Blockchain has been gaining popularity since the launch of Bitcoin in 2009 and its price surge in 2017. Although Bitcoin’s price plummeted as fast as it had risen, the popularity and acceptance of blockchain have been steadily growing ever since and initially devised for Bitcoin, blockchain technology is based on a decentralized network of nodes or computers that keeps data secure and accessible in real-time.
Theta Network has been using this technology to their advantage and aims to improve the quality of video delivered to consumers. Despite all kinds of advancements in technology, the quality of video provided to end-users is terrible. This is due to centralized CDN (Content Delivery Network)systems that connect users to the video platforms hosting the videos. Most CDNs have a limited reach to some parts of the world, causing more significant load times and video re-buffering, hampering the overall video experience. Couple this with the rapidly increasing demand for higher video quality like 4K, 8K, or higher, and the experience deteriorates further. The current system is a centralized one, allows CDNs to keep most of the rewards and, while less trickles back to the content creators and platforms.
Theta Network has introduced a decentralized peer-to-peer video delivery system to users using their blockchain built by Theta.tv, an E-sports startup. Since centralized CDNs are out of the picture, data is relayed directly to end-users. This even opens up opportunities for users and creators to earn more rewards. How so? This is where Theta Tokens come into play. Theta tokens, somewhat like Bitcoin, can be earned. However, not by mining. They are rewarded to users by participating in the network by sharing excess bandwidth. Let’s take a look at how this reward system works.
Theta depends on its network of computers on the blockchain to deliver better video performance. Users who are part of this network can contribute the extra bandwidth when they are not streaming, which can provide better services to local users. The higher the bandwidth they share, the greater the reward. The reward is given in Theta Fuel (a type of cryptocurrency) that can then be used to purchase premium features, gifts, and much more within Theta’s ecosystem.
The Theta Network has revolutionized how video data is relayed to users, reducing costs for video platforms since setting up the infrastructure is eliminated. Initially launching as Theta Testnet in June 2019, it managed to gain 300 thousand users within two weeks of launch. With its latest release, Theta Mainnet 2.0 introduces technical innovations such as Multi-BFT Consensus, Aggregated Signature Gossip Scheme, and Resource-Oriented Micropayment Pool, which make Theta the future’s video delivery platform.
The Theta Network comprises of Edge Nodes, Guardian Nodes, and Validator Nodes. Each node participates in providing seamless video delivery along with its specific function. The Edge nodes are the network’s standard nodes, and it does not require much to run an edge node. From these edge nodes, Theta utilizes unused bandwidth to enhance the video experience for local users. With the introduction of Multi-BFT Consensus in the recently launched Theta Mainnet 2.0, the Guardian Nodes, apart from providing excess bandwidth, is a critical part of the Theta blockchain consensus. They work alongside the Validator Nodes run by firms like Google, Blockchain Ventures, Gumi Cryptos, and Binance to provide an additional security layer, making sure that new blocks are added to the network are secure and valid.
Like Samsung, reputable companies are using Theta’s cutting-edge technology for their VR experience and by G FUEL and Theta.tv for their e-sports streaming. With the growing Theta network, more and more partners are being attracted to this new technology. The Theta blockchain is an open network for partners to join and work on. It has made it an even more viable option for companies looking to provide their customers with a premium experience while saving on the infrastructural cost.
Considering the inevitable rise of blockchain in the coming years, Theta is a promising investment for users and companies to become part of the Theta Network.