Simply Explained: Theta Network (THETA)
In 2020, the video streaming industry was valued at over $50 billion, with a forecast of $320 Billion by 2030. However, despite the huge market, the user experience of current platforms is often poor. Centralisation, poor infrastructure and high costs hinder creators and consumers alike. That is where Theta comes in.
Theta is a blockchain-powered network created specifically for video streaming. Launched in 2019, it operates as a decentralized network where users share bandwidth and computing resources with each other on a peer-to-peer basis.
The platform is open-source which means anyone can see the code. And, holders of the native token, Theta, have governance power over the network thanks to the blockchain’s proof of stake consensus mechanism.
Developers can also build decentralised applications on Theta, as its comparable with the Ethereum virtual machine.
The project is highly touted by industry veterans. Theta is advised by both Steve Chen and Justin Kan, co-founders of YouTube and Twitch respectively.
What is Theta trying to do?
Theta’s main objective is to decentralise video streaming, data delivery and edge computing, to make the industry more efficient, cost-effective and fair for all those involved.Theta enables 3 things:
- Video platforms earn more revenue through advertising and subscriptions
- Content creators earn more money by removing middlemen
- Viewers receive a higher quality of video streaming
In fairness, uploading your content to YouTube is very easy. The company also has a very effective method for connecting advertisers and creators so money and promotion can be attained on both sides. However, the creator doesn’t have control over their work. At the snap of a finger, the platform can take the content down, restrict it in select countries, and often the monetisation of the content mainly falls into the platform's hands. YouTube creators are estimated to make sub 1% of advert revenue generated on the videos of content creators.
If content creators were fairly rewarded monetarily the number of those creating content would increase, which in turn would mean more high-quality content being made.
And if content creators make better content, and more users watch, advertisers will be attracted to the video networks.
All parties involved can win.
They say absolute power corrupts absolutely. Maybe through Theta, that absolute power can be taken away from the likes of YouTube.
Tokenomics
The Theta network has two native tokens; Theta (THETA) and Theta Fuel (TFUEL).Theta is for governance, and Theta Fuel is used to pay for transactions. It’s like Ether being used gas on the ERC20 network
THETA is also used by the community to govern the network. This is done via the proof of stake consensus mechanism. Users can stake their THETA and in return, earn governance rights over the network.
For every one THETA, there are 5 TFUEL tokens. Users are incentivised to both watch and share content by receiving TFUEL tokens as rewards.
So, if you were a member of this community, you’d purchase THETA to stake, earn and transact on the network. And then you would use TFUEL to execute every transaction. Thankfully, if you’re a member of the platform you’re sending TFUEL by participating.
The total supply of THETA is 1 billion tokens, and TFUEL 5 billion tokens.
For Cryptonary’s transparent take and opinion on Theta, check out the Ratings Guide here.
Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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