Theta Network For Beginners Explained - A Step by Step Guide
Theta Network 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
- What is the Theta Network?
- What is THETA & TFUEL?
- How to buy THETA?
- How it works?
- How to get involved?
Everything you need to know about Theta for beginners, we delve into all the information you will need to get started.
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Github: https://github.com/thetatoken
Read our Video Script:
The Theta Network is an Ethereum-inspired, peer-to-peer blockchain with an open-source protocol that allows developers to build decentralized applications. This technology enables users to watch videos and share a portion of their computing power with other users who also want to watch content on the network. In return, the primary users are rewarded with THETA tokens for sharing their resources. The purpose of the Theta Network is to use existing computer hardware to provide a decentralized content distribution platform for users to stream movies, games, series, e-sports channels and music. The Theta Network aims to provide an alternative to centralized content delivery networks (CDNs), which cannot perform optimally under high demands, and also offers a passive income stream for users who are willing to share their computer resources and unused internet bandwidth.
The Theta Network was developed in 2017 by Theta Labs, which was co-founded by Mitchell Liu and Jieyi Long. Mitch is a qualified Computer Science Engineer and graduated from the Stanford School of Business. He co-founded Tapjoy, Inc. in 2007 and co-founded Gameview Studios in 2010. Jieyi Long is a VR (virtual reality) technology expert in the world of live streaming. He has a PhD in Computer Engineering and in 2014 he co-founded MadSkill Game Studios.
ThetaLabs is split into the THETA Network, which is a blockchain video delivery network; and THETA.tv, which is an esports live streaming platform. To keep the distributed network of computers synchronized, the Theta Network protocol runs a Modified Byzantine Fault Tolerance (BFT), proof-of-stake (PoS) governance mechanism. As more users join the Theta network, more bandwidth is available, thus improving the streaming quality of the videos on the network. The Theta protocol is an open-source software aimed at cutting operation costs of video streaming services and reducing the load on content distribution networks by redistributing it on Theta’s peer-to-peer network. Theta Network is currently working on integrations with several video platforms such as Samsung VR, COS.tv, and Pandora.tv.
Theta uses two native tokens - the THETA coin, for voting on changes to the protocol, and TFUEL, for executing transactions. Users are rewarded in TFUEL for watching video content on the platform and is used as the micropayment currency when users pay Edge Nodes for sharing a video stream. TFUEL can also be used to purchase esports NFTs from the Theta marketplace, and both tokens can be used for dApps on the network, THETA is a governance token that gives the community a way of managing and directing the development of the blockchain and it has a fixed supply of 1 billion coins.
One way of getting THETA tokens is by sharing internet bandwidth and also computer resources with other users, whereas TFUEL tokens can be earned by watching content on the network.
By giving more users the option to stream content from a decentralized network, the streaming quality is improved, it is a cheaper alternative to major content streaming platforms, and users are rewarded for watching or for sharing resources. Theta is compatible with most desktop and mobile devices, and can be used globally - but it does not plan to replace CDNs (content distribution networks), instead, it hopes to redistribute user traffic so that content can be streamed in high-quality 24/7 on all similar platforms. Not only does Theta provide an alternative income stream and high-bandwidth video streaming, but it also enforces less censorship - giving users more freedom to express themselves, monetize the content they create and reach a greater audience (or to watch whatever they want, without worrying about membership fees or country regulations!)
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