Most blockchain projects focus on data storage, but video streaming platforms like Netflix and Hulu need more than just drive space. Transfer speeds and bandwidth are key for these services, as 140 million people simultaneously accessing thousands of files can burden a server. Video quality of 4K can take up to 48 Mbps, and high-quality VR resolutions of 16K can take up to 768 Mbps. Needless to say, we’re going to need a better internet.
Decentralization is based on blockchain technology and allows you to cope with the high demand for transactions for this purpose. The network is distributed from users who provide transactions to ensure quality and a large number of live viewers (peer-to-peer networks). These users are nodes of decentralized THETA network.
Theta uses two tokens: THETA and TFUEL, which function as a staking and utility token, respectively. THETA was sold in a private token sale, while TFUEL is generated by staking THETA. Theta was designed to allow users to publish high-quality videos; it removes intermediaries who charge expensive fees for placing video content on their sites; it establishes transparent interaction between creators advertisers and creators of video materials.
Today's current internet environment has two problems. The current system for publishing video content is centralized. Due to this, intermediaries can influence authors and set unfavorable conditions for their cooperation. The second issue is a slow delivery of content from the manufacturer to consumers. In future, most users will start using virtual reality technology. It will multiply the load on the network, and the current centralized system will not be able to function correctly.
The solution is when an author uploads his video to the platform and sets the rules of the use in settings; users watch the published material, and provide free power of their PCs; due to new capacities, content is transferred to other participants; all users who support the network are rewarded with Theta tokens. This model of operation eliminates intermediaries and forms a decentralized network with a high speed of streaming video distribution.
‘Theta innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K and higher quality video streams. I am excited to be part of the next evolution of the streaming space, helping Theta create a decentralized peer-to-peer network that can offer improved video delivery at lower costs.’ ~ Steve Chen, Co-Founder of YouTube
The Theta Token is based on the Ethereum blockchain and are earned via a Proof-of-Stake (PoS) algorithm. Tokens are staked to become validator nodes and secure the network. Relayers earn TFUEL for lending bandwidth to video streams, and THETA hodlers earn it simply for staking. The THETA coin was built according to the ERC20 standard, and supports all wallets supporting Ethereum by design. Theta Token uses Ethereum smart contracts to provide live, peer-to-peer, decentralized, secure, and robust betting platforms for users. The currency can be a reward for providing transactions (caching video streams). This can also be achieved by creating or viewing content. You can then use THETAs to donate, unlock premium content, pay for ad campaigns, or resell.
Theta is a quickly rising star in the blockchain sector. If it can leverage its Sony investment to gain access to the PlayStation Network and Sony’s expansive streaming audience, it’ll be well on its way to beating even BitCoin.
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