crypto News What is Theta Network?

What is Theta Network?

What is Theta Network?

Theta is a decentralized network of streaming video based on blockchain, whose users are divided by capacity and computational resources.

Theta project seeks to eliminate barriers between content creators and end users, as well as make processes of data delivery, peripheral calculations and transmission of flow video more efficient, transparent and open.

Who and when created Theta Network?

The launch of Theeta Network took place in 2018. The project was created by Mitch Liu and Jeryi Long].

CEO and founder Theeta Labs Mitch Li – specialist in the field of gaming and streaming video. He received the degree of bachelor of computer sciences at the Massachusetts Institute of Technology (MIT), as well as the degree of business master at the Stanford Business School. He is the owner of four patents for inventions in the field of streaming video, virtual reality and blockchain technology.

In 2007, Mitch became a co -founder of the Tapjoy video rod, and in 2010 – the startup of mobile social gaming GameView Studios and the TETA streaming platform.TV. The decentralized application of the platform was the first product created on Theta protocol.

Since 2015, Mitch has been developing a technology that has been used in Theta Network.

Jea Long is the co -founder and technical director of TheTA, specialist in the field of design, gaming, virtual reality and large -scale distributed systems. Long is the author of many scientific publications and patents in the fields of streaming video, blockchain and virtual reality.

Who develops Theta Network?

Theta Labs, which is led by Mitch Liu, is engaged in the development of the Theeta project. The company has a website of the TETA video video.TV who pays TFUEL tokens for watching video.

Theta Labs has 25 employees mainly working from the office to San Francisco. Recently, the company also opened an office in Seoul.

The company’s investors include Samsung Next, Sony Innovation Fund, Bertelsmann Digital Media Investments and Creative Artists Agency, as well as Silicon Valley, Sierra Ventures and VR Fund.

How the Theeta Network works?

The key component of Theta platform is the MESH network consisting of a NOD set. Interacting, nodes bind the network into a single whole and provide the ability to share the throughput.

The platform intends to compete with standard content delivery providers. The developers are convinced that using the TheTA P2P architecture can either increase the performance of existing content delivery networks, or replace them completely.

Nodes on TheTA consist of users – owners of various equipment and resources for viewing video content. Geographically close to spectators, users (nodes) caching and relaying video data.

These nodes are rewarded with tokens for sharing throughput and attract new participants to the network. If the model is successful, the need to support expensive data centers will disappear.

How Theta can improve the safety and quality of streaming video?

Theta intends to solve the security problem with which the systems of interconnected data centers come across due to the features of architecture. Infrastructures of such systems open up the possibility of reducing the quality of streaming video at the global level and even disable part of the data centers. The Theeta network will consist of tens of thousands of NODs, which will allow more effectively to resist potential attacks.

Theta developers intend to prevent potential problems by creating a server and client systems that will evaluate the relative proximity of adjacent NODs on the network. Whenever the Noda becomes part of the network, the server tracker will record data on this particular location, including IP addresses, latitude/longitude and performance indicators.

Instead of connecting remote GCDs in an arbitrary manner, the network contributes to the development of relations between the nearest nodes.

In addition to reducing dependence on data centers, such a system, according to the idea, will allow the TEETA to compete with existing content networks due to the high quality of the streaming video and the stability of data transmission.

What categories of users are involved in the work of TheTA network?

The TOKEN ecosystem includes the following participants:

  • Streamers/Influenser – Content creators who receive a reward in tokens.
  • Spectators-users consuming video content. They receive tokens to watch videos, and can also reward for watching advertising.
  • Advertisers – use a platform for advertising services and products to the audience. Theeta tokens they pay for advertising time on the Web, as well as sponsor influons.
  • Caching nodes [Caching nodes] – computers and servers that provide caching services, which allows you to improve the quality of video and increase the speed of its delivery. These nodes also receive a reward in tokens.
  • Assimilating nodes [INGEST NODES] – help to provide various bitrates, flow resolution, etc. D. They also help caching nodam conduct direct broadcasts, for which they receive a reward.

How the Theeta blockchain functions?

Unlike a network focusing on the delivery of content, Theta blockchain ensures the operation of the consensus mechanism and the infrastructure of the distribution of remuneration.

Blockchain uses a variety of Proof-OF-Stake mechanism along with several technological innovations, including the multi-level BYZANTINE FAULT TOLEANCE (BFT), AGGREGATED SIGNATURA GOSSIP SCHEME and resource-oriented micallor pool.

To achieve high bandwidth, TheTA blockchain is divided into two key levels.

  • The first level includes small groups of GCDs (no more than 20 validators per node) operating on the basis of a modified BFT. Nod-nodes consist of powerful computers that quickly process a large number of transactions. Basically, these Nodes are controlled by large companies participating in the network-Samsung, Sony and others. This is the first “defense line” in the security protection of the network. The owner of the node of the veilist must have at least 1 million Theeta tokens.
  • The second level consists of large groups NOD-Guardians [Guardian nodes]. They are managed by many members of the community. “Guardians” check and confirm the work. If the latter accept the invalid block, the nodes of the community suppress its work. The owner of the community Nod must have at least 1000 Theeta tokens.

A similar separation of levels is designed to ensure high capacity of the network while maintaining a decentralized nature of the content delivery model.

Aggregated Signature Gossip Scheme

Thanks to Aggregated Signature Gossip Scheme, TheTA developers expect to reduce the level of complexity of the message transmission system. In order not to lose the throughput when transmitting messages “from all” among NOD guardians, Theeta allows Nodam to send their signatures only to the closest “neighbors”. The Gossip protocol allows you to export the circle of GCD exponentially, which are allowed to transmit messages.

Reducing the size of the messages and increasing the efficiency of their delivery, Theta developers pursue two goals: to ensure a higher indicator of the number of transactions per second (TPS) and improve the ability of the system to scale due to the growing number of NODs.

Resource Oriented Micropayment Pool

Thanks to the Resource Oriented Micropayment Pool Theta, increases the effectiveness of micallor management. This option allows one users to create a micallon of an offchain pool from which other ecosystem participants can withdraw funds.

Resource Oriented Micropayment Pool technology provides an attack resistance of 51%, and is also a more flexible solution than payment offchain channels.

What role do two TETA NETWORK tokens play?

The participants of Theta Network are receiving a reward for sharing videos with other users. The final users are paid for this service, but the video services themselves. For the fact that users are divided by video content, the site pays them in Theta Fuel (TFUEL) tokens.

EIRDROP TFUEL took place at the launch of the first version of the main network (formally it started at the end of 2018, but actually earned March 12, 2019). Participants transmit only fragments of data for each video, and not the clips entirely. The final user receives many fragments and independently takes them to a single whole.

Theta Network also uses another asset – Theeta. This is a control token with which the community determines the directions of the development of Theta. So far, the token is not fully used, but the project intends to transfer the control to the holders Theta in the future.

The project was released by TheTA token in December 2017. At the start of the blockchain, these ERC20-tokens were exchanged for natives in a ratio of 1: 1.

TheTA has a fixed total issue of the emission – 1 billion tokens; Inflation is absent.

Tfuel has the total supply volume of 5.2 billion. Fixed inflation rate – 5% per year.

Users can block TheTA for stakeing, getting tfuel for this.

How Theta Network is developing?

In May 2020, the second version of the main network Theeta was launched.

In November of the same year, the project team released the beta version of Theta Edgecast-the first decentralized application of the streaming video built on the native blockchain.

Theta Edgecast does not have central servers or services. The application is provided by more than two thousand Edge Nodes.

On February 4, 2021, Theta’s blockchain was earned by the Decentralized Exchange of Theetaswap Dex. It is based on the mechanism of an automated market maker, similarly to Uniswap. The first version of Thetaswap allows TFUEL trading and TNT20 standard tokens.

In March 2021, TheTA vodators announced that the TETA tokens belonging to them in the amount of $ 100 million in one node under joint control were streaming.

At the end of March 2021, Theta Network announced that she had transferred the launch of the main network 3.0 on June 30, 2021.

It is assumed that the third version will include two key updates of the protocol.

First, Elite Edge Nodes will be added. Edge Nodes will be able to acquire Elite Edge status by steiking tfuel and receiving a reward for this. They will also receive TFUEL to ensure greater performance of the video platforms.

Secondly, the developers will introduce a new TFUEL inflation mechanism. An additional fee will be charged for using the EDGE network The commission fee will balance a new supply of tokens: at least 25% of each payment will be burned, which will over time lead to a decrease in the reserve.

In addition, Theta Labs plans to introduce NFT marketplace, which will allow the creators of the content Theeta.TV release their own non -replaceable tokens and use them to interact with the audience.

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