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What is Theta Network and is YouTube Worried?


If you’ve been thinking of investing in a leading Web3 video and gaming project you may want to look at  Theta Network. But before we dive into the nuts and bolts of setting up an account to invest in Theta let’s learn a little bit about this interesting blockchain project.

If you’ve been thinking of investing in a Web3 video and gaming project you may want to look at  Theta Network. But before we dive into the nuts and bolts of setting up an account to invest in Theta let’s learn a little bit about this interesting blockchain project.

Who is behind THETA?

A crack team with experience in blockchain, media, and entertainment serves as a foundation for the Theta project and they have big plans. Theta Labs’ team consists of seasoned technologists and media executives who have previously worked at Netflix, Amazon, Samsung, Vimeo, and Salesforce. Steve Chen, a co-founder of YouTube, serves on Theta’s advisory board.

Theta Labs’ unique combination of blockchain expertise and video and entertainment experience has been critical to propelling Theta to the forefront of media and entertainment blockchains. Theta Labs’ unique combination of blockchain expertise and video and entertainment experience has been critical to propelling Theta to the forefront of media and entertainment blockchains.

Theta is led by CEO Mitch Liu, who cofounded Gameview Studios and Tapjoy and CTO Jieyi Long, who cofounded MadSkill Game Studios and holds over a dozen patents in blockchain, video, streaming, VR, and NFTs. 

The irony isn’t lost that Theta has a channel on the very project they seek to disrupt and eventually replace. Video: Theta Network

Theta Network

Theta Network is a peer-to-peer (P2P) network that uses blockchain technology. This technology will allow for decentralized content delivery. The network will also have a network of “guardian” nodes that will enforce consensus validation at defined points. This separation of levels will allow for high TPS while maintaining decentralization of content delivery.

Theta Network supports micropayments and decentralized content delivery. The network will have the ability to store, share, and transact video content. It will also support edge nodes, which download and share content without the need for a user to view them. 

People who want to support the network will be able to earn TFUEL by running an edge node full time. According to Theta analytics, an average user can earn between $10 and $15 a month running an edge node. That many not sound like a lot of money to some people but staking rewards add up and will increase over time.

The Theta Network is powered by two native tokens – THETA and TFUEL. 

  • TFUEL is a utility token used for operations and transactions in the network. 
  • The other token, THETA, is used for governance and reward in the network.

Theta blockchain

Theta Network’s blockchain aims to make video streaming more accessible and decentralized. Its network allows users to share content, computing resources, and bandwidth worldwide. The project was launched in the first quarter of 2019 and has already attracted investors from around the world. Here are some things to know about the technology.

Theta initially launched as an ERC-20 token, but has since become a standalone project. The company raised $20 million in a private token sale last year. While it retains its ERC-20 compliance, Theta also leverages the network benefits of Ethereum, as well as its proprietary technologies.

Theta Network is a decentralized blockchain, which works using Proof of Stake consensus. This means that if one node contributes a lot of blocks, it gets a higher reward. This makes it more attractive for the node to increase its PC resources.

Theta (P2P) distribution mechanism

Theta Network’s peer-to-peer (P2P) distribution mechanism helps content creators and users transmit content from one place to another without a centralized hub. The network is subdivided into subnetworks, each of which performs a specific function. Edge nodes handle all of the processing and deliver the content from point to point.

Theta Network also includes its own native cryptocurrency token, THETA, which is used to perform various governance functions within the network. 

Some of the companies participating in the network include Google, Binance, Gumi, and Sony Europe. In addition to these big players, thousands of community-run guardian nodes are also contributing to the project. Theta also has plans to increase video quality and reduce rebuffering and loading times.

The proof-of-stake governance mechanism is an important part of the Theta network. It works by requiring a significant amount of THETA tokens to stay in sync. The network is governed through modified BFT, which involves a guardian and validator node.

How to buy THETA

The easiest way to buy THETA Network is through a cryptocurrency exchange. This will allow you to invest in the cryptocurrency at an affordable price. Exchanges will also offer 24-hour customer support. Once you find a good exchange, sign up for an account. 

You will need to verify your identity and email address. Some exchanges also require you to provide your phone number and photo ID. Once you’ve completed the verification process, you can start buying and selling THETA Network or any other cryptocurrency.

First, make sure you have enough Ethereum to buy THETA. If you need more, you can use the market buy option. This will fill out your order automatically at the best price. You can also choose the percentage buy button, which will make the process easier. For example, you can choose to buy 50% of your Ethereum for THETA. Next, you’ll need to enter the amount of THETA you’re buying. This process should take around a minute.

Sign up for a Binance account

To invest in THETA on the Binance exchange, you’ll first need to sign up for an account. This is a cryptocurrency exchange that focuses on crypto-to-crypto trading. It has been gaining a reputation in the blockchain community and offers multiple coins. Sign up for an account with Binance and enter your referral ID. Next, check the agreement box and click “Register”.

You can use following referral link/code to receive 20% discount on your Binance trading fees!

Binance Discount Code
Binance Referral Code

In addition to offering a wide variety of cryptocurrencies, Binance also accepts payments in crypto or fiat currencies. You can deposit crypto with your account or use your debit or credit card. The exchange currently accepts Litecoin, MATIC network, and Theta. Theta is a native blockchain and an open source protocol, which means developers can use it to create applications and services.

Protect your THETA

Investing in the THETA network can be very risky, and you should never send more money than you can afford to lose. This is because there are scammers and hackers in the world of cryptocurrency, and even highly skilled developers can make mistakes. Moreover, if you invest in a project that is subject to government regulation, the value of your THETA coin may plummet.

You can protect your THETA network investment from malicious attacks by becoming a validator node. This is done by staking a certain amount of THETA. You must stake at least 1,000 THETA in order to be a validator. Once you have done that, you will be eligible for staking rewards. The current price of THETA is $1.11.

The future of Theta Network

While Theta is currently focused on video-on-demand services and other entertainment-oriented applications, the team’s long-term vision for the Theta Network is for it to function as a decentralized, end-to-end protocol for processing and delivering all types of data, such as operating systems, app updates, and other forms of web content.

With the upcoming release of Theta’s mainnet version 3.0, the Theta team is making steady progress toward this goal. Through the concept of “Uptime Mining” — the tokenization of internet bandwidth and availability — this updated platform will introduce TFUEL staking and burning. 

Users will be able to participate in this new resource-sharing method by staking TFUEL coins in their Edge Nodes to upgrade them to Elite Edge Nodes, which will allow them to earn additional rewards. 

Theta will be able to progress toward becoming a more broadly usable, self-sustaining content-delivery platform by better controlling the scarcity of their TFUEL and developing new ways to incentivize user engagement. At least, that’s the plan and it is encouraging that one of the founders of YouTube is advising Theta.

Final thoughts

One of the biggest risks in the cryptocurrency world is the volatility of the market. Because most cryptocurrencies are traded on speculation, you must be fully prepared to lose all or part of your investment. While the history of the price of Theta is similar to that of other cryptocurrencies, you should still be aware of the risks involved. 

As with any other investment, you must be prepared to lose money if the price of Theta drops dramatically. Yet, this project has solid backing and is poised to disrupt and decentralize video and Web3 entertainment, with YouTube high on their target list.

 


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