The Theta blockchain network is secured by a Proof-of-Stake consensus mechanism, which is far less demanding computationally, and has a higher transaction throughput when compared with Proof-of-Work protocols. By using PoS as the consensus mechanism it’s possible to have many different devices acting as viewers and caching nodes. In fact, networking hardware company Cisco estimates that over two-thirds of today’s internet bandwidth is taken up by video streaming. That amount is expected to increase to 82% over the next months. Their vision is to provide high quality video streams without the buffering issues often seen today. In addition, they plan on utilizing bandwidth and storage from users to reduce the cost of video streaming while also improving the quality. Another set of issues that Theta aims to overcome is related to the excessive centralization of the current streaming industry.
Other team members include Riz Virk and Ryan Nichols – both with the broad experience in many other video gaming projects. Over the last day, Theta Token has had 39% transparent volume and has been trading on 89 active markets with its highest volume trading pairs being . A newsletter that brings you week’s best crypto and blockchain stories and trending news directly in your inbox, by CoinCodeCap.comTake a look.
It is used to validate or produce blocks in the PoS algorithm and is involved in the Theta Blockchain’s governance. The maximum number of THETA is limited and has been set at 1,000,000,000 tokens. The Theta Token started as an ERC20 token until the Mainnet launch at the end of March 2019, after which there was a swap to the Mainnet tokens. What makes the Theta Token economy special is that in addition to the Theta Token , there is another token called Theta Fuel . Nodes are required in addition to the miners for the network to function at all. The Theta project has entered into several strategic business partnerships, including the agreement with Twitch which allows the viewers to earn THETA by sharing their bandwidth.
TFUEL tokens function as the man utility token in the Theta ecosystem. Primarily, TFUEL tokens incentive and encourage individual users to share their redundant computing and bandwidth resources as caching or relay nodes for video streams. Theta coin is just one token on the market that’s doing exactly that. Based on a blockchain project that aims to change video streaming and allow peer-to-peer sharing of bandwidth, Theta coin has done exceptionally well over the past couple of months. Download Trust Wallet for Theta The mobile app works with several crypto tokens and blockchain wallets. Receive, send, store and exchange your cryptocurrency within the mobile interface. In 2019, the team is aiming first and foremost to launch their blockchain and swap the current ERC20 tokens for the new Theta tokens.
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This is a fully decentralized solution with no central servers or services. It is all accomplished through the more than 2,000 Theta edge nodes operating globally. Content creators are rewarded with Theta tokens for their content. Content viewers can earn tokens for engaging in the advertorial content. Caching nodes earn tokens for relaying and caching video streams.
The Multi-level BFT mechanism utilizes a small set of nodes to speed up approvals. Check out CoinMarketCap’s easy guide to buying Bitcoin or any other token. Theta uses a financial incentive scheme to ensure user participation in governance activities, and hence its network is secured by its own users. TFUEL is used to power transactions in a similar way to gas on Ethereum . Coinlib does not guarantee the accuracy of the presented data and is not responsible for any trading decisions. For the last 41 months, we have enjoyed working relentlessly to build a service we feel the crypto community deserves. It won’t be surprising if Theta continues to rise to above $10 sometime this year, as long as prices for Bitcoin remain high as well.
What is Tfuel used for?
Theta Fuel is a native token on the Theta blockchain. TFUEL powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network.
The nodes participating in this model will be rewarded with Theta tokens as an incentive to keep on sharing their bandwidth and draw new nodes to the Theta network. If the model eventually succeeds, the Theta team hopes to see as much as 80% reduction in content delivery costs based on the lack of need to maintain expensive data centers.
They provide their services to the caching nodes for live streams and are rewarded for doing so. Theta Team and Partners The company itself is headquartered in California.
EdgeCast comes as part of the Edge Node application, and users can now broadcast streams on EdgeCast or view other users EdgeCast streams, as well as earn TFUEL via the Edge Caching and Edge Compute features. The Edge Node now encompasses all aspects of decentralized video streaming, distribution, and compute in one streamlined app. Most recently Theta introduced their new Guardian Nodes with the May 2020 launch of version 2.0 of the mainnet. Guardian nodes are designed to finalize blocks in the Theta multi-BFT consensus protocol. These Guardian Nodes are meant to be run by members of the Theta community, and are rewarded with TFUEL. Those wishing to run a Guardian Node must have a computer or server with minimum technical specifications, and must stake 1,000 THETA tokens. Advertisers – They use the platform to promote services and products to the viewers.
Additionally, there will be a lower and an upper limit on the amount of TFuel that can be staked to an Elite node. The lower limit is necessary to prevent sybil attacks, will be explained later. The upper limit is to ensure the most optimal level of decentralization. If users want to stake more TFuel than the upper limit, they can launch multiple edge nodes and split their TFuel across those nodes. By May 2020 the Guardian nodes were transitioned to mainnet and began helping validator nodes in securing the network, producing blocks, and earning TFUEL for their contributions. The addition of the Guardian nodes helps to ensure that no single entity or group can easily control the Theta staked in the ecosystem, significantly improving the decentralization of the network. Caching Nodes – These are the computers and servers that provide the network with caching services to improve the quality and delivery of the video stream.
Smart Streaming Contracts
Five Gamma tokens will be issued for every one THETA token held. These tokens will have the utility value and will be used to pay for video segment transactions and cover the smart contract operations. The Theta Token is used to power a decentralized video delivery network that operates in a similar manner to YouTube and Twitch. The project is blockchain-based and also compensates various network participants via the use of cryptocurrencies. Video streaming has a huge and increasing demand in the 21stcentury, and the Theta Token team is looking to make their platform the go-to blockchain for video streaming. It remains to be seen if they can succeed, but they have a very talented and experienced team and a solid vision.
The team standing behind Theta targets to resolve a number of problems with the content delivery networks of today. The networks don’t have enough reach across different countries while the streaming process itself is accompanied by numerous technical issues such as pauses, skips, stuttering and poor video quality. To overcome these issues, Theta creates a decentralized peer-to-peer platform where users can get rewards for sharing their resources and for maintaining the high level of the platform’s performance.
Never rely on a single source for your decision and do your own research! Theta offers quite a bit of fantasy, yet this fantasy does not necessarily have to be reflected in the token price. The coming days and weeks will show how much is already priced in. However, in the long run, running a Guardian Node may pay off if the founders’ vision actually catches on with the big players. The graph shows that 100% of the Theta tokens have already been released from the Sale.
What Is Theta Fuel (tfuel)?
The theta token has surged an eye-watering 306% in the last month, eclipsing bitcoin’s 17% gains. The Theta Token Minter allows users to create new TNT-20 tokens without needing any smart contract experience. This simplifies the process of minting new assets on Theta blockchain, including custom streamer assets and new DApps with their own tokens. The coin is an ERC-20 token, so you can choose from a huge variety of ERC-compliant options.
By the way, the Theta team sees this hurdle as useful to increase the security in the network. One of the most exciting parts of the Theta ecosystem is definitely the fact that you can earn some TFUEL on the side with Theta in various ways. A core component of this is staking, which is based on the protocol’s Proof of Stake algorithm. So if you have enough money to spare, you can build a Guardian Node with the launch of Mainnet 2.0 and get TFUEL through THETA Staking.
Theta has said that they will release their new wallet before the mainnet launch. After the token sale in January 2018, Theta has been actively trading since January 27, 2018. It has been in decline ever since, along with the rest of the cryptocurrency market.
However, it can take a couple of days to complete your KYC/AML compliance because it requires you to submit a photo ID and await approval. Theta also introduces a resource-oriented micropayments pool to streamline the network process. This protocol creates an off-chain micropayment pool that any other user can withdraw from using off-chain transactions. As of October 2020, the highest volume pairs come from Binance, with the most popular trading currency being stablecoin Tether . The network relies on proof-of-stake , and employs a multi-level Byzantine Fault Tolerance consensus mechanism to balance security with high transaction throughput.
Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. There are more interesting things being planned now the network is launched, including shared mining rewards to distribute rewards among several users; anti-piracy measures to dis-incentivize piracy. Of course the initial all-time high was during the huge rally in blockchain markets in January 2018. And the new all-time high is occurring during another huge rally in cryptocurrencies that’s been lifting many of the most popular and successful projects to new all-time highs. Rather than holding a public ICO, the Theta Token team held a private sale in which $12 million was raised. The pre-sale token price was $0.15 and by the following month the price had more than doubled to an all-time high of $0. And from May 2020 until February 2021 the price continued climbing, reaching a new all-time high of $2.56 on February 5, 2021.
This means that a node with, for example, 100,000 THETA at 500,000,000 clocked THETA currently receives about 0.02% of new TFUEL per block. Imagine how information is shared between you and friends, neighbors, or colleagues.