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What is THETA?

What is THETA?

Theta Token (symbol: THETA) is a network specializing in distributing decentralized videos based on Blockchain technology, designed to encourage bandwidth sharing.

Video distribution networks have difficulty reaching out to underdeveloped countries due to their high setup costs and centralized management. Moreover, Theta also found that the current infrastructure is not qualified to meet the growing needs that it will face, such as 4K, 8K, VR (Virtual Reality) and other technologies. Other development platforms, such as light-field technology.

Theta is building a peer-to-peer (P2P) network to address existing bugs when users use blockchain. This network is an incentive layer to keep the distribution network of continuous high performance.

Features of Theta

Theta Network

Today, content transaction networks (CDNs) provide video content and streaming. CDNs often bring together a large number of centralized data centers scattered around the globe. However, the biggest obstacle facing CDNs is that the distance is not geographically close enough for many viewers, leading to a decline in streaming quality. To solve this problem, Theta created a P2P network of users sharing their bandwidth. All of these create a global network that can replace or complement existing CDN infrastructure.

Users can loan Theta their device to use as temporary storage buttons. As a result, video streams can be transmitted to any viewer in the world. A cache node is a node that stores video data. So the Theta network will gather a larger number of storage and forwarding points than the main system, the speed of video streams will be improved because video packets will not have to go far. Temporary storage nodes will be rewarded with Theta tokens. This encourages users to provide more of their excess bandwidth as well as strengthen the Theta network.

Theta’s white paper confirms that their solution can reduce bandwidth costs by up to 80% compared to existing infrastructure by saving maintenance costs for existing giant data centers like CDN. Although this is a big statement, we will have to wait and see if they can accomplish this.

Improve resilience

In addition to improving streaming quality, Theta also hopes to upgrade the infrastructure’s resilience. Now, the entire online industry depends only on a small number of data centers. This poses a risk; if some content is streamed offline, the global streaming industry will degrade quickly. The Theta network will be much bigger than the current system by distributing caching and forwarding to thousands, even tens of thousands of nodes.

Variance of quality

The difference in the quality of the main difficulty storage nodes is the greatest difficulty that Theta faces. To overcome these problems, Theta’s team is building a server and client system to help network nodes identify and connect to the nearest nodes according to network jumps, as opposed to connecting randomly with any button in the world. Theta hopes that this will allow nodes to transmit more stable streams. As a result, it competes with the consistency and focus of current CDNs.

Blockchain Theta

The Theta blockchain is used as a consensus layer for payments and rewards in this ecosystem. It is important for users to know that no video files are being stored in the blockchain, as this is not possible due to the data needs that it will impose.

The blockchain will be completely open-source, and the Theta team hopes that developers will build and deploy their own DAPPS (decentralized applications) on the blockchain.

Extended handling of Theta

In theory, the Theta network will consist of tens of thousands of nodes. This will result in Theta having to pay and reward large amounts of Theta tokens to small accounts. On top of that, blockchain needs to account for an equally large number of payments in the form of tips, purchases, and other token use cases. As a result, Theta is trying to build a PoS blockchain (an algorithm that uses coins to mine coins) with extremely high actual transmission rates without including decentralization and security. Of course, this is not a small problem and has been a problem for many blockchain projects in the world.

Theta’s development team

The Theta Token development team consists of experts from many different fields. Here are the outstanding members of the project:

CEO Mitch Liu: Co-founder of SLIVER.tv, and many other companies, including Gameview Studios, Tapjoy. He holds a bachelor’s degree in computer science and engineering from MIT, and an MBA from the Stanford Graduate Business School.

CTO Jieyi Long: He is the co-founder of SLIVER.tv, and he is currently a PhD in Computer Engineering from Northwestern University. He is the person who developed various patented technologies, including VR live streaming as well as video games.

Ryan Nichols: Head of Product and Platforms at SLIVER.tv, he designed and created a cryptocurrency system for multiple platforms. Along with that, he is the co-founder of a video streaming application for vegetarians, the Tencent Director of the Wechat app.

In addition, the team has a multitude of blockchains and media advisers. Theta’s team, advisors and partners list are really impressive. Steve Chen, the co-founder of Youtube, has been an advisor to Theta along with popular members and former members from Twitch, Verizon and Plays.tv and countless others.

During the beta period, Theta partnered with Sliver.tv, its parent company, as well as Samsung VR and MBN, a major Korean media company.

Conclusion

The current expansion issues of content delivery are certainly very appealing. Its unique approach to the P2P network is encouraged and secured by the blockchain with high actual transmission rates, if successful, can certainly be very groundbreaking.

The two biggest questions today are probably whether they can maintain their blockchain decentralization and keep their networks at a consistent quality.

The Theta token itself makes a lot of sense as a utility token even though its first purpose is to act as a means to encourage bandwidth sharing. This will, in turn, support the development and growth of the network.

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