Theta is a next-generation video and entertainment blockchain. The platform aims to provide high-quality video streams without buffering issues often experienced on centralized platforms. In addition, they plan to make use of bandwidth and storage from users to reduce the cost of video streaming while also improving the quality.
THETA is the platform’s governance token and has a fixed supply of 1 billion.
What are THETA key features and how does it work?
Theta’s technology aims at solving the “last-mile” delivery problems experienced when video content reaches a user’s home. Often content can be slow, lag, rebuffer, or have choppy streams. Theta works by incentivizing network users to share unused memory and bandwidth to improve the overall network.
Theta uses a Proof-of-Stake mechanism to secure the network. This makes it possible to have many different devices acting as viewers and caching nodes.
Rewards distribution and collection systems on the platform are handled by Smart Streaming Contracts, which are a specific type of smart contract on the Theta Token blockchain.
Use cases for Smart Streaming Contracts on the Theta network include:
- Advertisers rewarding streamers and viewers;
- Viewers gifting rewards to streamers;
- Premium or paid video content;
- Subscriptions to streamers content or to Decentralized Content Networks.
Theta’s Resource-Oriented Micropayment Pool is used to create off-chain payment pools that users can use for off-chain withdrawals. They are resistant to double-spending. Any double-spend attempts are detected by the validators on the Theta Network. This solution allows for higher levels of scalability by keeping many micro-transactions off the blockchain.
The network also uses a Proof-of-Engagement mechanism, it can prove that a viewer has watched a live video. It is a way of providing transparency to advertisers, as well as being a means for users to earn Theta tokens in return for engagement.
The Theta Network has a two token mechanism. THETA is the governance token of the protocol, and can also be used by validators as part of block production by staking. Users who stake and run a node will earn an equivalent amount of the newly generated TFUEL.
Theta Fuel (TFUEL) can be considered as the operational token of the Theta protocol and is used for on-chain transactions. These include payments for sharing a video stream, or for interacting with smart contracts. Relayers receive TFUEL for the video streams they relay to network users.
The 5 major stakeholder groups of the Theta network are:
- Streamers/Influencers – These are content producers of the network. They are rewarded with Theta tokens for contributions.
- Viewers – The users who consume video content. Viewers are rewarded for viewing and engaging with videos, they can also be rewarded for viewing advertisements.
- Advertisers – They use the platform to advertise services and products. They spend Theta tokens to buy advertising time in the network, and to sponsor influencers.
- Caching Nodes – These are the computers and servers that provide caching services to improve the quality of the video stream on the network. They are rewarded with Theta tokens.
- Ingest Nodes – These are nodes that help to provide various bitrates, stream resolutions, and more. They provide services to the caching nodes for live streams and are rewarded for doing so.
Where can you buy Theta Token?
Theta can be bought on most major exchanges as listed here. Some popular choices include Binance, OKEx, and DragonEx.