Sirwin
Sirwin

E&S: THETA, Next Generation Video And Entertainment Blockchain


Hello everyone Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.

In this article we talk about more features of Theta Network!

In the last E&S article 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.

If you missed my first article about THETA, you can read it here!

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.

theta

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.

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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?

  • Poor Quality: Today's content delivery networks (CDN) lack reach, causing video re-buffering, and high load times in many parts of the world.
  • Sky rocketing data needs: Users demand 4k, 8k, and higher quality streams create infrastructure bottleneck.
  • Centralized and inefficient system: The centralized nature means less revenue flows back to content creators and platforms.

theta

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.
  • Higher quality, smoother video streaming: A decentralized peer-to-peer network delivers streams efficiently globally.
  • Reduced cost of delivering video streams: Video platforms no longer need to build expensive infrastructure, means more innovation and unique business models.

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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.

theta

Next Sunday I’ll introduce to you a new cryptocurrency.

Let me know what you want to see analyzed in the comments!

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

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