What is Theta Network?
Theta is a media and entertainment blockchain designed specifically for video streaming.
Background
Mitch Lio and Jieyi Long founded Theta Network in 2018.
How Does It Work
Theta infrastructure allows existing video and media platforms to generate incremental revenue and reduce CDN costs while rewarding end users for sharing their storage or bandwidth on any PC, mobile, Smart TV, or IoT device and allowing content creators to increase their earnings. The blockchain is fully compatible with Ethereum and supports Turing complete smart contracts. Theta employs a novel multi-level BFT consensus architecture that combines a committee of 20-30 Enterprise Validator Nodes and a secondary layer of community-run Guardian Nodes. Validator nodes propose and finalize new blocks on the chain, whereas Guardian nodes seal blocks and serve as a check against malicious Validator nodes.
The network employs a dual token structure. $THETA is the network’s governance token. Users can stake $THETA as a validator or guardian node, allowing stakers to earn a proportion of new $TFUEL generated. $TFUEL is the network’s operational token. Users can do on-chain operations by paying $TFUEL, such as payments to Edge Node relayers for sharing a video stream and deploying and interacting with smart contracts. Relayers earn TFUEL for each stream they relay to other network users. With the introduction of Theta 3.0, $TFUEL gains additional utility, including staking and burning.
Key Takeaways
- Blockchain is designed for media and video streaming.
- Uses two tokens: $THETA and $TFUEL.
- $THETA is the network’s governance token.
- $TFUEL is the network’s gas token.
- Compatible with EVM and supports Turing complete smart contracts.
- Multi-level BFT consensus architecture that uses community and enterprise nodes.
