Today we will talk about Theta Network (THETA)!
OVERVIEW
In the last review, I talked about another crypto of the metaverse world. I’m talking about Axie Infinity (AXS). If you missed my last review, you can recover it here
The Theta Network (THETA) is a Blockchain-based network built for video streaming. Launched in March 2019, the Theta network, users share bandwidth and processing resources on a peer-to-peer (P2P) basis, the project advised by Justin Kan, co-founder of Twitch, and Steve Chen, co-founder of YouTube. The Theta network presents its integrated cryptocurrency token and performs various governance and counts Blockchain, Google, Gumi, Binance and Samsung initiatives as enterprise partners.
Regarding the market value, the developers say that this new project aims to change the video streaming business in a new form and increase centralization and infrastructure, improving the user experience. THETA is an open-source protocol that powers a decentralized streaming network. It will allow decentralized apps (DApps) to be created on the platform to enable use cases ranging from eSports, entertainment and peer-to-peer streaming. SLIVER.tv's DApp was the first app built on the Theta network by leveraging its existing user base of millions of eSports viewers. In November 2018, Tencent Games announced a partnership with SLIVER.tv to bring Theta rewards to Ring of Elysium players.
Team
The founding team has over 30 years of combined experience in the video streaming space with consultants including Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
Actually, there are 21 people working in the team, that are bringing value to this project.
Roadmap
For the beginning of 2022, Theta plans the following steps in its roadmap:
Q1: TDROP token release, TDROP decentralized governance launch, Cross-chain bridge to ETH for DEX, NFT and Dapps, Beta decentralized storage on Elite Edge Nodes for NFTs.
Q2: v2 Edge Node Integrated Caching-Streaming, Compute and Storage, Beta NFT based video platform with P2P video delivery, Beta Live experience video streaming media platform, Edge Streaming, Caching, Storage, and Compute new use cases.
How does the platform blockchain work?
Unlike the Theta network which focuses on content distribution, the Theta blockchain works in the background to provide a consensus mechanism on the platform and build its rewards distribution infrastructure. Since video streaming and distribution requires a huge data management capacity, no data related to it is stored in Theta's blockchain. The chain will use its variant of the proof-of-stake mechanism, combined with three main technological innovations:
These innovations were designed in response to what Theta's developers saw as a potential problem with the scalability of their platform. This is related to the existence of thousands of contributor and peer nodes that ensure the proper functioning of the network. Since these nodes are eligible for bandwidth sharing rewards, Theta's platform had to be prepared to handle many related micropayments. At the same time, its blockchain should provide the infrastructure for other applications of the THETA token, such as sending recommendations to content creators or making purchases.
After a little introduction about what Theta Network is, some info about the team and the roadmap, now, in the DEEPENING section, I will give you some technical information.
DEEPENING
In the previous section (OVERVIEW) I introduced you Theta Network (THETA) and I said that is a Blockchain-based network built for video streaming. THETA is an open-source protocol that powers a decentralized streaming network. It will allow decentralized apps (DApps) to be created on the platform to enable use cases ranging from eSports, entertainment and peer-to-peer streaming.
THETA TOKEN and TFUEL
In the interest of security, installing proper governance, and managing network usage, the Theta blockchain use a dual currency system. The Theta token is used to stake, secure and govern the Theta network, while individual transactions (video segment transactions, smart contract transactions, etc.) are paid for with the Token operating system, TFUEL.
Theta Token (THETA): governance token of the Theta protocol. THETA is used to stake as a Validator or Guardian node, helping to lock down production and protocol governance of the Theta network. By staking and executing a node, users earn a proportional amount of the new TFUEL generated. THETA's supply is set at 1 billion and will never increase.
Actually, THETA has a price around 3 USD per token. It reached an all-time high of 14$ in April 2021, after that moment the price is slowly declined.
Theta Fuel (TFUEL): the operational token of the Theta protocol. TFUEL enhances on-chain operations such as payments to relays for sharing a video stream or for distribution or interaction with smart contracts. Relays earn TFUEL for each video stream they transmit to other users on the network. You can think of Theta Fuel as the "gas" of the protocol.
TFUEL has a price of 0.16 $, after an all-time high of 0.60$ reached in June 2021.
What are the problems that Theta Network want to solve?
What is their solution?
They want to create a Decentralized peer-to-peer video delivery. A new native blockchain, powered by users.
-Viewers earn rewards as Theta Fuel: For sharing excess bandwidth and resources, viewers are now rewarded to participate in the network.
How can Theta improve their messaging and micropayment systems?
With its aggregated signature gossip scheme, Theta hopes to reduce the complexity of its messaging system. This model allows nodes to only send their signatures to the nearest node, rather than increasing communication overhead by allowing "all-to-all" transfers between gatekeeper nodes. At the same time, the system's gossip protocol implements exponential signature distribution. By reducing message size and improving transmission efficiency between nodes, the Theta team hopes to kill two birds with one stone: ensure better TPS performance and increase system scalability as the number of nodes increases.
Theta’s blockchain also seeks to expand its micropayment management capabilities by implementing a resource-oriented micropayment pool. This feature allows users to create an off-chain micropayment pool from which other users can withdraw through off-chain transactions. In addition to being resistant to double spending, this technology is described as a more flexible solution than using off-chain payment channels.
Next Sunday I’ll introduce to you a new cryptocurrency.
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