Soon you will be able to download the 3Commas Wallet for Theta – it will be available on all app stores. The 3Commas mobile app will also work with a variety of blockchain and crypto wallets. With 3Commas, you will be always going to be in control of your digital currency and have streamlined access to all your crypto assets. You will have possibility to buy THETA tokens by going to our pricing page and clicking “Buy THETA”. Our user interface will be designed for easy navigation and will be excellent for new crypto users.
What is Theta?
Theta is an open-source, native blockchain protocol network that enables partners and developers to create decentralized applications on the Theta blockchain, like Ethereum does. It’s a P2P (peer-to-peer) video delivery/ streaming network that is backed by decentralized blockchain technology.
Theta also provides content delivery at a high-bandwidth, completely free. As users stream their favorite videos, a small portion of their computing power is leveraged to project those videos to several other users, with the original users earning Theta tokens as a reward.
What is the Primary Aim of Theta?
The main goal of the Theta blockchain network is to become the future of entertainment technology by offering a streamlined DeFi infrastructure for video streaming – which is going to be more affordable than current, more popular, and centralized platforms. You see, the peer-to-peer video streaming and delivery platform is backed by its users, offering different types of content, which also include TV shows, music, movies, and e-sports events.
How Does the Blockchain Network Work?
Based on p2p protocols, Theta empowers its participants to acquire awards that also include real-time payments for the amount of content they distribute. The blockchain platform also enables developers to create DApps on open-source protocol.
Theta also incorporates proof-of-stake consensus algorithm, which is quite similar to Tendermint (which is also based on staking). This essentially means that Theta users that have the most tokens will have instant rights to process transaction blocks. Currently, there are 3 types of Theta participants:
Enterprise Validator Nodes (EVN)
These are organizations that have invested in Theta tokens to gain the rights to distribute and process transactions on the blockchain network. Current EVNs include Samsung and Google.
Guardian Nodes (GN)
These are users that do all the work to make sure the transaction blocks that are offered by the EVNs are accurate.
Edge Node (EN)
These are users who distribute and/or share their bandwidth or generate video streams through the Theta network and in return acquire TFUEL.
What are Theta’s Native Tokens and How Do They Work?
Theta has risen to prominence in quite a short time thanks to its two tokens – TFUEL and THETA. The participants on the Theta network who share and distribute different types of video content as Edge Nodes are awarded TFUEL for the amount of data they stream.
The platform pays for the entire distribution process itself, rendering the service free for end users. However, Edge Nodes don’t typically stream entire videos, but small portions of those videos. This way, the network allows end users to watch distributed video content from multiple community edge nodes. Think of BitTorrent, but the only difference here is, Theta pays its contributors to seed content.
THETA is the second token of the native blockchain platform and is primarily a governance token made to help manage future developments and optimize the blockchain. Users can stake their TFUEL coins for THETA as a reward, but to become eligible to do this, users need to first have 1,000 tokens. It takes 1 million tokens to become an enterprise validator node.
What Does Theta Aim to Solve?
Present video delivery platforms don’t have an optimal reach – especially in less developed countries. Plus, there are high set up costs involved. These are some of the reasons why there is so much compromise on video quality and frequent downtimes. Theta on the other hand, is developing a p2p mesh network that focuses on eliminating these issues while incorporating blockchain as a decentralized incentive to offer high levels of consistency and optimal levels of performance.
Some Features of Theta
Theta integrates proof-of-stake algorithms on its blockchain and has an optimized throughput
- Content creators can potentially earn higher levels of revenue
- Mining on Theta depends purely on reputation
- Unused video bandwidth can be used to earn compensation on Theta blockchain
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