THETA token is the #1 NFT token by market cap and currently #17 overall, and I have no idea what it does, let's break it down.
I'm hearing of THETA more and more and admit I'm not up to speed on the project. Really I should know more, I think I should be at least somewhat familiar with all the top 50 coins. Any ways I'm going to dig into this project/business/protocol and what all the fuss is about.
THETA Network is a Decentralized Video Delivery and Streaming Network that plans to incentivize individual users to "share their redundant computing and bandwidth resources as caching or relay nodes for video streams".
There is a ton of unused or underused computing resources in all corners of the world, to tap into these resources in order to support a decentralized network is just awesome!
The rise in global video consumption is well documented, the problem is it's susceptible to censorship by the centralized networks that the content lives on.
THETA Network looks to solve this by incentivizing users to share their computing resources to power a decentralized network, building a blockchain that is fast and scaleable, while providing a modified multi-level byzantine fault tolerance consensus mechanism.
Multi-level BFT consensus
To produce consensus on their blockchain THETA uses what they're calling a "multi-level BFT" mechanism, or what amounts to a modified byzantine fault tolerance consensus mechanism.
The name multi-level BFT consensus mechanism reflects the fact
that the validator/guardian division provides multiple levels of security guarantee. The validator committee provides the first level of consensus — with 10 to 20 validators, the committee can come to consensus quickly. The guardian pool forms the second line of defense. With thousands of nodes, it is substantially more difficult for attackers to compromise the integrity of the network, and thus provides a much higher level of
security. -THETA Whitepaper
The THETA.tv front end lists a number of what I would consider significant partnerships.
Partnering with big brands will help THETA to attract more content creators, hopefully top tier creators, and also helps the THETA brand to build equity by being associated with companies like NASA, CoinDesk, and World Poker Tour.
Not a bad start, I think it's enough to tell you that they understand marketing and the value of partnerships and it's place in helping their fledgling network attract creators.
THETA Token is already $10 a pop with a total market cap of nearly $11B, can't help but think everything is in a massive bubble right and there's no way this company is that valuable. That said tech is hot, crypto is hot, and the tech does solve some problems.
Mainnet 3.0 Launch in 56 Days
At a glance it doesn't look like content creators or node operators are earning rewards yet on the network, but I believe that will change this summer with mainnet 3.0.
And I did not know that THETA is Google backed, and they're an enterprise validator along with other companies like Samsung.
Not going to lie, kind of bummed that big tech has their hands all over this at the validator level. It is what is it, but at the same time I think it bodes well for the future potential of this business with network participants of this calibre.
Anyone out there holding this token? I'll consider trading this token, and for holding this would be something that I would consider a DCA to get into. Worthy of a large cap position in a portfolio?
Ciao for now,
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