Apart from cryptocurrencies, the application of blockchain technology continues to cut across multiple facets of life. blockchain use cases cut across industries like travel, healthcare, legal systems, and education. However, its application continues to increase, as its benefits remain advantageous to global human existence. Today, with a growing audience and massive revenue generation, the live streaming industry is the latest admirer of Blockchain technology. With millions of users, Youtube, Vimeo, and Netflix are the global names in the industry. However, Theta Network is powering live streaming with Blockchain technology.
What is Theta Network?
Founded in 2018, Theta is a blockchain that incentivizes a network of computers to power a decentralized video streaming platform. It is also an open-source protocol that allows developers and users to build decentralized applications (DApps) on it. Examples of these services are royalty distribution applications and crowdfunding mechanisms. Like Ethereum, this feature also increases the potential for users to build various DApps and services on it.
Due to high demands, Contents Delivery Networks (CDNs) receive payments to deliver high-quality video streams to users. Unfortunately, these CDNs cannot meet these demands due to locational restrictions. Theta incentivizes a global pool of users to relay videos by offering their bandwidth and computing resources. Hence, when more users join the network, it possesses more bandwidth to improve video streaming quality. The network aims to become a global force in the video streaming sector, offering cheaper services than its competitors. Theta Network, powered by its users, offers multiple content types, including e-sports, movies, TV series, and music.
A Deeper Dive Into Theta
Mitch Liu and Jieyi Long are the co-founders of Theta, which launched its mainnet in March 2019. Liu is also the co-founder of Tapjoy and owns Gameview Studios and Theta.tv. Alternatively, Long serves as the network’s CTO and is a prominent personality in the global development of Blockchain technology. Steve Chen of YouTube and Justin Kan of Twitch also serve as advisors on the project’s board. The THETA Coin and TFUEL are the two tokens central to its operation and powers the peer-to-peer video streaming platform. THETA is a governance token used for voting changes on the protocol. Alternatively, TFUEL is its utility token used for executing transactions on the platform. The Theta Wallet app is also central to the operation of the network.
Users can use it to hold or stake both TFUEL and THETA tokens. The Theta Wallet also synchronizes with the network to allow content viewers and creators to send and receive THETA tokens. Theta utilizes a financial incentive scheme to promote user participation in governance activities. This is why the network is secured by its native users. Like Ethereum, it relies on a proof-of-stake (PoS) consensus mechanism. The PoS consensus uses a modified Byzantine Fault Tolerance (BFT) consensus to balance security with high transaction throughput. In June 2019, Theta announced the launch of Guardian nodes. This node ensures that no single user controls the majority of THETA tokens staked at a time.
How Does Theta Work?
To function optimally, the Enterprise Validator Nodes (EVN), Guardian Nodes(GN), and Edge Nodes (EN) all power the network. EVNs are enterprises that stake THETA to gain access to processing transactions on the Blockchain. Google, Binance, Blockchain ventures, Gumi, Sony Europe, and Samsung, are currently the EVNs on the network. Guardian Nodes are users who ensure that the transaction blocks of the EVN are accurate. They are critical to the operations of both Theta Network and the EVNs on the network. Alternatively, Edge Nodes are users who share their bandwidths and relay video streams on the networks. Typically, ENs services are not free, as they earn rewards in TFUEL for their work.
The modified Byzantine Fault Tolerance (BFT), which doubles as a Proof-of-Stake governance mechanism, is also central to its operation. This ensures that the distributed network of computers running the protocol is synchronized. This mechanism slightly differs from the regular PoS, as both validator and guardian nodes participate fully in the consensus mechanism. Another advantage of this PoS is that it adds a new layer of security to Theta Network. For nodes to power the network, they must stake THETA, produce blocks and participate in voting changes to the protocol. Validator nodes must stake 10,000,000 THETA tokens, while Guardian Nodes can stake a minimum of 100,000 tokens. Like a typical network, the number of stakes is proportionate to users’ voting power.
What Is Theta.tv?
Theta.tv is a next-generation streaming platform powered by Theta networks, where users and creators thrive and earn Tfuel as rewards. The platform allows users to earn TFUEL just by watching streams from a long list of their favorite creators. The platform is easy to operate, and users can access it via its website. Alternatively, their mobile apps are available for download on both Android and iOS stores. Users of the platform can use the TFUEL they earn to redeem free subscriptions or purchase merchandise from its store. There is also an option for users to donate their TFUEL to their favorite creators or streamers. As users stream, Theta automatically uses portions of their internet to upload bandwidth and relays the stream to other users.
This way, users who provide this bandwidth get a reward in TFuel. Unfortunately, streaming platforms like Vimeo & YouTube pay massive bills to Content Delivery Networks (CDNs) to deliver every stream individually. However, the story is different from Theta’s technology, as rewards are available for all. When streamers earn up to the $100 threshold on the platform, they can withdraw their funds. The platform’s streamer payments are within five to fifteen working days. The streaming platform also offers streamers options of becoming partners. To become a partner and unlock the title and its features, streamers must earn three million XP in Season 1.
Partners enjoy perks such as front-page visibility, verified checkmark, higher subscription revenue, exclusive merch line, and brand sponsorship opportunities. Theta.tv is not the first streaming platform, but it is a revolutionary space changing the face of video streaming globally. Unlike traditional streaming services that are centralized and slow, Theta.tv is decentralized and very fat. Apart from earning TFUEL, active users also get rewards of two free subscriptions per month. The platform is also not just a streaming space, as it fosters interactions between streamers and creators. This is why streamers can gift items directly to other users via chat on the platform. The platform’s user experience is also top-notch and offers 24/7 support service to its community.
How To SignUp On Theta.tv
To enjoy the benefits of Theta.tv as a new user, please follow the few steps below;
Step 1 – Sign Up
Users can go through its website or download its mobile apps on either Android or iOS stores to sign up on the platform. After downloading, there is an option to sign-up using Facebook or an email address.
Step 2
After selecting either preferred sign-up procedure, users must fill in the relevant details and choose a username and a strong password. The next step is to verify your account. This is very important as it will allow you to enjoy the full benefits of the streaming platform. Alternatively, users with verified accounts receive free 200 TFUEL tokens on the platform.
Step 3
Lastly, after verification, you can start streaming and start earning. The platform provides an easy user platform that allows you to monitor your streams and earnings.
How To Stream On Theta.Tv
The steps below will guide you on how to stream on Theta.tv;
Choose A Reputable Broadcast Software
There are dozens of different broadcasting software to choose from. While many of these will work with THETA.tv and provide additional features, it is crucial to consider compatibility. If you are a beginning streamer, OBS software is the most compatible use with Theta.tv. Click here to download OBS.
Setting Up OBS
Once you have installed OBS, navigate to the settings menu. You will have to set up your stream information to connect to the THETA.tv servers.
Use The Required OBS Stream Settings
You must use these settings exactly to get the best quality, lowest delay, and no errors. Under the output tab and streaming section in your OBS settings:
Why Should I Use Theta Network?
Theta network aims to decentralize video streaming, data delivery, and edge computing. It will improve its efficiency and cost-effectiveness and be fair for industry participants when this happens. Apart from offering streaming services, it also aids developers in launching DApps on its fully-featured EVM-compatible smart contract platform. Video streaming quality and loading times do not ellipse viewers’ expectations despite technological advances. This is because limitations like server location continue to haunt video streaming platforms and CDNs. Today, Theta bridges the gap between streaming quality and speed by utilizing the user’s spare computing power and bandwidth. The aim of this is to optimize the streaming experience and reward them. In the future, the Blockchain plans to launch a new mainnet (Theta 3.0) and also expand its ThetaDrop NFT marketplace.
THETA Token
While the Blockchain utilizes two tokens to operate, THETA is its governance token. However, TFUEL remains essential in the network and is used to power transactions similar to gas on Ethereum. When it launched in 2018, it was distributed to buyers as an ERC-20 token on Ethereum. Afterward, all ERC-20 THETA was converted to native THETA on the Theta network mainnet. Its circulating and maximum supply is 1,000,000,000 THETA coins. It is available for purchase and pairing on many exchanges, including Binance, MEXC, OKX, Bybit, and BingX.
THETA Price Prediction
According to CoinMarketCap, the token’s recent dominance ranks it among the top 50 tokens in the crypto market. Its average 24hour trading volume is up by more than 50% and is now around $262 million amidst a market cap of about $2.3 billion. Unfortunately, its price of $2.27 is still 85% off its ATH price of $15.9 it traded a year ago. Despite a fluctuating performance this week, the token’s gain of 25% this month is remarkable. This is why crypto analysts have divided opinions about its future. TradingBeasts predicts THETA price to hit $2.27 in December 2022 and close in 2023 at $3.08. The analysts’ long-term forecasts see the token hitting $5 in 2025.
PricePrediction thinks the token will end the year at $4.22, predicting a bullish run for the asset. Their predictions for the digital assets in 2023, 2024, and 2025 see it smashing the $10 mark. Lastly, PricePrediction’s optimism predicts THETA to crack the $100 mark by 2030. Unfortunately, WalletInvestor is pessimistic about the future of the token, as they expect a bearish run. The Crypto analysts see THETA falling by 73% this year. According to WalletInvestor, THETA is not ready to take the market by storm, as they warn investors about its future. However, while predictions can be great, crypto-assets remain volatile, and anything can happen in the future. The advice to investors is to commit funds they can lose to crypto assets.
Conclusion
Theta Network is a Blockchain that powers a decentralized video platform. It is also an open-source protocol that allows developers and users to build decentralized applications (DApps) on it. The THETA Coin and TFUEL are the two tokens central to its operation and powers the peer-to-peer video streaming platform. Theta.tv is a next-generation streaming platform powered by Theta networks, where users and creators thrive and earn Tfuel as rewards. In the future, the network vows to improve its services by allowing users to earn rewards by streaming their favorite videos.
