Theta coin – Binge watching on the blockchain
Mix live streaming and blockchain technology, and you get the Theta coin. Nowadays, it’s easy to say that the cryptocurrency craze has gotten out of hand as it blends with every part of our lives. Now, the Theta Network merges it with the live streaming trend.
It allows content creators to host their shows on its decentralized network. Surprisingly, you also earn rewards from watching content with Theta. This may seem strange for some folks, so we’re going to explain how all this works!
Let’s start with a brief overview of crypto networks, and then we will proceed with discussing Theta coin. We will also talk about its tackles and how it’s providing the solution. More importantly, we will discuss how you can join the Theta Network, maybe even invest in it.
A short overview of cryptos
The cryptocurrency trend has been growing worldwide, yet only a few truly understand how it works. We will have to get all readers up to speed first before talking about Theta coin.
If you’ve heard of cryptos, Bitcoin or BTC rings a bell. That’s because it’s the first one, and many of the new cryptos we have now are still similar to it.
It runs on a decentralized network known as a blockchain. Regular computer networks often have a central hub that controls everything. Blockchain doesn’t have that.
Instead, this network relies on volunteers called miners to run its operations. These people use their PCs to validate bitcoin transactions. In turn, they earn more bitcoin.
This way of running a crypto network is called proof-of-work. Unfortunately, it became unfair as people with more powerful devices got to earn more than others.
Since bitcoin was open-source, people began to study bitcoin. Soon, they came out with various upgrades. Some even created an alternative to proof-of-work called proof-of-stake.
People still served as nodes by confirming transactions, but they were randomly selected. You needed to deposit or “stake” a certain amount of the network’s native tokens, so you get a shot at validating transactions.
This means people can’t hoard all the coins just by having the most expensive rig. Also, this lets people who can’t afford such devices join the networks.
Read More: The Environmental Impact Of NFTs
What is Theta Coin?
Now, we can talk about the Theta blockchain. If you look at the website, it refers to it as Theta (HNT) token instead of Theta coin. Most people think they refer to the same thing.
Contrary to popular belief, coins and tokens are different. Coins have separate blockchains, while tokens are built on much larger crypto networks.
Many people still refer to cryptos as coins, so we will stick to using the term “Theta coin” in this article. Now that’s out of the way, let’s get into more details.
Theta is a greek letter you may recall from math class. It looks like the number zero with a horizontal line in the middle. If you invest in futures contracts, you know it measures time decay.
Theta coin (THETA) is one of two cryptocurrencies native to the Theta blockchain. The other one is the Theta Fuel or TFUEL token. It aims to improve video streaming around the world.
Mitch Liu and Jieyi Long are the co-founders of the Theta Network. Here are the problems they saw with the way we stream videos today:
- Current content delivery networks (CDNs) struggle to reach more people worldwide. As a result, people in many parts of the world deal with excessive load times and re-buffering.
- Viewers want higher quality as the demand for 4K and 8K videos rises. The CDNs can’t keep up as these features require more bandwidth and computing resources. In other words, these require more data to be transmitted across numerous users, but current networks can’t provide much higher data delivery.
- The centralized model allows CDNs to reap more rewards while content creators receive little. Viewers pay for services, but they get shoddy quality in return.
If you recall, we started this article by explaining how blockchains worked. Here’s the reason why. The Theta founders saw a solution in the decentralized networks of cryptocurrency:
- You earn Theta Fuel while watching stuff via Theta. This encourages more people to use the platform and help it grow.
- Having a decentralized network means there won’t be just one server burdened with all the data. It’s distributed across multiple computers so that the entire network can stream videos with better quality than other streaming platforms.
- THETA and TFUEL tokens reduce the cost of video streaming. We will talk about how this works later.
How does Theta Coin work?
Entering the era of decentralized video streaming with Theta Network (via @Dr_Ana_G)https://t.co/ZVoHv2QzxX @Theta_Network @ThetaDrop pic.twitter.com/qbVmg1ozS7
— CryptoSlate (@CryptoSlate) February 1, 2022
The Theta blockchain runs with the help of three types of nodes. These are the people and companies that play a role in the network. Read below for more details:
- Enterprise Validator Nodes are companies that stake THETA coins to have the right to confirm transactions on the network. These firms include Google, Sony, and Samsung.
- Guardian Nodes make sure that the work done by the validators is accurate.
- Edge Nodes are regular folks who share bandwidth and relay videos over the network to earn TFUEL tokens.
You can also earn TFUEL by streaming your content, but you’ll have to get 300 followers and 200 watch hours first. Once you get those, you will email that you’ve unlocked this feature.
Your earnings will come from four sources:
- TFUEL Donations – Your viewers, may give you the TFUEL they’ve made from watching your videos. Those tokens go to your THETA.tv wallet.
- TFUEL Pool – Aside from the donations, you get 25% of the TFUEL your viewers make.
- Subscriptions – People may pay for these with only TFUEL tokens, credit cards, or a mix of both.
- CC Donations – instead of using TFUEL, viewers can donate with their credit cards.
To wrap things up, THETA coins help run the network while TFUEL tokens reward viewers and content creators. The question is, should you invest in THETA?
Is Theta Coin a good investment?
Pre-orders of Samsung’s New Galaxy S22 Smartphone to Come With NFTs
► https://t.co/6L3mu0tENK pic.twitter.com/uA9rltryEm— Decrypt (@decryptmedia) February 14, 2022
The Theta network is also known for smart contracts. That’s why it also makes NFTs or non-fungible tokens. They let people own a unique piece of digital media despite multiple copies.
A crypto network records its ownership, but those copies do not. It’s been a major trend in the cryptocurrencies market nowadays. That’s why Samsung and Theta are riding the hype too.
If you pre-ordered the latest Samsung phone called the Galaxy S22 in South Korea, you would receive an NFT. Theta Labs CEO Mitch Liu said it would come with various benefits.
Liu didn’t share more details about them, though. Those pre-ordered can claim their NFTs by signing up for ThetaDrop and applying a code from their Samsung Members app.
At the time of writing, the THETA price was $3.48. It reached an all-time high of $15.90 on April 16, 2021. Meanwhile, the TFUEL price was $0.207805.
It’s up to you whether to invest or not. Some people may think Samsung’s support is a huge buy signal. Others think this token is not worth it. Still, you shouldn’t just go with what people think.
Instead, learn more about the asset. Take Theta coins, for example. You should read more about it on its website, so you can see for yourself if it’s worth investing in or not.
Your answer will depend on your investment goals. Look at the reasons you want to invest, then find the assets that will match your objectives.
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Final thoughts
Theta coins are another great addition to the crypto market. It shows just how useful blockchain tech is. The Theta Network may soon use it to provide better video streaming worldwide.
Note that this article is not meant to provide investment advice. Research assets yourself and plan your overall investment strategy before spending money on them.
This isn’t the only exciting project in the world of crypto. Read more Inquirer USA to get the latest in cryptocurrencies and other assets like bonds and stocks.
