The Theta cryptocurrency is a relatively young digital asset, the project was funded in 2018. Theta is designed to make the streaming video industry decentralized. THETA tokens become rewards for users who share computing power and bandwidth with Theta's network. A total of 1 billion THETA tokens have been issued. Initially, they were ERC-20 tokens, the network eventually upgraded to its blockchain. Tokens can be stored in mobile wallets, PC wallets, and Theta Wallet Chrome (Chrome browser extension).
What are the technical features of Theta?
Technically, the Theta network has two networks. One network consists of public video streaming crypto nodes, and the second network is the blockchain where user reward accounts are stored and transferred. The streaming video crypto nodes are used to cache and retransmit data. With more crypto node providers, Theta's network becomes more reliable and faster than the current video streaming infrastructure. When streaming and watching different content, users can simultaneously cache and retransmit data to other public crypto nodes. Thus, watching video becomes a kind of analog of cryptocurrency mining.
How does the nodes management work in Theta?
The Theta nodes for caching and retransmitting video have different capacities and bandwidths. Therefore, the Theta network has a system of detecting the closest Theta node, so that data is sent via the optimal route. TFUEL tokens also circulate in the network. They are freely exchanged in the wallet for THETA tokens and vice versa. TFUEL tokens allow you to pay fees for transactions and the execution of smart contracts. THETA tokens can be used to reward streamers and viewers, and to subscribe for THETA tokens to various types of paid content. Rewards are granted and distributed using a system of smart contracts.
How does the Theta blockchain work?
The Theta blockchain confirms transactions on the network using the Proof-of-Stake (PoS) algorithm. The Theta blockchain also has two layers. One level is the validators (cryptocurrencies nodes) assigned by the network administration. Validator public nodes are Google, exchange Binance, venture capital funds Gumi Crypto and Blockchain Ventures, as well as other large companies. It is planned that there will be a total of 31 Validator Theta Nodes in the network. The second level is Guardian Theta Nodes, designed to validate transactions. These crypto node providers get a reward in the form of transaction fees. To become one of the Guardian Theta Nodes, you need to have 1000 THETA tokens in your wallet.
Additional features of Theta
The Theta project is actively growing and developing, the developers are constantly adding new features. One of them is the smart contracts, similar to the ones that are in Ethereum and many other cryptocurrencies. The common and popular Javascript language is used to write smart contracts. Theta users can also issue their tokens. For this purpose, the Theta Token Minter mechanism was created at the end of December 2020, and the standard of user tokens is designated as TNT-20. No special knowledge or programming skills are required to issue TNT-20 tokens. It is planned that Theta users will be able to create decentralized applications.
