Blockchain is being implemented into more and more net sectors now. The Media and Entertainment industry is currently leading in terms of demand for decentralized applications and Theta Network was explicitly created for this.
What is Theta Network?
Theta is a blockchain-based decentralized video streaming network that rewards users for sharing bandwidth and computing resources.
Theta Project aims to remove barriers between content creators and consumers by making data delivery, edge computing, and video streaming more efficient, transparent, and open.
How does this work?
The Theta Network is made up of three kinds of nodes.
Edge Nodes are hosted by members of the Theta community. They provide bandwidth or aid in the overall process of data distribution and edge computing. Theta’s peer-to-peer “EdgeCast” technology has considerably increased the Theta Edge Network’s capacity. The network is now able to capture live video and transcode it in real-time, as well as cache and send live stream video data throughout the globe 🌍
The other two types are the Enterprise Validator Nodes used for proposing and introducing new blocks into the chain and Guardian Nodes which seal and investigate the behavior of the other nodes. Enterprise nodes are run by companies like Google, Sony, Samsung, and Binance.
There were 16 Enterprise Validator Nodes, including Google and Samsung, more than 3,600 Guardian Nodes, and around 135,000 Edge Nodes as of July 2021, the number has risen since. A small number of Validator Nodes may create blocks as quickly as possible thanks to Theta’s Multi-level BFT process, while a far greater number of Guardians complete the chain at regular checkpoint blocks. This denotes a huge network of users with a high transaction throughput.
The utility of that?
As data demands increase, the peer-to-peer network reduces infrastructure bottlenecks. Additionally, it develops a sustainable ecosystem that encourages network users to take part.
Furthermore, the protocol is open source, allowing developers and partners to create decentralized applications (dApps) on the Theta blockchain. The first dApp to be released on the blockchain was THETA.tv, owned by the Theta team. Samsung VR, Cinedigm, Shout! Factory, Pandora.tv, and Play Labs followed shortly after introducing their solutions.
An original dual token economy that compensates users for both consuming network content and sharing network resources powers this🔌
Tokenomics
Theta Network’s value stems from its advantages to the streaming business, namely the facilitation of a decentralized peer-to-peer network for video distribution, which results in improved quality streaming and the reduction of third-party video delivery expenses.
However, the THETA token is valuable because of how it may be used in the dual-token Theta Network economy. THETA is required for staking by Guardian and Validator nodes, and it also serves as a crucial governance token. All the partnerships listed above could lead to a very stable and valuable token in the long run.
The supply is limited by a billion tokens all of which are already circulating in the market
Current situation
It has been almost a week since the project launched and we can already see significant success. The THETA coin is steadily increasing in price with a current rate of 0.9 USD. The overall daily trade volume is approximately 17M USD. The project is ranked as the 49th decentralized net in terms of market cap.
Conclusion
Theta Network provides a never before seen idea of blockchain implementation that might soon become essential for any media hosting. The well-designed algorithm and tokenomics clearly show the project’s high sophistication. A certified GEM 🔔
Stay tuned 📻