How Does Theta Network (THETA) Work?
2024-07-19
Bittime - Theta Network (THETA) is a blockchain specifically designed for decentralized peer-to-peer (P2P) video delivery. So, how does Theta Network (THETA) work? Check out the review in this article!
Video streaming services have grown into a highly valuable industry over the past few years. In fact, live video streaming accounted for more than two-thirds of all internet traffic in 2015.
However, in reality, this industry is not perfect. Many of us have spent high costs on video streaming services, but instead experienced poor image quality and frequent buffering.
So, what's the solution? Well, according to Theta Network, the answer to the problems the industry is facing today is video delivery using blockchain technology. For that reason, let's dissect how the Theta Network (THETA) works to overcome this problem!
Getting to know Theta Network (THETA)
Theta is a blockchain specifically designed for decentralized peer-to-peer (P2P) video delivery. Traditional video streaming services suffer from a problem called “last mile constraints” faced by the Content Delivery Networks (CDNs) on which they depend.
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CDN requires building data centers around the world close to the audience. However, because the number of data centers is limited, the location is not close enough to most viewers.
This creates congestion in the streaming delivery path which can cause choppy video streams and poor image quality.
Theta offers a solution in the form of a P2P network where viewers are incentivized to share their excess bandwidth and computing resources. This overcomes the last mile delivery problem because viewer devices are geographically closer to each other compared to the CDN data center.
The Theta network and protocol are open source, meaning anyone can build on top of the Theta blockchain. Content providers can develop decentralized applications (DApps) specific to their audiences.
DApps on this network can provide various types of entertainment, such as movies and TV, music, esports, live streaming, and distance learning. Some of the video platforms already running on Theta Network include Samsung VR, Cinedigm, Shout! Factory, and THETA.tv.
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How Does Theta Network (THETA) Work?
Theta Network consists of three types of nodes Edge Node, Enterprise Validator Node, and Guardian Node. Edge Nodes are the most numerous and are maintained by the Theta community. They contribute bandwidth or help facilitate data delivery and edge computing in general.
The launch of Theta's peer-to-peer "EdgeCast" technology significantly enhances the capabilities of the Theta Edge Network. The network is now capable of storing and relaying live streaming video data globally, as well as recording live video and converting it in real time.
In contrast to Edge Nodes, the number of Enterprise Validator Nodes is smaller. They are a small group of companies that propose and produce new blocks in the chain.
Guardian Nodes, which are managed by the community and larger in number than Validator Nodes, then seal the block and check that the Validator Nodes are not acting maliciously.
Theta uses a dual token system so that the function of each token can be separated. Theta Token (THETA) is the protocol's governance token and is used for staking by Validators and Guardian Nodes.
Meanwhile Theta Fuel (TFUEL) is a "gas" token used for operations on the network such as interacting with smart contracts. Edge Nodes earn TFUEL by sharing resources and relaying video streams.
How to Use Theta Network?
The Theta Community can stake THETA to become a Guardian Node. They can also host Theta Edge Nodes by contributing their computing resources for video capture, transcoding, caching, and relaying.
THETA tokens are used for staking as a Validator and Guardian Node, as well as to participate in protocol governance.
Theta Network: Towards the Future of Video Streaming
Theta Network offers innovative solutions to the problems facing the video streaming industry today. By combining blockchain technology and a peer-to-peer network, Theta can provide a smoother streaming experience.
The videos displayed are also high quality, and cost-effective for viewers around the world. The network is still in the early stages of development, but its potential to revolutionize the way we watch video is enormous.
Conclusion
Theta Network is a promising blockchain project with the potential to change the way we watch video. With a focus on decentralization, efficiency, and scalability, Theta has the opportunity to become the leading video streaming platform of the future.
So, that's a review of how Theta Network works. Hopefully it's useful, OK!
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