. That is if the expanding NFT market doesn’t burst.