Updated: Dec 20, 2019
Theta Network is a blockchain-based, decentralized content-delivery platform that enables the delivery of high-bandwidth content. TFUEL and THETA are the proprietary cryptocurrency tokens used on the network. The current mainnet successfully supports Sliver.TV, Samsung, and MBN, which is Korea’s largest news outlet for businesses. The TV is run by the founding team of Theta Lab, hoping to disrupt streaming videos.
This guide will talk about what Theta Network is designed for, the team behind it, the way it works, and various uses and applications.
What Is Theta Network (THETA) Designed For?
Theta is an innovative blockchain that is powered by users. The platform is an open-source protocol, designed to power the decentralized streaming network. It was built for allowing the creation of vertical decentralized apps (Dapps) on top of the platform to enable esports, education, music, TV/movies, peer-to-peer streaming, enterprise conferencing, and more.
Most blockchain projects focus only on data storage, ignoring drive spaces required by video streaming platforms, like Hulu and Netflix. The team behind Theta Network understood that Bandwidth and transfer speeds are key to these services since millions of users accessing thousands of files, can effectively burden the system.
However, Theta wasn’t designed to compete with individual live streaming platforms, like Netflix. Instead, it was designed to build Sliver.TV Dapp that supports an industry(esports), competing with both physical sporting events, like Superbowl and live streaming.
Who Is the Team Behind Theta Network (THETA)?
The Theta Network was co-founded by Mitch Liu and Jieyi Long. Liu, who is also the CEO of Theta Network, helped create other notable platforms, like Sliver.TV, Gameview Studios, and Tapjoy. Long is Theta Network’s CTO and was also the co-founder of Sliver.TV. He has also developed numerous patented technologies, including VR live streaming and instant replays for video games.
Theta Network has many other notable names on its leadership team. For instance, Ryan Nichols is the Chief Product Officer, who is also the Director at Tencent for the Wechat app, and the co-founder of a live video streaming app for foodies.
How Does Theta Network (THETA) Work?
THETA tokens were initially built as an ERC-20 token on the Ethereum blockchain. However, in March 2019 the Theta mainnet was launched and all ERC-20 tokens were swapped for the native THETA token, at a 1:1 ratio. Now, the tokens are earned via the network’s Proof-of-Stake (PoS) algorithm, in which anyone looking to become a validator and secure the network, has to stake some tokens first.
Staking THETA earns another Theta Network token, called TFUEL, which works a lot like GAS on the NEO blockchain.
The Theta platform has three major features that contribute to its working. The modified Byzantine Fault Tolerance (BFT) consensus mechanism creates node tiers, which allow the processing of blocks quickly and also enable efficient scaling.
The Aggregated Signature Gossip Scheme helps in constant piecing together of nearby fragments, for broadcasting them to other nearby nodes. The famous real-world gossip concept is applied to blockchains, which results in exponentially increasing the spread of data.
The third and most important feature of the Theta platform is the Resource-Oriented Micropayment Pool, which enables micropayments and off-chain processing in a bid to improve scalability and double-spend resistance.
What are Current and Future Applications of Theta Network (THETA)?
THETA is accepted on a broad range of cryptocurrency exchanges, such as Binance, Huobi Global, BKEX, Bithumb, DigiFinex, and Upbit. The trading pairs include BTC, USDT, and ETH, along with fiat currencies, like KRW, with nearly 10 million worth of the token being traded daily.
The Theta Network is using its parent company, Sliver.TV, to prove its concepts. The company has continued expanding its content library and reach since the launch of its mainnet, which has expanded its scope into a recent partnership with Kakao’s Klaytn blockchain on Sliver.TV, Korea.
THETA is expected to be used beyond content delivery in video format to support all forms of data, such as video ads, file updates and game patches.
In May 2019, Theta Network also teamed with NASA to add content to the platform. This comes in addition to other notable partnerships, including Pandora.tv, CJ Hello, and BitMovio among others. The platform is currently focused on making esports streaming available on the blockchain, enabling micro-transactions in a secure network.
Theta Network is a quickly rising star in the blockchain space, on the way to becoming the final boss by leveraging its Sony investment, to gain access to Sony’s expansive streaming audience on the PlayStation Network.