Theta Token Review
Thetatokens.org: Full Website Review, Pros and Cons, and More
For a couple of years, live streaming has been increasingly prominent. However, there still exist several problems with this new technology. The theta project aims to enhance the existing live streaming structure and open up new opportunities with crypto economics by combining the Theta network and the fundamental THETA token.
A significant portion of internet traffic is generated by streaming and video-sharing websites. The majority of the income, however, goes to businesses and platforms like YouTube rather than the content creators responsible for the growth of streaming services.
Theta introduces a decentralized video streaming network to address this issue. The platform pays content producers, its watchers, and anybody who aids in its promotion. Theta rewards all users who contribute to the decentralization of the online video market.
The initial coin offering (ICO) bubble of 2017 is where the Theta network first emerged. Theta's blockchain with its native THETA token was founded in March 2019 after being initially introduced as an ERC-20 token on the Ethereum network.
Theta's initial token sale, which launched the project's development, was finalized in 2017, although it was a closed-door, private token sale. This contributes to the project's lack of significant attention before the Theta mainnet's debut in early 2019.
Who controls the Thetatokens.org website?
Theta, a peer-to-peer video streaming network powered by blockchain, declared that BridgeTower Capital, a universal blockchain technology provider, would join the Theta Network as a business validator. Big corporations like Alphabet's Google, Sony, and Samsung function as the forces who verify transactions and build new blocks on Theta's blockchain network.
Who created Thetatokens.org?
Theta was launched in 2017 by Jieyi Long, who had formerly worked on VR live streaming technology, and Mitch Liu, who led firms in mobile gaming and online advertising.
They have jointly developed a concept for rethinking video streaming to operate on a decentralized network. There are twenty-one managers, engineers, and developers in the Theta team. Numerous investors have backed the platform, including significant venture funds and leading IT firms like Sony and Samsung.
Theta has a distinguished board of advisors that includes industry leaders from Microsoft, Sony, Verizon, and Twitch. The co-founder of YouTube and most well-known Theta backer is Steve Chen. Due to the platform's improved image quality and less expensive content delivery, he thinks it will successfully remodel the video industry.
Theta has many partners, including big names like NASA, Metro-Goldwyn-Mayer, and Katy Perry.
Pro features of Thetatokens
Highlighted below are some of the pro features of Thetatokens- this outline could help you speed up your decision about joining the network.
This technique shows viewers have viewed a live video, as you might infer from the name. In addition to giving marketers transparency, it allows users to receive Theta tokens in exchange for participation.
To develop a reliable method for viewers and marketers to assess their video stream engagement, the Proof-of-Engagement protocol is required.
● Resource-oriented micropayment pool
Theta Token developed the Resource Oriented Micropayment Pool to create off-chain payment pools that subscribers can utilize for off-chain withdrawals. They offer greater flexibility than other off-chain options and are built to withstand duplicate spending.
When a double spend attempt is made, the Theta Network's validators recognize it. The Resource Oriented Micropayment Pool can be used, for example, to enable payments to numerous cache nodes without utilizing on-chain transactions.
The main advantage of utilizing this approach is that it permits significantly greater scalability by preventing many microtransactions from being recorded on the blockchain.
● Theta EdgeCast
THETA's primary tenet has always been to create a truly decentralized video structure that may be advantageous to all parties involved, from platforms to content producers to actual end users.
This is the first fully native Theta blockchain-based decentralized dApp for video streaming that incorporates smart contracts. Theta EdgeCast can record video, transcode it in real-time, cache it, and then relay it to users worldwide. This is an entirely decentralized solution with no primary servers or services. It is all attained through over two thousand Theta edge nodes running worldwide.
Its subscribers can broadcast streams on EdgeCast or see other users' EdgeCast streams and earn TFUEL through the Edge Caching and Edge Compute elements. EdgeCast is included in the Edge Node application. The Edge Node is now a single, streamlined application that covers all facets of decentralized video streaming and distribution.
Users of 5G, smart TVs, mobile devices, and future connected devices will have a way to easily transport video and data without needing a centralized force overseeing the ecosystem, thanks to Theta as the infrastructure. All network users and devices will be able to take advantage of the storage, transfer, and delivery of video and other data streams thanks to Theta.
● Developer Engagement
The project's development team is active regardless of the high degree of centralization encircling THETA tokens. They have been crushing it when it comes to regularly releasing new software, which is how they could leave Ethereum and immediately build their network.
● The tech side
The tech side of the network over cryptoeconomics is where the Theta project has the most benefits. With backing from YouTube's co-founder and relationships with companies like Samsung VR, it's feasible that this project will contribute to the advancement of online video streaming networks.
If you're interested in starting a new online stream or are simply interested in watching video streams, you might want to look into the sites built on top of the Theta network to check if any efficiencies could lead to cheaper viewing fees and higher revenue for content creators.
User concerns about Theta
Listed below are some of the user concerns about the theta
● The actual THETA token serves as the basis of the Theta network as a whole.
The most apparent problem is that there was a very high degree of centralization surrounding the original distribution of THETA tokens because the actual token sale was not made available to the general public.
● It's unclear how Theta is supposed to increase in value
Along with the problems with token centralization, it is uncertain how the value of THETA is expected to rise as more individuals utilize the network according to the system's basic economics. Guardian Nodes and Validator Nodes stake THETA, which functions as a governance token for the entire Theta network. Theta Labs must, nonetheless, authorize these validators. This calls into question the necessity of developing new crypto for the Theta Network in the first place.
● A sizable percentage of the tokens are in possession of the early investors
A drawback of the token at the moment is that a sizable portion of the tokens is still in possession of early investors; as a result, the price of the token could be adversely affected by the earlier investors' withdrawals far more so than by any future network expansion.
How to buy theta crypto?
Outlined below is a straightforward way of how to buy theta.
Step one- create an account on Binance
Click "Register Now" on the official Binance site. Once you click "Create a Free Account," you may sign up using either your email address or your phone number.
You can choose the "Mobile" alternative at the top of the form or fill in your email address and user-selected password. Choose your country code, then input your cellphone number and the user's password.
After filling out the required fields, click "Create an Account" after reading and accepting the Terms of Service.
A security check verifying that you are not a robot may require you. The account must then be verified. A 6-digit verification code is then delivered to the email or phone number you entered. The code must be input into the boxes on this webpage and is only usable for thirty minutes.
Following successful completion of the verification, a welcome page will load with choices for you to trade or buy cryptocurrencies. Click on the "Learn More" button at the webpage’s bottom if you are unfamiliar with crypto.
Step two - Secure your account using two-factor authentication
Choose the two-factor verification alternative to secure your account from the trader's dashboard. Although phone verification is a safe choice, using Google Authenticator is the most popular and secure approach.
After downloading and installing, you may add your Binance account credentials to Google Authenticator by scanning the QR code or typing in the one-time, unique code given.
Once finished, note the backup key given so you may regain your Google Authenticator account if you ever lose it. Fill in both the Google verification code and the six-digit code that you’ll get on your registered email address in the last stage.
Step three- Make a deposit.
Binance permits both crypto and fiat deposits for the purchase of cryptocurrencies. The places listed below provide access to deposits:
The banner saying, "Welcome to Binance."
Specify your preferred method by clicking "Buy Crypto" at the top of the page.
In your trader's dashboard, click "Deposit" under the "balance details" heading.
After you’ve chosen "Deposit," you may then decide if you want to deposit fiat money or crypto from a different wallet.
To deposit cryptocurrency, take these actions:
- Choose your preferred coin from Bitcoin, Ethereum, BNB, ETC.
- Choose from BEP2, BEP20 (BSC), ERC20, or TRC20 as the network to be utilized, then agree to the network's usage terms.
- From the wallet you're depositing, copy the address or scan the address QR code, then follow the on-screen instructions. Please be aware that before a deposit may be made, each network requires a specific number of network confirmations, ranging from 1 to 15.
Take the following actions for deposits made in fiat currencies:
- From the list, choose the deposit currency. You must authenticate your identity and face to use more currencies
- Depending on the selected currency, choose the payment method
- Add any other information and the deposit amount. Please be aware that after this is deducted, the amount will also be shown along with the transaction cost
- Go on with the deposit
The fourth step - Begin trading
After completing your deposit, you may browse the available crypto by going to the "Markets" area at the top of the webpage. You can purchase and trade currencies from here at fair pricing.
How does the Thetatokens blockchain work?
A decentralized infrastructure called the Theta blockchain aims to enhance video streaming and delivery.
Organizations or sites that offer video streaming content have stored everything in a single centralized system. While initially, this could seem advantageous, if many users attempt to access the information at once, stressing the system, the stream may become sluggish and choppy.
To address this, streaming service providers would use a content delivery system, in which they spread out several servers to reduce the load that viewers place on a single access point and guarantee a smoother stream. However, doing so can be expensive.
By effectively establishing a peer-to-peer network that taps into users' computers to make use of their unused bandwidth, Theta blockchain aims to challenge this model. Now, when a person tries to see a piece of content accessible via the Theta Network, some of the data sustaining it will originate from the central server hosting it; at the same time, other portions will come directly from the Theta Network.
The network is supported by two primary node types that host videos and validate transactions:
Enterprise Validators Nodes: Only twenty to thirty of these nodes exist, and mastodons like Google, Binance manage them, and Theta Labs. Transactions are organized into blocks and introduced to the network via Enterprise Validator Nodes.
Guardian Nodes: The Theta blockchain's second level of security is this: Blocks are sealed by Guardian Nodes, which also verify their validity and act as watchdogs for malfunctioning nodes.
Additionally, Theta has 130,000 Edge Nodes that offer the platform's EdgeCast service the computational power necessary to relay video streams in exchange for TFUEL tokens. Because Theta is decentralized, nobody can control or ban videos as it is on centralized services. Edge Nodes aid in keeping the network censorship-resistant.
Frequently Asked Questions (FAQs)
Do most crypto exchanges offer THETA?
Even if there aren't many different cryptocurrency exchanges where you may trade THETA, some of the most well-known ones, including Binance and OKEx, do.
Can you mine THETA?
You cannot mine THETA. Every THETA that will ever be produced has already been made.
How can I store THETA?
A wallet created especially for the Theta Network can be used to store THETA. Since it uses its blockchain, support is scarce among wallets that aren't just for THETA.
Theta has advanced significantly since its live streaming platform was introduced. Peer-to-peer video streaming is made possible via the Theta platform, where subscribers are paid for sharing content with other viewers, and content creators are compensated for their work. The videos are accessible in the same quality everywhere globally and can't be banned or censored by any centralized authority because of network decentralization.