Theta Network (THETA)
Theta Network is a decentralized platform that revolutionizes video streaming by leveraging blockchain technology. It enables users to watch video content while earning tokens for sharing their internet bandwidth and computing resources on a peer-to-peer (P2P) basis. This innovative approach to video streaming is supported by a distributed network of users who contribute their spare resources, facilitating a more efficient and decentralized streaming experience.
Key contributors and advisors
| Ticker | THETA |
| Category | Smart Contract Platform |
| Website | https://www.thetatoken.org/ |
| @Theta_Network | |
| https://www.reddit.com/r/theta_network/ |
Theta Network boasts a strong backing from institutional investors such as Node Capital and DHVC. Additionally, the project is advised by notable figures in the digital content industry, including Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. Their expertise and guidance are instrumental in shaping the development and strategic direction of the Theta Network.
How Theta network works
Theta Network operates by using a decentralized infrastructure that relies on a network of users who volunteer their spare bandwidth and computing resources. This collaborative effort forms the backbone of Theta's video streaming services, allowing for seamless content delivery while rewarding participants with Theta Fuel (TFuel) tokens.
The role of Theta Fuel (TFuel)
Theta Fuel (TFuel) is an integral component of the Theta Network ecosystem. It serves as the operational token that powers various activities within the network. Users earn TFuel as a reward for sharing their bandwidth and resources, incentivizing participation and fostering an engaged community. TFuel is used for transactions and micropayments within the platform, such as paying for video content or services.
Consensus mechanism
Theta Network employs a modified proof-of-stake consensus mechanism, featuring a unique multi-Byzantine Fault Tolerance (BFT) design. This consensus model combines a committee of 20-30 Validator nodes with a secondary layer of thousands of Guardian nodes. This structure enhances the speed and efficiency of transaction approvals, offering a significant advantage over traditional proof-of-work networks.
Multi-Byzantine Fault Tolerance (BFT) design
The multi-BFT design of Theta Network achieves a crucial balance between consistency, speed, and decentralization. Validator nodes are responsible for proposing and validating new blocks, while Guardian nodes provide an additional layer of security by confirming the validity of these blocks. This two-tiered approach ensures a robust and reliable network, capable of handling high volumes of transactions without compromising on decentralization.