Theta Network Powering Video Platforms

Individual users are encouraged to offer their idle computer and bandwidth resources as caching or relay nodes for video broadcasts using tokens on the Theta blockchain. This concept attempts to improve stream delivery quality and alleviate the "last-mile" delivery problem, a major bottleneck in traditional content delivery pipelines, particularly for high-resolution, high-bitrate 4k, 8k, and next-generation streams.

Most users will pull streams from peering caching nodes with adequate network density, allowing video platforms to dramatically reduce content delivery network ("CDN") expenditures.

The Theta Network intends to empower video platforms to deepen viewer engagement, produce incremental income, and differentiate their content and viewing experience from their competitors by adding tokens as an end-user incentive mechanism.

Consensus Mechanism

A committee of 20–30 Enterprise Validator Nodes and a second layer of 1000s of community-run Guardian Nodes make up Theta's unique multi-Byzantine Fault Tolerant (BFT) consensus system. Guardian Nodes seal blocks and work as a check on malicious or otherwise non-functional Validator Nodes.

Guardian Node counts quickly increased following Theta 2.0 in May 2020. Theta community members manage around 3,600 Guardian nodes in July 2021.

Components of Theta Network

Theta Network is a PoS blockchain network that is both quick and inexpensive, making it ideal for microtransactions. This could allow content providers to be paid in real-time for their work.

The network achieves consensus using a two-layer structure of nodes: the Enterprise Validator Node and the Enterprise Validator Node. Validator Nodes propose and produce new blocks in the chain, whereas Guardian Nodes seal blocks and check for malicious or otherwise non-functional Validator Nodes.

Enterprise Validator Node 

The validator committee comprises a small number of validator nodes in the network. These nodes have substantial computer resources that allow them to process transactions quickly and efficiently.

Guardian Node

On the Theta Network, the Guardian Node is the second tier of security. A Guardian Node downloads and evaluates the validator committee's chain of blocks to reach a consensus.

Because there are so many of these nodes, transaction and network security are improved. Once both sets of nodes have accepted a transaction, it is complete.

Smart Contracts

Smart contracts are fully compatible with Theta Network, allowing developers to create DApps (Decentralized Applications) on the platform. A rich user experience would be ensured as a result of this.

To engage more people, video platforms would be able to construct smart contracts for loyalty programmes. In addition, video platforms would create smart contracts that would allow for real-time payment models like pay-per-use (a user would not need a monthly or weekly subscription).

Off-Chain Micropayment Support

Even though the Theta Network has a TPS of over 1,000 transactions, this is insufficient for the network's prospective adoption. The network must be fast and inexpensive to facilitate modest payments.

Theta has created an off-chain "Resource Oriented Micropayment Pool" designed exclusively for video streaming for this purpose. Furthermore, because the technique is off-chain, the platform's scalability would be significantly enhanced.

Edge Node

Theta Network's Edge Node is a relatively new feature. A user, such as you or me, can provide surplus bandwidth or processing power to the Theta Network in exchange for TFUEL (the native token of Theta Network).

Tokenomics

With the following use-cases, Theta employs a two-token paradigm.

THETA is a utility token. Validator (block production) and Guardian (block finalization) nodes can stake THETA tokens in exchange for TFUEL (the second token in the Theta ecosystem).

THETA is the protocol's governance token, which means it has a say in protocol choices, upgrades, etc.

TFUEL token utility TFUEL is the "gas" of the Theta protocol, and it is used to pay for transactions as well as the development and operation of smart contracts.

It's also the micro-transactions currency, allowing users to pay relayers for films they've shared with them. The supply of Theta tokens is limited to one billion.

At the mainnet launch, each ERC20 Theta token holder received 1:1 native Theta tokens on the new blockchain. On the native blockchain, the supply of native Theta is similarly permanently fixed at 1 billion, implying that no new Theta tokens will ever be generated.

The main goal of limiting the quantity of Theta tokens is to make it prohibitively expensive for a bad actor to obtain enough tokens to pose a threat to the network. Because new Theta tokens will never be created, the only way to get more is to buy current tokens, making amassing a controlling quantity of Theta tokens more expensive over time.

In 2018, 300 million THETA were sold for $20 million in an ICO.

Token Distribution

Tokens sold in private sales accounted for 30% of the total token supply. From September 26 to December 27, 2017, it raised a total of $20.0 million at a price of $0.067 per token, accounting for 30% of the total token supply.

The team received 7.49 percent of the total tokens distributed (unlocked in January 2019).

Advisors were given 1.23 percent of the tokens distributed.

Partners were given 12.5 percent of the total tokens that were distributed.

12.5 percent of the total tokens released went to Network Seeding.

Labs Reserves is responsible for 36.28 percent of the total tokens issued.

Features of Theta Network

Theta Wallet

Theta Network features a wallet available on both the web and mobile platforms. You can keep your Theta Tokens in the wallet (TNT20 standard). The Android and iOS versions of the software are both available. With over 50 thousand downloads, the mobile application gets a 4.1 rating on Google Playstore.

The wallet may also be connected to hardware wallets such as Trezor and Ledger, which is a plus.

ThetaSwap

Theta Transfer, a Decentralized Exchange (DEX) on Theta Network that may be used to swap tokens in a decentralized environment, was just established. This is based on the Uniswap-invented Automated Market Maker concept.

TNT20 tokens are accepted on the exchange (standard tokens of Theta Network). From here, you can try Theta Swap. The exchange takes a trading fee of 0.3 percent of the transaction value, paid to the pool's liquidity provider.

Edge Cast

Edge Cast is the first decentralized video streaming platform DApp that leverages smart contracts built on the Theta blockchain. Edge Cast is only available as part of the Edge Node application. Users may either stream their material or watch other users' streams on the site.

Edge Cast provides a glimpse into the future of the Video Streaming Ecosystem.

Theta Mainnet Version 3.0

On June 30, 2021, Theta Mainnet 3.0 went live, bringing the staking and burning feature for TFUEL. The following are the critical characteristics of Mainnet 3.0. An Edge Node can bet its TFUEL to become an Elite Edge Node, earning higher benefits on the TFUEL they have staked. The TFUEL burning mechanism would regulate the token's supply in the market and, as a result, the token's value inflation.