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About Wrapped THETA
Key Points
- Theta (THETA) is a blockchain-powered network for video streaming.
- Launched in March 2019, it operates as a decentralized network.
- Advised by Steve Chen (YouTube co-founder) and Justin Kan (Twitch co-founder).
- Features its own native cryptocurrency token, THETA, for governance tasks.
- Aims to decentralize video streaming, data delivery, and edge computing.
Founders
- Mitch Liu and Jieyi Long co-founded Theta in 2018.
- Liu has experience
About Wrapped THETA (wTHETA): A Tokenized Version of THETA
Introducing Theta (THETA): A Revolutionary Blockchain-Powered Entertainment Ecosystem
Theta (THETA) is a blockchain-powered network specifically designed for video streaming, launched in March 2019. The Theta mainnet functions as a decentralized network, where users share bandwidth and computing resources on a peer-to-peer (P2P) basis, fostering a collaborative ecosystem. Notably, the project benefits from the expertise of esteemed advisors, including Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
Theta boasts its native cryptocurrency token, THETA, which undertakes a multifaceted role in governance within the network, and boasts an impressive roster of Enterprise validators, including Google, Binance, Blockchain ventures, Gumi, Sony Europe, and Samsung, complemented by a vast Guardian network comprising thousands of community-operated guardian nodes.
According to developers, the project seeks to revolutionize the video streaming industry in its current state, which is plagued by centralization, inadequate infrastructure, and exorbitant costs, ultimately resulting in a subpar experience for end users. Moreover, content creators are also shortchanged, earning meager revenue due to the intermediaries that separate them from their target audience.
The Theta team has devised a customer-centric business strategy tailored to their burgeoning ecosystem of services, encompassing esports, music, television, film, and education. Notably, the Theta Network boasts an impressive roster of partners, including prominent video platforms such as Samsung VR, Cinedigm, Shout! Factory, Pandora.tv, Play Labs, and THETA.tv.
The Visionaries Behind Theta: Meet the Founders
Theta was co-founded in 2018 by Mitch Liu and Jieyi Long, a duo with a rich history in the gaming and video industries. Notably, Liu has an impressive track record, having co-founded Tapjoy, a pioneering video advertising firm, as well as Gameview Studios, a mobile social gaming startup. Furthermore, he also co-founded THETA.tv, a live streaming platform whose decentralized application (DApp) had the distinction of being the first to be built on the Theta protocol.
Long, Theta’s esteemed co-founder and CTO, brings a wealth of experience garnered from multiple years in design automation, gaming, virtual reality, and large-scale distributed systems. His impressive academic credentials include authoring multiple peer-reviewed papers, while his innovative spirit has yielded various patents in video streaming, blockchain, and virtual reality.
Theta boasts a burgeoning team, with its official website proudly listing an impressive roster of strategic corporate investors, including esteemed entities such as Samsung NEXT, Sony Innovation Fund, media investors BDMI Bertelsmann Digital Media Investments, CAA Creative Artists Agency, and renowned traditional Silicon Valley VCs, namely DCM, Sierra Ventures, and the VR Fund.
Unveiling the Unparalleled Attributes of Theta
At its core, Theta’s innovative approach revolves around decentralizing video streaming, data delivery, and edge computing, thereby fostering a more efficient, cost-effective, and equitable ecosystem for all stakeholders in the industry.
The network operates on a proprietary blockchain, fueled by two native tokens: Theta (THETA) and Theta Fuel (TFUEL), which drive the internal economy.
Theta’s trifecta of benefits is undeniable: viewers are treated to a superior streaming experience, content creators reap enhanced earnings, and middlemen – namely, video platforms – reap the rewards of reduced infrastructure expenditures and bolstered advertising and subscription revenues.
By engaging with network content and sharing resources, users are motivated by the prospect of earning rewards in the form of TFUEL tokens.
The platform boasts an open-source architecture, empowering token holders with governance authority, akin to many proof-of-stake (PoS)-based blockchain ecosystems that foster decentralized decision-making.
Beyond video, data, and computing, Theta also accommodates developers seeking to deploy decentralized applications (DApps) on its comprehensive, EVM-compatible smart contract platform, replete with a full range of features.
Unveiling the Inner Mechanics of Theta Network
The Theta ecosystem comprises a diverse range of participants, including Influencers (content creators), Viewers (end-users who consume video content), Advertisers (who sponsor influencers and place ads on the platform), Caching Nodes (computers/servers that enhance content quality and delivery speed), and Ingest Nodes (which assist Caching Nodes and provide bitrate/stream resolution support).
Given the open-source nature of the protocol, any provider is empowered to leverage the Theta blockchain, thereby facilitating the creation of decentralized applications (dApps) on the platform. Notably, users are incentivized with THETA tokens for sharing videos through EdgeCast, a decentralized video streaming dApp that specializes in transcription and content distribution.
Theta seeks to mitigate the operational expenditures of streaming video services by decentralizing content delivery. By migrating select content to a peer-to-peer network, the burden on traditional content delivery networks (CDNs) is alleviated. With a robust infrastructure comprising thousands of nodes, the platform ensures a resilient and fault-tolerant network, effectively addressing the long-standing issue of digital last-mile delivery.
At the core of Theta lies a peer-to-peer (P2P) protocol, which facilitates seamless content distribution and efficient transaction processing. The Theta blockchain is powered by a modified Proof-of-Stake (PoS) consensus mechanism, akin to the staking-based Tendermint system, ensuring a secure and reliable network.
What Is the Circulating Supply of Theta (THETA) Coins?
Theta Network operates on a dual token system, where THETA serves as the protocol’s governance token, empowering the community to shape the direction of development. Meanwhile, TFUEL functions as a micropayment currency, facilitating all network operations. Whenever users share content, Theta incentivizes this behavior by offering rewards in TFUEL. To reap TFUEL rewards, THETA holders must participate in either Guardian Nodes or Validator Nodes, thereby enabling them to engage in transaction validation and block creation.
THETA serves solely as a governance token, with a fixed ratio of 5 TFUEL tokens allocated for every 1 THETA held at the time of the mainnet launch in 2019.
THETA itself debuted in 2018, when it was initially distributed to buyers in the form of an ERC-20 token on the Ethereum network. Subsequently, all ERC-20 THETA tokens were seamlessly converted to native THETA on the mainnet.
The total supply of THETA is capped at a fixed ceiling of 1 billion (1,000,000,000) tokens, which are strategically allocated among various stakeholders, including network participants, the Theta team, and a designated reserve pool.
TFUEL serves as the fuel that powers transactions, analogous to the role of gas on the Ethereum (ETH) network. The total supply of TFUEL is capped at a staggering 5 billion (5,000,000,000) tokens.
The Theta Network’s Security Mechanisms: A Robust Defense
Theta employs a novel financial incentive mechanism to encourage user engagement in governance activities, thereby ensuring the integrity of its network is safeguarded by its own community of users.
The network leverages a proof-of-stake (PoS) protocol, bolstered by a multi-tiered Byzantine Fault Tolerance (BFT) consensus mechanism, striking a delicate balance between robust security and high-volume transaction throughput.
With the introduction of Guardian nodes in June 2019, Theta effectively prevented any single entity from dominating the staking of THETA tokens at any given time.
Acquiring Theta (THETA): A Comprehensive Guide to Exchanges and Marketplaces
As the native cryptocurrency of the Theta platform, THETA is widely tradable on prominent exchanges, with pairings that encompass a diverse range of cryptocurrencies, fiat currencies, and stablecoins.
As of October 2020, the highest volume pairs emanate from Binance, with the most sought-after trading currency being the stablecoin Tether (USDT), which has emerged as the dominant force in the market.
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The Theta Network: A Decentralized Ecosystem of Nodes
The cornerstone of the platform is a decentralized mesh network, comprising a constellation of nodes that coalesce to form a unified ecosystem, thereby facilitating seamless bandwidth sharing. Theta Network nodes are comprised of users who contribute diverse equipment and resources, and are incentivized for sharing bandwidth and recruiting new participants to the platform. These nodes serve as a cache and relay for video data, ensuring efficient content delivery.
At the core of the Theta Network lies a robust infrastructure comprising three distinct types of nodes: Edge Nodes, Enterprise Validator Nodes, and Guardian Nodes, each playing a vital role in the network’s seamless operation.
Edge Nodes, the most abundant type of participant, are hosted by members of the community. These individuals share their bandwidth or relay video streams over the network, receiving TFUEL tokens in return. TFUEL is one of the two native tokens on the Theta blockchain, a utility token specifically designed to facilitate seamless operations.
Theta’s robust security framework is reinforced by Enterprise Validator Nodes, comprising esteemed companies that stake THETA tokens to earn the privilege of processing transactions. Additionally, these nodes are entrusted with the critical responsibility of generating new blocks on the blockchain. Notably, this elite group comprises prominent industry leaders, including Google, Samsung, Creative Artists Agency, and Sony.
Guardian Nodes facilitate precise block operation and uphold consensus by introducing an additional layer of security, serving as a robust safeguard subsequent to Enterprise Validator Nodes.
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