Theta Network Review 2024

Introduction

The video streaming industry has grown to dominate internet traffic and our attention in recent years. Even though streaming services are very popular, they often have problems like high costs and bad quality. This is where Theta Network steps in with a brand-new concept: blockchain-powered video delivery.

Not sure where to start learning about Theta Network (THETA)? Don’t worry! To help you understand the project, this blog contains all the information you require. This blog will make it easy for you to find your way around the Theta Network, no matter how much experience you have in decentralised finance.

What is the Theta Network?

Theta Network is a groundbreaking programme that creates a global computer network for decentralised video broadcasting. Traditional content delivery networks (CDNs) fail to produce high-quality video streams owing to geographical limits, while Theta uses a global pool of users’ spare bandwidth and computing resources to transmit videos.

The basic idea is powerful. More individuals joining the Theta network increases bandwidth, improving video streaming quality for everyone. 

In 2018, CEO Mitch Liu and CTO Jieyi Long created Theta. Liu holds an MIT computer science and engineering degree and a Stanford Graduate School of Business master’s. He founded several more companies, including Gameview Studios which makes mobile social games.. His ventures include Tapjoy, which enables marketers and app developers generate money, and THETA.tv, a live streaming dApp. 

Samsung, DHVC, IBC, and Sony Innovation Fund are investors in Theta, which includes YouTube co-founder Steve Chen and Twitch co-founder Justin Kan as media advisors.

How does the Theta Network work?

There are several different sectors that Theta network is currently involved in. In the following manner:

Theta Blockchain

Theta stands out as the sole comprehensive infrastructure tailored for decentralised video streaming and delivery. Its blockchain architecture is optimised for maximum functionality. Through peering caching nodes, the system receives streams, enabling video platforms to significantly slash CDN expenses using this approach.

Theta.tv

Its major streaming service is Theta.tv. Users can watch and publish videos here. Impressively, new Samsung Galaxy phones will contain this Dapp. The integration will put Theta on 75 million smartphones. Theta would gain global users with this shift.

TFUEL

Theta’s utility token is TFUEL. These tokens have several network uses. User sharing of redundant computational and bandwidth resources, like video stream caching or relay nodes, is usually encouraged using TFUEL tokens.

Theta Tokens

Governance tokens for Theta networks are Theta tokens. They offer many features. As a Validator or Guardian node, you stake this token to produce blocks and participate in protocol governance. 

Agreement Mechanism

Multi-Level BFT is a new Proof-of-Stake consensus mechanism introduced by Theta. This consensus method is faster than proof-of-work. The Multi-level BFT technique speeds approvals with a few nodes.

Pros and Cons of Theta Network

Pros:

1. Decentralisation:

Theta Network decreases the amount of internet video streaming that is dependant on servers.

2. Cost Reduction:

The platform has the intention of reducing streaming expenses for content creators and platforms by a factor of eighty percent.

3. Better Video Quality:

Theta Network improves the quality of internet video broadcasts in order to facilitate improved streaming.

4. Industry Expertise:

Steve Chen, the co-founder of YouTube, is someone who consults with Theta and provides vital expertise about the online video industry.

5. Samsung VR partnership:

Theta makes use of the resources and experience that Samsung VR has to be able to improve its products.

Cons:

1. Video Buffering:

Theta.tv users reported severe video buffering during testing, suggesting performance concerns.

2. New initiative:

As Theta Network continues to expand, it may face challenges and uncertainties as a result of its status as a new initiative.

3. Centralised ICO:

Theta’s centralised and private ICO raised fairness and transparency concerns.

4. Poor liquidity:

Theta Network’s native cryptocurrency, THETA, has poor liquidity, which may influence trading and investing.

Updates of 2024 from Theta Network 

Theta Network has announced the launch of its EdgeCloud network on May 1, 2024. In a recent blog post, the Theta team shared their dedication to developing this advanced decentralised software platform over the past year.

The Theta EdgeCloud aims to revolutionise edge computing by providing developers, researchers, and businesses with easy access to powerful GPU processing. This means that tasks related to AI or video processing can be executed efficiently and cost-effectively on the Theta EdgeCloud.

By bringing together the benefits of cloud computing in a decentralised system powered by the Theta Edge Network, EdgeCloud promises to offer unlimited possibilities for innovation and collaboration in the digital space. 

Conclusion  

In conclusion, Theta Network offers promising solutions to enhance the video streaming industry by addressing issues like video quality and scalability. By leveraging its unique dual token economy, Theta ensures efficient network operation and incentivizes long-term participation. With TFUEL for operational costs and rewards, and THETA for staking and governance, the platform creates a sustainable ecosystem for users.

Theta Network, with the support of well-known enterprise validation nodes and partners, has the potential to significantly influence the direction of the industry in the future as video streaming grows on a global scale. Its innovative approach and focus on improving the user experience position it as a valuable player in the evolving landscape of online video content delivery.