The development of blockchain technology has not only encouraging the fintech world. But is also targeting other industries. Such as the Theta protocol. The Theta protocol network utilizes blockchain for the video streaming industry.
Theta network is one of the many NFTs Protocol (Non-Fungible Tokens) that have reached a market capitalization of close to 8 Billion USD listed in Coinmarketcap.
With such a large market capitalization it makes it quite interesting to find out more about Network Theta, how it works, is it good for investment, and so on. And we will go on an adventure to learn more about Theta network protocol.
- 1 About Theta Network
- 2 How does theta network work
- 3 Theta network whitepaper
- 4 Theta network coin
- 5 What does the Theta network do?
- 6 Theta wallet
- 7 How to invest in Theta network
- 8 Where to buy Theta network
- 9 Is Theta network a good investment?
- 10 Theta network price prediction
- 11 Conclusion
About Theta Network
In our initial review, we explored Theta, which is a protocol that powers video streaming services such as YouTube but using blockchain technology.
Theta network is built as a decentralized platform that offers a solution from traditional streaming that expensive costs. Currently, video streaming uses content delivery networks (CDNs) that go through operators so that end users have to expensive costs.
The Theta network allows users in a global scale pool to offer free bandwidth and get rewards for doing so.
This platform offers high-quality streaming video content, the more bandwidth in the pool, the higher the streaming quality. The interesting side is the incentive from content sharing. Users can earn rewards through Edgecast by sharing content with other users.
Theta network protocol is an open-source platform, so it is open to developers who want to build projects, with a primary focus on entertainment, including esports, music, TV/movies, education, and enterprise conferences.
How does theta network work
How Theta network works simply has two parts, the first is a network to deliver video consisting of nodes that are joined. The nodes in this network contribute with their bandwidth. In this video delivery network, the process of creating a video is decentralized.
The second part is Theta Blockchain, which is an incentive network that rewards participants who join the delivery network. Initially launched in 2019 the Theta network used the ERC-20 token which was an Ethereum token but has now become a standalone project.
In more detail, Theta is powered by three participating groups, Enterprise Validator Nodes, Guardian nodes, and Edge nodes.
- Enterprise validator nodes are companies that contribute to the transaction process, through the THETA token stake. Some of the big companies that are members of the Enterprise validator node are Google, Samsung, Sony, Binance, gummy, and Blockchain.
- The Guardian node has an important function in performance to ensure that the transaction block performed by Enterprise Validator Nodes is more accurate.
- On Edge nodes, users who share their bandwidth or stream video over the Theta network can earn TFUEL rewards.
The Theta network uses modified Proof-of-Stake (PoS) consensus which is faster and more resource-efficient when compared to Proof of Stake (PoW). This is because the Theta network uses a smaller subset of nodes.
After that node then the Validator Committee works for pre-approval of a transaction before passing it on to the “Guardian Pool”. This pool is a much larger group of nodes that are responsible for fully validating transactions and adding them to the Theta blockchain ledger.
Theta network whitepaper
The whitepaper in blockchain technology is an important part for investors to pay attention to. Through the whitepaper, investors can understand how the blockchain network is built.
It may be quite confusing for beginners when reading the whitepaper because it is a long article with terms that may be unfamiliar. Information about the Theta network whitepaper is divided into separate articles.
- Theta blockchain 2.0 whitepaper containing protocol consensus and Guardian nodes can be read at this link.
- Blockchain Theta 3.0 whitepaper introducing the TFUEL design economy related to staking and burning, can be read here.
- Theta multi-level BFT protocol technical detail here. or here.
- Theta decentralized edge computation can be read here.
Reading whitepapers may tire the eyes, but we can look for important points and for example personal company background company vision, and mission technical aspects.
Theta network coin
In the Theta network, we find THETA token and TFUEL.
- THETA token coin is a native token of the THETA network that functions for network governance, THETA token holders can participate as validators/guardians in the process of creating new blocks in the network.
- TFUEL token coin (Theta Fuel) is the second token on the THETA network to function in transactions like Ethereum gas. It supports on-chain operations such as payments to switchers to share video streams or to deploy or interact with smart contracts.
THETA coin This is a governance token helping the community manage the Theta blockchain. It also serves to control the network in the future. THETA coin has a fixed supply of 1 billion tokens without inflation. And by staking THETA tokens, THETA coin holders are eligible to receive TFUEL, which has a supply of 5.2 billion tokens and the inflation rate remains at 5%.
TFUEL is a token that serves to pay for the data that is streamed. If someone shares video content with others who try to watch the video, the streaming site will pay for it in TFuel tokens.
It needs to attention that these users do not stream the entire clip but only a small amount of data for each video so the end-user will receive fragments of video data from multiple users and combine them themselves.
What does the Theta network do?
THETA network is a blockchain protocol that is an open-source project, so this network can be utilized for Dapp development. But in general, it is a blockchain that provides video streaming services through a decentralized system.
During the development of the THETA network, several partners have developed their services using the THETA network.
Partners currently associated with the THETA network are SAMSUNG VR, CJ Hello, Theta.tv, Pandora.tv, COS.tv, Movie blog, GFUEL, Playlabs, Ultra, Sizzle popcorn, Eastern Media GG, Sportcash one, Cyko KO, Demented gaming, Fourth media, Dyte knight, Upload, god mode unlocked, Cruz ctrl, ZNN (Zetetic News Network).
The THETA network development team is working on its efforts to broaden the reach of the network by listing THETA tokens on a number of exchanges.
By carrying out this strategy, the expectation that the THETA network protocol will be widely popular. And maybe able to exceed Youtube at this time. Even this platform has the support of the YouTube co-founder himself who acts as an advisor.
As we know that Theta.tv is the first video platform to use the THETA blockchain protocol network. Theta.tv is basically similar to Youtube for streaming videos. But it has the advantage of being powered by blockchain, interestingly viewers can get rewarded in the form of the TFuel crypto asset. With TFuel you can use pay transactions in the THETA network.
They created a slogan to attract viewers with, Watch, Interact, Support. Watch stream, Earn TFuel and redeem to free subscription.
The Theta.tv has also ever broadcast live broadcasting of SpaceX’s Falcon 9 rocket launch test. Accounts on the platform are officially by NASA. The live broadcast is Theta’s collaboration with NASA, on April 16, 2020.
Referring to a report from Coindesk in late 2020 THETA.tv launched a native non-fungible (NFT) token for content creators to print and share with their viewers.
With the launch, streamers on the platform can create their own unique items, emotes, and badges to share with their viewers. This strategy provides a unique way to monetize fan engagement. This involved Theta Labs in the launch of the Theta.tv NFT token.
To get more information about Theta.tv you can find in their community.
Like other crypto wallets, Theta wallet functions to store, receive and transfer Theta tokens to other users. If you want to invest in buying THETA tokens, it will be safer to store them in your wallet if you use a cold wallet such as Trezor or Ledger.
If you already have a Theta wallet, you can access your wallet through the official wallet page on the Theta network on Theta wallet.
But if you don’t have a wallet, you can create a new one by registering through the registration page to create the wallet. You must be careful when creating a wallet, record all private keys for continued access to your wallet in the future. Losing the private key means losing the wallet and the tokens it contains.
How to invest in Theta network
The most common way to invest in Theta is by trading on a cryptocurrency exchange or through a broker that provides the Theta token instrument.
Several brokers are available trading for THETA coin such as Etoro, FXmarket as well as FXTB. Maybe it’s best to look for information for broker reviews to choose one of the brokers for THETA trading.
However, this method also involves risk, because the possibility of volatile asset prices will have an impact on decreasing traded assets. So to be safer in Theta investment is to buy and then store in a wallet. It relies on long-term investments with the expectation of higher THETA values getting higher.
How to buy THETA coin is through an exchange where there is THETA coin available.
Where to buy Theta network
Where to buy THETA is through an exchange, but currently, not all exchanges provide THETA coin. Maybe you want to buy THETA through Coinbase, but this exchange has not listed THETA on their exchange.
However, you can still take advantage of Coinbase to make it easier for you to buy or trade THETA coin. The trick is that you buy cryptocurrencies like BTC, or ETH through Coinbase. After that, you can use BTC to trade on exchanges or through brokers that provide THETA coin trading assets.
But if your goal is to buy THETA coin to keep in your wallet, then here are some exchanges where you can buy THETA.
Buy THETA on Binance
Binance must be familiar with you, it is a global exchange. On this exchange, you can buy THETA or trade on the exchange on the THETA/BTC pair. It’s worth it if you buy BTC through Coinbase, can transfer to Binance, and start buying THETA.
THETA volume in this exchange 24h Volume reach 2 million THETA coins are traded on the exchange.
Buy THETA on Gate.io
Gate.io is another option besides Binance. in this exchange you can trade THETA using Ethrereum tokens. At Gate.io provides THETA coin in trading pair THETA/ETH.
This is an alternative exchange if you choose the ETH coin in your wallet and want to try THETA investment, you can choose the Gate.io exchange. However, the THETA/USDT pair is also available here if you want to use stablecoins.
Buy THETA on Huobi
Huobi Global, this exchange has become one of the largest exchanges on a global scale. You can buy THETA coin using stablecoins with USDT and HUSD options.
USDT is a stable coin pegged at 1 dollar, as is HUSD. If USDT is issued from Theter Limited company, while HUSD is issued from Stable Universal.
Is Theta network a good investment?
To analyze the future of THETA, we will first look at the potential growth of THETA network users. It is a video streaming platform that has the support of the co-founder of Youtube.
The high quality of streaming video opens up opportunities for the THETA network to grow, which may beat Youtube. Plus the development team is collaborating with several exchanges and will probably continue to grow with cooperation on new exchanges.
At the time of writing, THETA ranks 19th on Coinmarketcap and has a capitalization value of $9 billion. It even became the NFT protocol in the first position listed on Coinmarketcap.
Theta network price prediction
THETA’s highest price formed in April 2021, where it hit $15 to become an all-time high for now. The following are THETA coin predictions from several forecasting site sources.
Wallet investor THETA price prediction
A surprising prediction, Wallet investors expect the price increase of THETA in the next year to reach $ 20,925. And in the next five years to reach $ 78,970.
Digitalcoinprice THETA prediction
This results in price predictions that tend to increase from year to year. THETA price 2021 at $13.7. 2022 at $15.96, 2023 at 19.37, 2024 at $23.27, 2025 at $26.13, 2026 at $31.58, 2027 drops to $27.04, 2028 at $40.04.
Longforecast THETA price prediction
Longforecast predicts THETA coin 2021 at $7.97, 2022 at $7.92, 2023 at $10.84, 2024 at $9.44, 2025 at $20.21.
THETA’s performance was quite good this year amid the coronavirus issue. It a high spike of up to thousands of percent. Moreover, the support of high-end companies like Samsung, makes THETA an attractive digital asset.
This information does not constitute investment advice, all consequences of investment are the responsibility of each individual.
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