Theta network, Theta token & Tfuel explained

Theta network, Theta token & Tfuel explained
5 min read

It’s official - the world loves videos. Whether  it’s laughing babies or cats being scared by   cucumbers, as a global population we watch over 1  billion hours of video per day on Youtube alone!

But it isn’t always easy to be a Youtube  content creator. The site charges a 45/55%   split for video royalty fees, it often blocks  channels for erroneous copyright claims,   and can act as restrictive gatekeepers  between viewers and new content creators,   who don’t see any financial return  for having a ‘low’ amount of views.

Youtube and other centralized video platforms have  brought us many happy memories over the years,   but belong very much in the mold of Web 2.0, where  users were encouraged to upload their content   but didn’t have complete control over  how their content was used and monetized.

Theta Network: decentralized video streaming

Now it’s time for a video streaming  platform for the age of Web 3.0,   and that’s where the Theta network comes in! Launched in 2019, Theta is a video streaming  network that is primarily powered by its users,   who share bandwidth and computer power on a  peer-to-peer basis. This, and a network of   thousands of community-run ‘guardian’ nodes,  help keep the Theta platform decentralized.

This makes Theta (theoretically) more  democratic and accessible for content creators,   and more secure for viewers!

Theta Token & Theta Coin staking

The platform is also completely open-source,  and holders of the native THETA token can take   part in governance by staking THETA, and either  contributing to or running their own node.

They   are also rewarded for their participation  in the network with more THETA tokens.

Theta Fuel TFUEL

The Theta team realized, shortly  after they launched, that they   also needed a highly liquid token that  could eventually facilitate millions of   transactions and micropayments each day, and  that’s why Theta Fuel, or TFUEL, was created.

The great thing about TFUEL is that you can get  paid for watching videos! Advertisers can use   TFUEL to reward engagement from viewers, and  Theta users can also earn TFUEL by loading up   other users’ videos with their spare computational  power. TFUEL can then be spent accessing paid   streams, rewarding your favorite content creators,  or launching smart contracts on the Theta network.

Theta & Ethereum

Theta is built on Ethereum, so it is compatible  with the Ethereum Virtual Machine, and developers   can build on top of the Theta network using  the same coding language. And Smart contracts   on Theta will help processes like royalty  distribution become fairer and more transparent.

First Theta Network dApp:

The first decentralized application  built on Theta was,   a decentralized game and sports streaming  platform that millions of viewers use each month,   mainly to watch others stream  their gaming experience!

Theta NFT News, Theta NFT drop

Also! Theta is extending its streaming use case  with ThetaDrop, an NFT marketplace for digital   collectibles, but with a focus on increasing  creator-fan engagement by live-streaming auctions.

Theta Coin Samsung

The team is also collaborating with Samsung VR,   to bring immersive, virtual reality  gaming experiences to the world,   and to bring Theta’s rewards-for-sharing-bandwith  solution across Samsung’s range of VR products.

Samsung also runs one of Theta’s enterprise  validator nodes, which will be limited to   roughly 10 - 20 places, and are responsible for  validating transactions on the network. The 4000+   guardian nodes on the network confirm that the  validator nodes are doing their job, honestly.

This combined consensus mechanism is  called ‘Multi-level Byzantine Fault   Tolerance’. It aims to provide robust security  alongside high transaction volume and speed,   which is vital for a platform that wishes to  provide streaming services and micropayments.

As a validator and Theta backer,  Samsung is in good company,   with other enterprise validators including Sony,  Binance and Google. These working partnerships   with huge tech companies will likely stand Theta  in good stead for the long run.

The Theta team   also has some hugely influential figures on their  advisory board, the most pertinent of which being   Steve Chen, the co-founder of Youtube,  and Justin Kan, the co-founder of Twitch.

Closing: Theta Crypto Future

Theta has some friends in high places, and  the platform is already fit for millions of   monthly users. Suppose the project can  continue with its rate of development.   Theta could become a major player in the  world of video streaming and virtual reality,   with the virtual reality market alone predicted  to be worth around 55 billion by the year 2024. 

Jacob Enderson 3.6K
I'm a tech enthusiast and writer, passionate about everything from cutting-edge hardware to innovative software and the latest gadgets. Join me as I explore the...
In case you have found a mistake in the text, please send a message to the author by selecting the mistake and pressing Ctrl-Enter.
Comments (0)

    No comments yet

You must be logged in to comment.

Sign In / Sign Up