The main goal of blockchain technology is to eliminate intermediaries from most of our everyday transactions. The distribution and monetization of material will therefore be agreed upon immediately between the author and the user in the realm of videos and broadcasting.
THETA is a coin that offers customers an incentive system. As a donation mechanism, audiences can utilize it to pay for content access. The coin was initially introduced on the Ethereum platform using fast and reliable https://thebitsoft360.com/, but following the mainnet release, it was moved to the Theta blockchain. Only one billion tokens can be produced; all of them have already been distributed and are in use.
A decentralized blockchain network for media streaming is called Theta Network. By reducing the cost of the content distribution network (CDN), optimizing the distribution of high-definition video and bandwidth, and encouraging individual consumers to donate their computing resources to assist broadcasts, it hopes to address the major issues facing the streaming sector.
The Applications of The Theta Network
Sliver.tv, a decentralized gaming and sports network, and service used by millions of users monthly was the first decentralized application created on Theta. The majority of this viewership is made up of people who enjoy watching gamers broadcast their gaming sessions. While this activity may seem monotonous to some, it is a vast, expanding business, as evidenced by the success of YouTube stars who have a million subscribers.
Theta’s smart contracts will promote network expansion and growth while also assisting in the fairness and transparency of procedures like royalty payments to content providers. ThetaDrop’s main innovation is its emphasis on live-streaming NFT auctions to boost creator-fan interaction and provide more engaging and innovative methods of holding online auctions.
How Does Theta Work?
A mesh network, which comprises a combination of numerous nodes to facilitate shared communication, lies at the heart of Theta’s system. These nodes act as the foundation for Theta’s bandwidth and link the network to one another. Theta blockchain simultaneously enables the network to link all of these nodes.
Theta.tv, which competes with traditional content distribution systems, is the platform’s core feature. Theta network nodes are made up of individuals with different system configurations and resources for watching videos. On the Theta system, which can save video and transmit it to users anywhere in the globe, each node can become cached.
This lessens the need for geographically distant data centers, whose distances from user locations might degrade the quality of video streams, for traditional content delivery methods. From nodes that are physically closer to users and have a sufficient number of nodes to allow for excellent video viewing, video data will be stored and transferred. According to Theta’s team, the lack of the necessity to run expensive data centers will result in an 80 percent decrease in content delivery expenses.
Which Wallet Holds Theta?
When Theta was released as an ERC-20 token, you could save your Theta tokens in any wallet that complied with this protocol. Nevertheless, the possibilities to keep Theta are more constrained after switching to its blockchain. Two wallets satisfy all operational and security needs for storing Theta:
- Wallet called Theta Wallet. The THETA and TFUEL coins can be stored in this official Mainnet wallet.
- is the maker of hardware multi-currency wallets that are well-liked among cryptocurrency traders and investors.
Both wallets are user-friendly and provide the same high level of protection. Since Nano X is for professional traders and investors dealing in cryptos, Nano S is better suited for casual cryptocurrency buyers and enthusiasts. You must first configure the USB device before you may store THETA tokens in any of these wallets. We advise reading the directions in the relevant manuals for these hardware wallets.
Theta has many connections in influential positions in the tech industry, and the network is already suitable for millions of monthly visitors. Theta might emerge as a critical player in virtual reality, online bidding, and online streaming, with the virtual reality market alone, expected to reach a value of over USD 55 billion by 2024 if the initiative can maintain its present rate of progress.
To deliver rich virtual reality gaming adventures to the globe and to integrate Theta’s rewards-for-sharing bandwidth solutions throughout the whole line of Samsung VR systems, the two companies work closely together.