What Is Theta Network (THETA)?
Theta Network is a decentralized video storage and delivery network that drives next-gen web3 entertainment and live streaming platforms. Theta aims to leverage blockchain technology to empower creators and users while providing quality video streaming at lower rates than existing service providers. Backed by industry giants like Google, Sony and Samsung, Theta Network is set to disrupt the current entertainment industry.
Today, the centralized video streaming industry is facing a myriad of challenges including rising costs, ever-growing data demands and an inefficient, centralized system. In contrast, Theta’s advanced peer-to-peer (P2P) infrastructure offers a reward mechanism for users, content creators and video streaming providers, all while reducing costs.
Theta’s mainnet is fully compatible with the Ethereum blockchain. As such, the network supports smart contracts which allow the building of innovative products. These include non-fungible tokens (NFTs) and decentralized applications (DApps) targeting the entertainment industry.
What Is THETA?
The THETA token is the fuel powering Theta’s ecosystem. To ensure scarcity, THETA has a fixed total supply of 1 billion tokens with a 100% circulating supply. Following an impressive $20 million private token sale in 2017, THETA has performed exceptionally well in the crypto space. THETA price hit $15.90 on April 16, 2021, but has since tumbled to below $1 as the current bear market conditions persist.
What Is THETA Used For?
THETA is the governance token for the Theta protocol, so token holders own voting rights to determine how the network will operate. Since the network operates using nodes to validate transactions, node providers have to stake THETA tokens to become validators. Locking tokens on the network is a control mechanism to prevent any malicious activities by node validators and guardians.
That said, THETA tokens don’t operate in isolation on the network. They’re complemented by Theta Fuel (TFUEL) tokens. Once token holders stake THETA and use it to run validation nodes, they’re rewarded with TFUEL. TFUEL is also rewarded to users who share their video streams, which helps streamline the video delivery process. As the operational token on the Theta Network, TFUEL is used for gas fees in all transactions on the network.
The dual token mechanism on Theta is strategically designed to create value and utility for the THETA and TFUEL coins.
Who Is the Founder of Theta Network?
Theta was cofounded in 2016 by Mitch Liu, an MIT computer science graduate, and Jieyi Long, who holds a Ph.D. degree in computer engineering from Northwestern University in Evanston, IL. The pair, together with a solid team, constitute Theta Labs, a software company full of visionaries looking to transform the video streaming industry using blockchain.
Additionally, Theta Labs has a remarkable media advisory council to provide critical intellectual support to the project. Notable names in the council include Steve Chen (YouTube cofounder) and Justin Kan (Twitch cofounder).
Indeed, Theta’s efforts to pool the best brains in the tech industry, especially blockchain specialists, have worked magic for the project. The network’s sophisticated design is constantly upgrading with the platform right on track to release the futuristic Theta Mainnet 4.0.
Theta Network: How Does It Work?
Theta Network is a robust ecosystem that uses an advanced proof of stake (PoS) protocol featuring a multi-level Byzantine fault tolerance (BFT) consensus mechanism to provide fast and low-cost video streaming services. The multi-level node operation enables thousands of nodes to partake in the consensus process, which ensures speedy confirmation of transactions on the blockchain.
Once a transaction is initiated on the platform, it’s first approved by about 10–20 nodes, known as the validator committee. The transaction then proceeds to a larger pool containing thousands of nodes (the guardian pool), which fully validates it and records it on the Theta blockchain ledger. In this way, the platform guarantees its users unrivaled transaction throughput, coupled with security and complete decentralization.
Another critical component of the network’s operations is Theta Edge. Hosted by the Theta community, the Theta Edge Network is a global decentralized platform for data storage and computing. Theta Edge computing powers a decentralized video API that enables peer-to-peer relaying of videos (including live streaming) and sharing of computing resources in a simple and permissionless way.
Why Is THETA Valuable?
The THETA token powers the Theta Network. Some of the factors that make Theta a valuable network are:
Scalability
Theta Network has an off-chain micropayment pool which greatly reduces the blockchain’s load. The Resource Oriented Micropayment model ensures that thousands of transactions can be handled each second without overloading the main blockchain. Consequently, the network remains highly scalable with minimal chance of double-spending by users.
Advanced Security
The two-layered consensus mechanism on Theta powered by validator and guardian nodes ensures tight security on the network. Through staking, Theta ensures that node providers don’t engage in malicious activities, since their tokens can be “slashed’’ as a penalty. For further security, the guardian nodes are decentralized across the globe, implying that a 51% attack or similar security breaches are close to impossible.
Strategic Partnerships
Theta Network is continuously working with key players in the entertainment industry to integrate its innovative products into mainstream entertainment. A key collaboration with Samsung that will increase Theta’s user base is the inclusion of THETA.tv, the platform’s esports streaming DApp, in all Samsung Galaxy S20 models and above.
Multiple Use Cases
Through decentralization, Theta is in a strategic position to revolutionize the multibillion-dollar entertainment industry. Its smart contract compatibility and futuristic architecture facilitate the creation of DApps to meet diverse entertainment needs. Theta Network is applicable in esports, movies, long-distance learning and P2P live streaming.
What Makes Theta Network Unique?
Some of the key unique features of the Theta blockchain network are listed below.
Smart Contract Compatibility
Theta’s mainnet supports Turing smart contracts, which opens up a lot of opportunities to enhance user experience on Theta, especially through the building of DApps. Using smart contracts, Theta can embrace NFTs, build innovative payment models and carry out trustless crowdfunding events.
Also, Theta’s compatibility with the Ethereum virtual machine (EVM) makes teleporting Ethereum-based contracts easy. As such, attracting and onboarding smart contract builders into Theta is fast and easy.
Theta Metachain
The anticipated launch of Theta Metachain in December 2022 will be a game changer for the network. Theta Metachain, also known as a “chain of chains,’’ will enable the interconnection of a network of blockchains. Successful integration of Theta Metachain will help Theta Network achieve limitless transactional throughput, with transactions taking less than two seconds to finalize.
Additionally, developers will be in a position to launch subchains quickly on the network. Each subchain deployed on the metachain can execute transactions freely, without the approval of Theta Labs. The free flow of tokens across chains will increase Theta’s scalability tremendously.
Multi-Level BFT Consensus Mechanism
Similar to Binance Smart Chain, Solana and Polygon, the Theta Network uses an efficient PoS mechanism. As mentioned, transactions on the network are verified using a dual system of validators and guardians.
The model used for validating transactions already provides adequate security. However, combining this with community-run guardian nodes spread across the globe ensures an extra layer of security on Theta Network.
How Many THETA Are in Circulation?
THETA was first launched as an ERC-20 token in 2018. It was then converted to the native token, with its mainnet launch in March 2019. THETA has a circulating supply of 1,000,000,000 coins, which is 100% of its max supply. The THETA token is capped at a total supply of 1 billion, which means no new coins will be created.
How to Store THETA
THETA is a TNT20 token that can be stored in Theta’s web wallet. However, since it’s compatible with the Ethereum blockchain, the THETA token can be stored in secure wallets such as MetaMask and Trust Wallet. The Theta blockchain also announced that it had added support for Ledger and Trezor hardware wallets.
How to Buy THETA
You can buy THETA from any top crypto exchange, including Bybit.
How to Buy THETA on Bybit
To purchase THETA on the Bybit exchange, follow these simple steps:
Head to Bybit’s spot trading page (Home → Trade → Spot Trading).
Select the THETA/USDT pair on the left side of the page.
Choose the type of order you’d like: Limit, Market or Conditional Order.
For Limit Orders:
Select Limit.
Enter the order price.
Enter the number of THETA you wish to buy.
Click on Buy THETA.
Once you’ve confirmed your information is correct, click on Buy THETA.
View your order details under Active on the web page, or Orders if you’re using the Bybit app.
For Market Orders:
Select Market.
Enter the amount of USDT you’ve paid to buy THETA.
Click on Buy THETA.
Once you’ve confirmed your information is correct, click on Buy THETA.
View your order details under Filled.
For Conditional Orders:
Select Conditional.
Enter the trigger price.
Choose to execute at Market Price or Limit Price.
Market Price: Order price doesn’t need to be set.
Limit Price: Order price needs to be set.
According to order types:
Market Buy: Enter the amount of USDT you’ve paid to buy THETA.
Limit Buy: Enter the number of THETA you want to buy.
Click on Buy THETA.
Once you’ve confirmed your information is correct, click on Buy THETA.
View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.
For more help, visit the Bybit spot trading guide.
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