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What is The Theta Network?

By Thomas Wolf | Thomas Wolf's Den | 17 Jul 2021


The Theta Network is bridging the gap between blockchain technology and video content creation to heights never seen by any competing project until now, with Web 3.0 and decentralized finance paving the way for digital and economic freedom.

The Theta Network – A Sleeping Giant

The Theta Network holds its focus on enabling video streaming content creators to profit from their contributions, as well as giving them methods to moderate how their content is presented and how it can be monetized, all while remaining decentralized through a P2P (Peer to Peer) community of ‘Guardian’ nodes.  Despite this focus, VR (Virtual Reality) is next on the forefront for The Theta Network - with Samsung VR as a prime new candidate for pairing.

Theta’s chain is built to work alongside Ethereum, making it highly versatile and easy for user integration with the web’s most popular dApp (Decentralized Application) blockchain through the EVM (Ethereum Virtual Machine), all while maintaining independence with an open-source platform that utilizes smart contracts as layers to the EVM.  This layering allows Theta to take advantage of the EVM while managing its own blockchain, transaction fees, and external mechanisms.

Why The Theta Network?

The Theta Network debatably has no true competitors as any perceived projects lack the same visions for utilities.  With Theta’s focuses being on Web 3.0, decentralization through P2P nodes, and a democratic approach to self-governance, focusing only on the project’s desire to make video streaming a new frontier is short-sighted, despite highly exciting and lucrative profits to be had from that venture alone.  Theta has backing from their parent company which is devoted to virtual reality systems and has major connections with prominent tech companies such as YouTube and Twitch, giants in the field of video content creation and streaming.

Theta Labs, Inc. Project Overview

Theta Labs and the Theta Token are taking the forefront of decentralized, P2P (Peer to Peer) video streaming and virtual reality.  Theta Labs, Inc. was founded in 2017 as a subsidiary of Sliver VR Technologies, Inc.  Now, after years of development and testing mainnet functionality, in addition to supplying a large amount of capital to boost project scalability, Theta can confidently proceed after their recent mainnet 3.0 launch.  Steps required to make this happen include the development of Theta Fuel (TFUEL), Theta’s native platform token, which is used to reward viewers of videos on their platform similar to the ad rewards included with Brave Browser in BAT (Basic Attention Token).

Theta is operated by Co-founders Mitch Liu (CEO) and Jieyi Long (CTO), as well as Ryan Nichols (Chief Product Officer).  Liu holds a B.S. in Computer Science & Engineering from MIT, as well as an MBA from Stanford’s Graduate School of Business.  Long is also well accomplished in academics with a B.S. in Microelectronics from Peking University and a Ph.D. in Computer Engineering from Northwestern University, in addition to developing patents in virtual reality live streaming and instant replays for video games.  Nichols is renowned for his experience in virtual currencies and various tech platforms and is a director at Tencent for the Wechat App.

Steve Chen, the Co-Founder of YouTube, is quoted as saying, “Theta’s innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K, and higher quality video streams.”

Chen followed up this statement of summarized challenges by saying, “I’m excited to be part of the next evolution of the streaming space, helping Theta create a decentralized peer-to-peer network that can offer improved video delivery at lower costs.

Exodus released this video on the Theta Network, Theta Token, and TFUEL for beginner information via YouTube:

The Theta Network has no notable flaws with management, operations, project history or transparency, functionality, scalability, and financial/social support.  Therefore, Theta is on the brink of something big with little to slow it down.

Technical Aspects

The Theta Network is extremely focused on becoming the number one content delivery network for streaming services and expanding its utility and applications along the way.  Theta is a project that will quickly move from streaming social media mass adoption to new applications such as virtual reality media integration.

As a result, there will likely be a more rapid expansion in blockchain development and onboarding of users and those in desire of running nodes.  Theta offers the option to run a Theta Guardian Node, which earns TFUEL tokens by staking THETA tokens. There is also the option to run a Theta Edge Node, which earns TFUEL tokens by watching popular streaming videos.

Notable Projects & Partnerships

The Theta Network maintains Theta.tv but is host to many projects & partnerships discussed above with node participation and some listed below in business partnerships, not to mention potential partnerships in the future.

The Theta Network is working on partnerships with Samsung VR, Cinedigm, Shout Factory, and GFUEL.  They also have enterprise validator nodes connected with Google, Sony, Samsung, CAA, Binance, and more.  The Theta Advisory Board includes Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.tv.

Project Issues

The Theta Network has mainly been confronted with the rapid development required to reach Web 3.0 mainnet stability, but overall has not had any serious security breaches or anything significantly negative to note.  Of course, their nodes can take a little while to sync, but that is hardly worth complaining about if it ensures network security and doesn’t have to be performed routinely.

Theta Network’s Roadmap

The Theta Network’s roadmap is right on track as they went live with their Web 3.0 mainnet on June 30th, 2021, to jump off 2021’s Q2.  The Web 3.0 mainnet launch comes after a series of developments, including TNT-20 or the “Theta Network Token” minter, which was expanded upon for NFT (Non-Fungible Token) use, TFUEL staking testing, launching a DEX (Decentralized Exchange), and an NFT marketplace on the Theta blockchain.

Theta survived their second Theta Hackaton with flying colors and are now pursuing hardware wallet support through Trezor and Ledger.  In the near Q3, Theta is exploring new use cases for their chain, such as game and software patches, machine learning & artificial intelligence, and rendering their Edgecast v2 a fully decentralized streaming application.  Q4 projects to include IPFS integration along with a more advanced smart contract developer platform.

Theta & TFUEL Price Movements

The Theta Network Token (THETA) currently holds a mid-market price of $4.40 USD with a #23 coin ranking and a current market cap of $4,416,656,120 USD, which marks a loss of 50.2% in the last month and a gain of 1,780% in the last year.  Theta Fuel (TFUEL), Theta’s native token, is sitting at $0.26 US cents, which is down 27.5% in the last 30 days, and up 3,130% in the last year.  TFUEL has a current market cap of $1,420,088,415, giving the token a #61 ranking on CoinGecko.

Theta has no known competition at this time.

As always, comments, suggestions, and friendly debates are highly encouraged.

Stay smart & Stay safe.

-Thomas Wolf

Pronouns: He/Him/His

This content was originally created for Altcoinbuzz

DISCLAIMER

I am not a certified financial, tax, or legal advisor, analyst, or planner.  The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes.  I am not responsible for any losses or damages incurred due to misinterpreting my personal opinions for professional advice.


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