Theta (THETA) cryptocurrency is a simple blockchain-powered network that is built for the purpose of video streaming. It was launched in March 2019. The mainnet of Theta (THETA) cryptocurrency operates as a primary decentralized network where different users share the bandwidth and the computing sources on a P2P (Peer to Peer) basis.
This whole project was designed by Steve Chen, the co-founder of YouTube and Justin Kan, who is the co-founder of Twitch. All the features of the Theta (THETA) cryptocurrency or its own native cryptocurrency token performs various governance tasks within that particular network and counts Binance, Blockchain ventures, Google, Sony Europe. Gumi and Samsung as the Enterprise validators with a Guardiab network of thousands of community-run guardian nodes. Furthermore, the developers also say that this project focuses on shaking up the video streaming industry in its current form- the poor infrastructure, centralization and high costs mean that end users often end up with a poor or bad experience. The content creators likewise earn less revenue due to all the barriers present between them and the end-users.
Who are the founders of Theta (THETA) Network?
Jieyi Long and Mitch Liu co-founded the Theta (THETA) cryptocurrency in the year 2018. Mitch Liu has a long history in the video and gaming industries, co-founding the video advertising from Tapjoy, which is a mobile social gaming startup Gameview studious and the THETA.tv, a live streaming platform that decentralized mobile applications or DApps were the first to be built on the THETA protocol.
The second co-founder and CTO of Theta (THETA) cryptocurrency, following all the multi-year experience in the field of gaming, design automation, virtual reality, and some large-scale distributed systems. He also authored multiple peer-reviewed academic papers while holding different patents in video streaming, blockchain, and virtual reality.
The Theta (THETA) cryptocurrency has a modest team. Its official website lists different strategic corporate investors like Sony Innovation Fund, Samsung NEXT, CAA Creative Artists Agency, media investors BDMI Bertelsmann Digital Media Investments, and traditional Silicon Valley VCs comprising Sierra Ventures, DCM and the VR Fund.
What makes the Theta Cryptocurrency Unique?
The central business concept of Theta (THETA) cryptocurrency is to decentralize the video streaming, edge computing, data delivery, and much more, along with making it cost-effective, more efficient, and fair for the participants of the industry. This network runs on a native blockchain and two native tokens, popularly known as Theta (THETA), Theta Fuel (TFEUL), that power the internal economy.
The appeal of Theta (THETA) cryptocurrency is threefold:
- The viewers get rewarded with some better quality streaming services.
- Secondly, the content creators can improve their earnings.
- On the video platforms, the go-betweens can save money on building infrastructure and increasing the subscription and advertising revenues.
The users will have an incentive to watch the content of the work and share the network resources as rewards will come in the form of Theta Fuel (TFUEL) tokens. This platform is open source, and all the token holders receive governance powers as with many POS (proof of stake) based blockchain ecosystems. Moreover, with video, data, and computing, the Theta (THETA) cryptocurrency cater to developers looking to launch the DApps ( decentralized applications) on its fully-features EVM compatible intelligent contracts platform.
How is the the Theta Cryptocurrency Network secured?
The Theta (THETA) cryptocurrency uses a financial incentive scheme that is used to ensure user participation in governance activities, and thus, this whole network is secured by its own users. This network, as mentioned above, relies on POS (proof of stake) and employs a multi-level BFT (Byzantine Fault Tolerance) consensus mechanism to balance the security with the high transaction throughput. Furthermore, with the launch of Guardian nodes in June 2019, Theta (THETA) cryptocurrency ensured that no single entity controls the majority of the Theta (THETA) cryptocurrency tokens being staked at any one time.