What is Theta?
Theta Network is a blockchain-based decentralised video delivery network that hosts ‘Next Generation Video Delivery Powered By You’.
Users who provide bandwidth on the Theta Network make it decentralised. Unlike a traditional video hosting site such as YouTube with fixed server locations, the bandwidth is provided by the 2,000,000 users across the world. Users who contribute bandwidth on the network earn Theta Fuel for their efforts.
This means that Theta does not need to rely on a single server location to provide its video hosting service. Additionally, the more users that provide bandwidth for Theta, the higher the quality of streaming on the service there is.
Mitch Liu and Jieyi Long founded Theta around the time of the last major crypto bull run back in 2017.
The pair raised a total of 20 million dollars by selling 300 million of the 1 billion total supply of THETA tokens.
The platform launched in June 2018 with Theta’s testnet going live. Since then Theta have gone from strength to strength, they have a total of 2 million users. 300,000 of them are from 149 different countries and have shared video on the test net.
Price, Market Capitalisation and Token Supply
At the time of writing Theta has an individual token price of $11.75 per THETA token, the market cap is $11,718,671,283 and the token supply is 1 billion tokens.
Theta reached an all-time high price of $14.99 on March 24th 2021.
How does Theta work?
The Modified Byzantine Fault Tolerance (BFT) is key to Theta’s network operating correctly, this is a proof of stake mechanism that keeps all of the computers working for Theta running in synchronicity.
Three main groups are central to Theta’s functionality. Edge Nodes comprise of the users who share their bandwidth. Guardian Nodes are the people who make that transaction blocks are correct. Enterprise Validator Nodes are companies who stake THETA and can then process transactions on the platform as a result.
Theta also hosts a platform for paid content, both watchers and content creators can pay & receive THETA using Theta’s own wallet app. This allows content creators to be paid fairly for their efforts.
Theta Partners with World Poker Tour
Only a few days ago Theta signed a major partnership agreement with The World Poker Tour to provide real time NFT drops to the 140 million World poker Tour viewers.
Each day during breaks from the tournament viewers will have the opportunity to purchase low volume and unique production NFTs of famous poker players involved in the tour.
The cost for users to mint NFTs on the Theta Network are incredibly low at just $0.0001 per NFT, they are also 100x faster to mint than those NFTs created on the Ethereum Network.
Based on their focus on continuously improving their product and signing new agreements Theta are likely to grow in the future. You can purchase Theta on Binance today, check them out on our Best Crypto Exchanges page.