Theta Network is a decentralized video-streaming platform that is designed to improve the quality of videos, reduce costs and improve content creator earnings. It uses a global pool of users to relay video by offering their spare bandwidth and computing power and rewards them for their contributions in the form of TFUEL tokens.
The network operates on a blockchain and uses two native cryptocurrencies – THETA for voting on changes to the protocol and TFUEL for executing transactions within its ecosystem. It also features an open-source software platform, enabling anyone to build applications and services on top of it.
THETA utilizes a modified Byzantine Fault Tolerance (BFT) consensus mechanism to keep the platform more in sync and secure. This method consists of a committee comprising 20-30 Enterprise Validator Nodes and thousands of Guardian Nodes operated by the community, which are supposed to finalize blocks at regular checkpoint points.
The Theta network also aims to improve its messaging and micropayment systems by applying new cryptography technologies. In particular, it combines the advantages of ZKP-type cryptography with zk-SNARKs for secure cryptographic proofs.
Theta Edgecast is a decentralized video streaming dApp built on the Theta network that can “capture video, transcode it in real-time, cache and relay to users globally.” It uses a peer-to-peer network to deliver videos without a single central server or service. It uses a novel consensus method called Multi-Level Byzantine Fault Tolerance (BFT), which is able to achieve block finalization times of 1-2 seconds.
The network also has a unique dual token economy in which it rewards users for sharing bandwidth and content, as well as sharing their computing resources. This creates a sustainable ecosystem that enables the network to overcome infrastructure bottlenecks.
This is done by using a Proof-of-Engagement protocol that proves viewers have actually watched a live video stream. Viewers earn THETA tokens in return, which can be used to reward content producers and watchers.
The network also has a robust security model, which is backed by Enterprise Validators Nodes and Guardian Nodes. These nodes verify transactions, seal blocks, and act as regulators to spot malfunctioning nodes. It also has 130,000 Edge Nodes that provide the platform’s EdgeCast service: the computational power necessary to relay video broadcasts in exchange for TFUEL tokens.
Theta Wallet is the official Mainnet wallet for the THETA network that is designed to store native THETA and TFUEL tokens. This wallet is available via the web, browser extensions, and mobile apps (iOS and Android).
A Theta wallet works by storing your private keys, which are encoded into a sequence of numbers and characters, in cold storage. This makes your personal information completely anonymous and secure.
To log in to a Theta wallet, you must provide a Wallet Address and Passphrase, similar to the passwords used in a bank account. Afterward, you can send and receive Theta by sending coins to the address you provided.
Theta Wallet is a great choice for Theta holders who wish to keep their money in a safe place while keeping an eye on market movements. Its user-friendly interface and features are ideal for beginners. It is compatible with desktop computers, laptops, and phones, and supports all major languages and currencies.
thetanayano Theta Exchange is a cryptocurrency trading platform that allows users to buy and sell Theta (THETA) for other digital currencies. It also supports trading and purchasing with credit or debit cards.
The exchange has a large volume of trades and offers a variety of features. It also has competitive fees and trading costs.
THETA is a token that can be traded on Theta Exchange and used to reward the network participants for sharing their resources. It can also be staked by Validator and Guardian nodes to help ensure transaction blocks are correct.
Theta Network also has a second token called TFUEL, which is used to power transactions on the network. This is similar to gas on Ethereum, and it has a total supply of 5 billion.