4 September 2020
In every industry, there are pioneers and those who take things to the next level. Blockchain innovation takes a similar course. The rise of Bitcoin was brilliant, but it showcased a one-sided dimension of blockchain utility. Besides being a decentralization tool for transactions, the blockchain has tons of other uses.
What is Theta?
Theta takes this utility to the next level. This platform is a decentralized video streaming protocol with plans to disrupt this sector fundamentally. The project’s founders identified a number of problems with existing streaming platforms. They include poor quality of streams, the ever-rising data needs, and the inefficiency of centralized streaming platforms. Centralization also means less control and revenue for content creators.
The solution to this is a decentralized peer-to-peer video delivery network that runs on the blockchain. Such robust infrastructure lowers the cost of delivering streams, improves on quality and data scalability for video platforms.
THETA leverages the computing power of the nodes in its network to provide a vast resource for video platforms. These platforms don’t have to worry about bandwidth or poor reach in less developed countries. This power of shared bandwidth, first actualized by the Bitcoin network, is now possible for video streaming services.
The Decentralized Video Platform
The THETA protocol is an open source to power the streaming network. Users and content creators can build dApps on the blockchain to facilitate multiple use cases. The dominant use cases are peer-to-peer streaming, esports, and other forms of entertainment.
Video streaming is a continually growing industry as more people across the world have access to streaming devices. The overall architecture benefits both users and video streaming platforms. Users can earn tokens for sharing their bandwidth, and also get to be part of a community, while content creators and platforms lower streaming costs on their part.
With the recent launch of its mainnet, Theta network aims to entrench itself as the premier blockchain-powered video delivery platform. The utility and efficiency of this service will be a challenge to the norms of mainstream streaming services. Users contribute their computing power in the form of nodes which become the collective resource that powers the network.
A Robust Decentralized Network, Team, and Partnerships
Nodes on the network make it a proof of stake network. To function efficiently, THETA utilizes Multi-Level Byzantine Fault Tolerance (BFT), an Aggregated Signature Gossip Scheme, and a Resource Oriented Micropayment Pool.
The fact that the nodes are geographically dispersed means that streaming from remote locations becomes better. Centralized streaming services have challenges reaching some people in developing countries due to bandwidth and cost constraints. The network caches video data and relays it using the dispersed nodes. This dispersal means streams can be relayed to users from nodes without compromising quality.
For their efforts, the node owners earn THETA tokens, which provide an incentive for them to keep sharing their hardware and encouraging others to do the same. Besides, the decentralized nature of the nodes eliminates the single point of attack which is the soft underbelly for most centralized services. Ultimately, the aim is to build a global blockchain powerhouse in the video streaming sector.
At press time THETA had a market capitalization of about $379 million USD on a circulating supply of 870, 502,690 THETA just enough to make it into the list of top 50 cryptocurrencies.
The key figures behind the project are; Mitch Liu (CEO), Jieyi Long (CTO), and Ryan Nichols, the Chief Product Officer. Advisors include; Steve Chen, who co-founded YouTube, and Justin Kan, Twitch co-founder.
As such, the platform has a wide reach and the prominent figures on board have helped in developing useful connections. THETA has several high profile partnerships, which are useful in the video streaming business.
THETA has proven use-cases and a highly competent team. The success of the video game streaming site, SLIVER.tv, has been a success story from the team.
Going forward, the video streaming business is only going to grow bigger and more lucrative. THETA should be a notable beneficiary of this boom.