3 June 2023
What Is Theta (THETA)?
Theta is a programme that aims to encourage a worldwide computer system to manage a decentralized video streaming platform. Today, content delivery networks (CDNs), which are systems of providers situated across the world, are compensated to distribute streaming video material to consumers. Current CDNs are unable to keep pace with the increasing demand for higher-quality broadcasts because of the limitations imposed by their geographical regions. As an incentive, Theta provides a worldwide number of people with the ability to transmit films by making use of their unused bandwidth and computer power. There will be more bandwidth available to broadcast movies when people enter the Theta community in greater numbers.
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This sector of the internet's economy was expected to increase from a worth of $30.3 Billion in 2016 all the way up to $70 Billion by 2021 end. People are watching more video material, both live and pre-recorded, on the internet through YouTube, Vimeo, Netflix, as well as other sites. Blockchain-powered video distribution services may be the next phase in internet streaming. Presently, the Theta network is ranked 42nd as per reports on CoinMarketCap.com, which was created way back in 2018.
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How Does Theta Work?
Enterprise Validator Nodes, Guardian Nodes, and Edge Nodes make up the backbone of the Theta network, which is a mesh network. Decentralized apps may also be built on top of the Theta network's blockchain. Apps for revenue allocation and procedures for crowdsourcing are a few such instances. If you want to keep or gamble your THETA and TFUEL tokens, you may install an authorized Theta Wallet application on your smartphone. The authorized wallet application for Theta enables users to transfer and acquire THETA for use in electronic payments for video streaming.
How THETA and TFUEL Work?
Theta has 2 native tokens: TFUEL, selling at US$ 0.0638 each coin with a share value of $33.3 billion; and THETA, selling at $1.42 with a share value of $1.38 billion. Theta network members that assist spread videos as edge nodes get compensated for the information they transmit using TFUEL. The fee is waived for end-users since the platform pays for the dissemination of material. The second native coin of the Theta network, THETA, is an administration coin meant to aid in the management of the blockchain and its further growth. Because the total number of THETA coins is limited to one billion, there is no chance of rising prices. Users may stake THETA currencies to earn TFUEL as a compensation, but they require at minimum 1,000 coins to qualify as a guardian node, and 1 million coins to qualify as an enterprise-level node.
What Is Modified Byzantine Fault Tolerance (BFT)?
When it comes to the Theta Network, the modified BFT, a PoS governance technique, will be at its core. Since both verifier and guardian nodes are involved in the consensus process, theta's consensus method is more secure than conventional PoS methods. To participate in the blockchain, create blocks, and cast votes, nodes must hold THETA coins. Unlike the Guardian Nodes, which only have to stake 100,000 THETA, the Verifier Nodes are needed to stake at least 10,000,000 THETA before they are considered legitimate. Casting strength is based on the quantity of THETA staked, therefore it's important to keep that in mind.
What Theta’s Future Holds?
Over 18 percent compound annual expansion rates are expected in the video streaming market between 2020 and 2024, with more lengthy expansion expected as innovations like blockchain and VR technology evolve more. As part of its mission, Theta wants to minimize the broadcasting expenses of content distribution channels and streamline transmission, possibly benefiting industry leaders like YouTube, Twitch, and Netflix while igniting the emergence of a completely decentralized content delivery platform. It is possible that Theta may earn market share in this burgeoning business with the introduction of its 3.0 mainnet and the associated ThetaDrop NFT marketplace. NFT connections with Theta smart contracts are expected to achieve 600,000 interactions daily, at which time the bulk of yearly TFUEL escalation will be canceled.
Is Theta A Good Coin?
The estimated return on investment over five years is 535.55 percent. THETA's narrow gains and prospective lengthy benefits are dependent on a logical algorithm. By the end of 2022, the THETA cost may hit the $5.7221 objective. As a result of its track record of reliability, THETA seems to be a very positive investment.
How To Store Theta?
ERC20 tokens may be kept inside any wallet that accepts this specification for the time being. In most cases, a hardware wallet like a Ledger or a Trezor is recommended in addition to MyEtherWallet. An easy-to-use UI is paired with excellent security. Theta has stated that their fresh wallet was released prior to the mainnet deployment of the blockchain. The fresh tokens may indeed be stored in this wallet.
Theta's network of verifiers and blockchain technology aim to transform the destiny of video distribution platforms. As a result, the technology is designed to inspire its worldwide customer base to build and maintain a decentralized online streaming platform. Customers' anticipation for video streaming clarity and response time have not kept pace with technical improvements. This really is due to the fact that the physical presence of the servers that power video streaming and content distribution systems restricts overall functionality. While traditional content distribution networks are compensated for delivering video material to end consumers, centralized servers simply cannot maintain up with the growing desire for high-quality broadcasting.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.