Intro to Theta Network
What is Theta Network?
Theta Network is the leading video delivery network powered by blockchain technology. Theta allows users to simultaneously watch video content and earn token rewards for relaying video to other users who are also watching the same content. In the same vein as other sharing economy models, users opt-in to volunteering their spare bandwidth and computing resources to relay video to other users and earn token rewards for their contributions. Users can contribute to Theta Network on any PC, mobile device, or smart TV.
For video platforms, integrating Theta into their video delivery stack enables them to reduce their video delivery cost, deepen viewer engagement, and drive incremental revenues. By spending less on video delivery infrastructure, and more on rewarding their users, Theta-enabled video platforms can grow their userbase and gain market share.
What is Theta blockchain?
Theta is a purpose-built blockchain designed from the ground up for video and data relaying. Theta’s unique multi-BFT consensus design combines a committee of 20–30 Enterprise Validator Nodes with a second layer of 1000s of community-run Guardian Nodes. Validator Nodes propose and produce new blocks in the chain, while Guardian Nodes finalize blocks and act as a check on malicious or otherwise non-functional Validator Nodes. For more information, see the research paper “Scalable BFT Consensus Mechanism Through Aggregated Signature Gossip” by Theta CTO Jieyi Long and Lead Developer Ribao Wei.
Enterprise Validator Nodes on Theta are currently run by Blockchain Ventures, Samsung, Binance, gumi Cryptos, and Theta Labs, with several more major enterprises in the process of joining. Guardian Nodes are currently being tested by more than 400 Theta community members on the Theta testnet, and will go live on mainnet on May 27, 2020 with the launch of Theta Mainnet 2.0.
What are Theta Token (THETA) and Theta Fuel (TFUEL)?
Theta Token (THETA): The staking and governance token of the Theta protocol. THETA is used to stake as a Validator or Guardian node, contributing to block production and the protocol governance of the Theta Network. By staking and running a node, users will earn a proportional amount of the new TFUEL generated. The supply of THETA is fixed at 1 billion and will never increase.
Theta Fuel (TFUEL): The operational token of the Theta protocol. TFUEL is used for on-chain operations like payments to Edge Node 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. You can think of Theta Fuel as the “gas” of the protocol. There were 5 billion TFUEL at genesis of Theta blockchain, and the supply increases annually at a fixed % set at the protocol level, currently 5%.
Where can I store my tokens on Theta blockchain?
THETA and TFUEL can be stored in the Theta wallet, available on desktop web, iOS, and Android devices. The Theta web wallet is compatible with Ledger and Trezor hardware wallet devices.
The Theta Explorer can be used to view onchain transactions, addresses, and blocks on Theta blockchain. You can also view the stats on the Theta blockchain, the list of current Validator Nodes and Guardian Nodes, and the breakdown of currently staked THETA tokens by each node.
What is THETA.tv?
THETA.tv, the first video platform built on the Theta Network, leverages an existing user base of millions of esports viewers. It features 24/7 live esports streams, top crypto conferences like Consensus and Virtual Blockchain Week, and premium content like live World Poker Tour events. Every livestream on THETA.tv is powered by the Theta Network, and viewers earn TFUEL tokens for relaying the stream over the p2p Theta Network. In addition to the core THETA.tv site, THETA.tv is also streamed through THETA.tv Android TV app, Android and iOS mobile apps, the Littlstar PS4 app, as well as numerous partners sites like G Fuel, Sizzle Popcorn, and EasternMediaGG.
Who is using Theta Network?
Theta Network is currently working on integrations with several video platforms such as Samsung VR, COS.tv, Pandora.tv, and more. You can watch Theta Labs is also working with Samsung’s Visual Display group to bring the Theta Network to their lineup of smart TVs. You can see a demo of this technology where Theta presented at Samsung Developer Conference as a featured partner.
How can I get involved?
- Run a Guardian Node and stake your THETA: By running your own Guardian Node, you are participating in Theta blockchain’s block production and helping to keep the network safe and secure. Guardian Nodes are currently being tested on the Theta testnet, and will move to Theta mainnet on May 27th with the launch of Theta Mainnet 2.0. When you stake your THETA to a Guardian Node, you earn TFUEL as a reward for your network contribution.
- Run the Theta Edge Node (beta) to relay video over the Theta Network: The Edge Node uses your unused bandwidth to help relay video streams from sites like THETA.tv to other users near you. You’ll earn TFUEL tokens for each video segment you relay to your peers.
- Watch THETA.tv streams like live esports, World Poker Tour, and more! You can earn TFUEL for relaying the streams to other users nearby, and spend your TFUEL on products or merch in the THETA.tv store, or donate it to your favorite streamers to support them.
Where is the Theta team located?
Theta headquarters is in San Jose, CA with most of the team located in various parts of the Bay Area. We’ve also opened a new Seoul office focused on business development in the Asia region, and are planning future expansions in Singapore and London/EU. You can learn more about our leadership and current team at www.thetatoken.org.