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Revolutionary Non-Fungible Token: Theta

BitForex Editor
Mar 17, 2021

What is Theta?

Theta is a blockchain-backed video streaming platform that has been made available for public use since March 2019. It is a space where users can afford a decentralized network to share bandwidth and information resources on a peer-to-peer (P2P) basis. Notable individuals like Steven Chen, co-founder at YouTube, and Justin Kan, co-founder at Twitch, advise Theta.

How Does Theta Operate?

An avenue of this nature is not free of charge. Payment is due for the services offered. Theta owns its generic crypto token for transactions, THETA. This token governs almost all tasks on the network. Over the few years of service, the streaming platform has garnered validation from companies such as Google, Binance, Samsung, Gumi, Sony Europe to mention a few.

Top guns in the technology space have attributed the arrival of THETA to an immense turnaround and development in video streaming worldwide. Theta alleviates users and content creators alike of poor content delivery, video rebuffering, and high data consumption. Daily, users are demanding higher quality motion pictures (HD, 4K, and so on) which leads to a bottleneck situation sometimes. This causes streaming inconsistency as well. All these hassles are replaced on Theta with;

1.decentralization, which allows everyone to stream videos independently without compromising quality.

2.extensive streaming possible at a lower cost relative to other options.

3.rewards for viewing hours. Subscribers bag Theta Fuel Token(TFUEL) for their time.

The common stumbling blocks ultimately make content creators rake in much less revenue than expected. This is owing to the poor accessibility of their contents on various, other platforms. Theta puts a balance in the scales; this platform gives satisfaction to both viewers and creators.

Who Came Up With Theta?

Two great minds came together to found Theta:- Mitch Liu and Jieyi Long. The result of their tinkering came to life in 2018. Liu is a renowned figure in the areas of gaming technology and video advertising. He is a co-founder of video advertisement outfit Tapjoy and mobile gaming hub Game View Studios. Also, he chairs THETA.tv, the first decentralized app (DApp) built on Theta protocol.

Long, on the other hand, is an experienced hand in automated design and virtual reality gaming. His creative prowess has patented a couple of virtual reality, blockchain, and video streaming inventions. Also, he has held many joint research works and has published numerous academic papers. Before Theta, he co-founded gaming outfits MadSkill Game Studios and SLIVER.tv.

Theta has graduated from having just the duo onboard to employing a dedicated team. Quickly, it has attracted corporate investors like digital giants Samsung, Sony Innovation Fund; media investors BDMI and CAA; and Silicon Valley inhabitants DCM, VR Fund, and Sierra Ventures.

The Uniqueness Of Theta

The business concept is enviable: smooth, every penny's worth, and just video streaming for all.

Theta has its blockchain with indigenous tokens THETA and TFUEL for the internal economics on the platform. TFUEL is given as an incentive to users and you can trust they'll keep coming for more.

As a decentralized system, Theta's program is open source and token holders take charge through shared powers.

Developers also get a chance. They are given opportunities to create decentralized applications (DApps) on the complete EVM-suited smart contract platform.

Mining Theta

 Price fluctuations and mining intensity are factors to consider when deciding whether to or not to mine Theta, especially if profit is to be made. Who doesn't want to make a profit though? It takes a worthwhile venture to set up a mining rig nowadays. Mining is big business and the tools for work are rather pricey. The most efficient hardware out there, ASICS, is extremely expensive, and choosing to use GPU is not the best choice in the long run (low hash rate). There are also huge electricity bills to contend with. Consistently, mining difficulty hikes, miners increase in number, and a larger hash rate is demanded to mine as status quo.

 However, Theta is rather new (yes, even with two years in the game). One can get the best results using GPU to mine Theta. Good returns are clearly in view. It is even possible to mine with an Android phone, but it is advisable to not try it. Mining goes hard on the hardware, and— once the latter cannot contend with the workload—it crashes eventually.

Market Price

Currently, THETA stands at $6.71. Over 24 hours, the token could dip or rise by about $1. Its total circulation is around 1 trillion THETA coins resulting in a market of about USD 6 trillion.

MARKETS FOR THETA

THETA is traded across major exchanges. It is paired with stable coins, cryptos, and fiat currencies.

As of the last quarter of 2020, THETA was mostly traded on Binance, and the pair with the highest trading volume was THETA/USDT(Tether).

The registration on Binance is quite simple and fast. After inputting personal details, trading can begin. Users can go ahead to load up on fiat currencies and convert to THETA or use BTC and ETH which are faster. Time-consuming processes are further verification where identification documents are required. Sucessfully submitting them comes with some added features.

The Likely Risks

The risks attached to investing in Theta are similar to those possible with other cryptos. It is important to look for favorable opportunities and stay tuned to news about how the coin is faring before taking a dip. A drastic rise or fall, when one either sells or buys respectively, will see an irrecoverable loss, except for a retraction wonder. It is also advisable to trade safely.

Withdrawal fees are another plague. Some trading platforms may impose extravagant withdrawal rates, so it is advisable to seek due diligence. A later discovery could easily turn excitement sour. Platforms like Binance stipulate moderate fees that do not hurt. There are more like it that are convenient.

Since THETA came into the market, it has had zero issues with security. So it is basic that funds are secure.

Security Of Coins

With the financial incentive, Theta invites its users to get involved in governance activities and act as guardians of the network.

Theta uses proof-of-stake (POS) and top-rated Byzantine Fault Tolerance (BFT) consensus mechanism to secure the network in the face of high transactional rate.

Furthermore, to prevent the monopoly of THETA tokens, Guardian nodes were initiated in June 2019. These nodes ensure that no single individual carries majority staking power.

How To Get The Theta Network

The Theta network is available for download on Windows, macOS, Linux, and CLI.

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