Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 33rd cryptocurrency of this section with the 72nd “E&S” article.
Today we will talk about Theta Network (THETA)!
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.
- Mitch Liu: is the Cofounder / CEO of Theta Network, Cofounder THETA.tv, Cofounder Gameview Studios, Cofounder Tapjoy, BS in Computer Science & Engineering from MIT, MBA from Stanford Graduate School of Business.
- Jieyi Long: is the Cofounder / CTO of Theta Network, Cofounder THETA.tv, BS in Microelectronics (Peking University), PhD in Computer Engineering (Northwestern University), Developed multiple patented technologies including VR live streaming as well as instant replays for video games.
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:
- Multi-Level Byzantine Fault Tolerance (BFT).
- Aggregated Signature Gossip Scheme.
- Resource Oriented Micropayment Pool
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, I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
We'll go more specifically into new features of this project!
Let me know in a comment what is your favorite crypto of 2022!
