What is Theta Network? – Cryptocurrency Guide for Investors

What is Theta Network? – Cryptocurrency Guide for Investors

Theta Mainnet 2.0 code is open-source and can be discovered on the Theta GitHub.

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What is Theta Network?

Theta Network is a blockchain-based, a content-delivery platform that permits high-bandwidth content delivery through decentralized technology. The existing mainnet supports Samsung VR, Sliver.TV, along with MBN, Korea’s premier enterprise news outlet.
In reality, Theta Labs’ founding workforce also operates Sliver.TV and hopes to disrupt streaming videos. THETA and TFUEL are the proprietary cryptocurrency tokens utilized by the network.

Theta Network Mainnent 2.0

Theta Mainnet 2.0 is a key upgrade to the Theta blockchain, introducing Theta’s novel Multi-BFT Consensus. Community-run Guardian Nodes (‘GN’). Guardian Nodes (‘GN’) will now take a strong role in block generation, finalizing blocks at regular hundred block intervals and making up the 2nd level of defense after the Validator Nodes which generate each block.

With Guardian Nodes joining the network and staking, no individual team or maybe entity will regulate the vast majority of THETA staked, marking a major milestone in the direction of Theta’s decentralization.

What is Theta Network doing?

While most blockchain projects concentrate on data storage, but video streaming platforms as Hulu and Netflix require a lot more than merely drive space. Bandwidth and transfer speeds are actually essential for these companies, as 140 million individuals simultaneously accessing thousands of data files could burden a server.

Video quality of 4K is able to record up to forty-eight Mbps, and high-quality VR resolutions of 16K could certainly get a maximum of 768 Mbps. Essentially, we are going to need an even better worldwide web.

Like Twitch, this particular Silicon Valley-based team is actually focused entirely on the 400 million esports viewing audiences that will tune in to enjoy a minimum of one tournament every season. And PricewaterhouseCoopers estimates these crowds will generate $ 1.58 billion in yearly revenues by 2022.

Needless to say, Theta is really the only legitimate blockchain enterprise focused on esports. Twitch is actually a leader in the area, boasting between 2.2 and 3.2 million unique month-to-month visitors. The business enterprise was acquired by Amazon found in August 2014 for 970 million to bolster its streaming offerings.

Crypto-based gaming solutions and blockchain-based SDKs have been sprouting up at every GDC as well as E3 since 2017. These guys have a great deal of competition to eliminate where it is a two-sided marketplace at which they’ll have to bring content creators along with people (along with more), developers, sponsors, leagues, and advertisers.

Multi-Level BFT Consensus Mechanism

The multi-level BFT consensus mechanism is utilized to secure Theta. It is actually a type of Delegated Proof of Stake (DPoS) and comprises of 2 levels. The primary level consists of 10-20 Validator Nodes called the validator committee mining blocks as well as validating transactions on the network.

Presently, the few of nodes are principally run by Theta Labs along with partners, they permit for instant transaction verification and consequently huge throughput on the network. When the main net was originally launched the Validator Nodes were run by Theta Labs, followed by additional Validator Nodes operated by primary strategic partners.

THETA Smart Contracts Sandbox Launch

The smart contract platform area is incredibly crowded, and creating a brand new developer group from scratch is almost impossible. So knowing that we needed to help make creating on Theta as simple as you can for Ethereum developers because they number probably the largest in blockchain so far around 200,000 developers.

To that end, clever contracts on Theta are totally appropriate with the Ethereum Virtual Machine. This means fundamentally Any Ethereum smart contract is able to be conveniently ported over to operate on Theta blockchain, along with any blockchain developer that operates in Solidity will be able to jump right in developing new smart contracts on Theta at the same time.

Essentially the most instantaneous benefit of introducing smart contracts to Theta is the fact that video platforms integrating Theta nowadays have additional resources to execute their business models.

For instance, on THETA.tv when pc users donate TFUEL to their preferred streamers, it might be saved in a smart contract until a specific threshold is actually hit and it is passed via to the streamer – assume like attaining a Kickstarter target, but instantly enforced via smart contract! Or maybe a smart Tv operator or maybe mobile handset manufacturer might incentivize users to relay certain content with Theta Network by storing additional TFUEL in a wise agreement, which is actually unlocked whenever a user relays a specific amount of video above Theta Network.

THETA.tv – Integration with Android Tv

Android Tv is actually used on more than twenty-five million smart TVs within the U.S. alone, with many millions more in usage all over the world. Theta’s Android Tv app is built on THETA SDK which will be publicly available free of charge to any third-party creators. Hence, it will be equally as seamless and easy for Amazon Prime Video, YouTube, Sling TV, Netflix, Hulu, or Hundreds of other well-known streaming apps to add the Theta protocol.

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