Imagine that you are watching a video of high quality which is obviously occupying the larger bandwidth. And you are facing the problem of buffering in between, no matter how hard the content delivery networks are trying to smoothly stream the video. Being the centralized content network, you are not the one who is suffering from buffering but many others are also facing this problem. Don’t you think, something needs to be done for a better experience? Theta Labs operating on Blockchain technology aims to improve the quality of video streaming, enhance resilience, and also aim to reduce the costs incurred. Recently, the prices of Theta token have shown a tremendous rise in the crypto space so I thought to get you to introduce this guide to Theta Coin and let you amuse yourself with one more application of Blockchain Technology.
What Is Theta Coin? | Guide To Theta Coin
Presently, besides the news related to halving and the Bitcoin crash of March 12, 2020, you might encounter the updates related to Theta Coin. According to data from CoinMarketCap, Theta has almost added 1000% to its price after the shock of crypto markets in March. Many of you may have wondered- What is Theta Coin? Theta is one of the innovative platforms which has integrated the Blockchain technology with live video streaming platforms to improve the quality of video for the viewers. And Theta coin or better we say Theta tokens are offered by the platform of Theta Labs to the users who wish to share their excess bandwidth and computing resources to the decentralized streaming video protocol which is running on the Blockchain technology. The peer to peer network of Theta platform aims to improve the quality of video by sharing the resources and rewarding system. Theta not only targets for better experience of viewers but also to content creators by removing the intermediaries like advertisers who used to share the large amount of funds.
How Does Theta Work? | Guide To Theta Coin
Theta basically consists of two parts. First is the video delivery network which is made up of connected nodes contributing to the bandwidth which facilitates in decentralized streaming of high-quality video. And the other is Theta Blockchain which is used to promote the Theta network as it incentivizes people to join the network in the form of Theta tokens. Theta provides a supplementary P2P mesh network to the Content Delivery Networks (CDNs) as users can lend their devices as “caching nodes”(stores video data just like cache memory) which relay streaming of video to any of the viewer across the globe. As the amount of caching and relaying points increases in the network, steam quality gets improved due to less travel of video data. People who are involved in caching the nodes or sparing bandwidth resources are supposed to be rewarded with Theta tokens, thereby making the strength of Theta network strong.
After the launch of Theta Mainnet 1.0 (official final product) in March 2019, Theta blockchain network started to promote Theta tokens by making them available for all the interested users in the following ways:
- Rewarding tokens for relaying and caching the video streams
- Viewers and content makers also got the opportunity to earn tokens as rewards from advertisers for their engagement.
- Tokens are also utilized by advertisers to fund advertising campaigns and purchasing premium content from streaming sites.
- Theta token holders are further being incentivized with Gamma tokens which involves the transaction of smart contracts and video segment payments.
Recently Theta Mainnet 2.0 was launched on May 27, 2020, with technical improvements and further enhancing the experience of viewers. The new concept of Guardian nodes will be introduced in the network of Theta which aims to add two layers of consensus mechanism to optimize the video delivery. You can easily stake your tokens to enjoy the benefits of Mainnet 2.0.
Where To Buy Theta? | Where To Store Theta?
The availability of tokens rely on their liquidity. As Theta token is highly liquid relative to its market capitalization, you can purchase them from a number of crypto exchanges. Korean crypto enthusiasts are majorly involved in Theta trading so the majority of the volume is available on Coinbit, Bithumb, and Upbit. Also, some of the top crypto exchanges like Binance and Huobi have listed the Theta token trading pairs (Bitcoin, Tether, Ether, and many more) which allow the traders to buy and sell Theta tokens. Thus, you can easily purchase the Theta coins like any other altcoins by creating your account on a particular exchange. Theta tokens can also be exchanged on peer to peer platforms like LocalBitcoin. Ans also can be exchanged or swapped on deregulated exchanges like Changelly, Shapeshift, and many more.
After the Theta launched it’s Miannet 1.0, it can be stored as any other crypto coins either in a hot or cold wallet. Hot wallets or online wallets offer you the options of mobile and desktop wallets that are easily accessible but vulnerable to cyber attacks. On the other hand, cold or offline wallets give you the option of hardware wallets like Ledger Nano, Trezor, and many more and paper wallets which are a bit difficult to access but assure the high-level security of the private keys of your Theta tokens. Also, Theta has its own online wallet where you can store your keys of Theta coins.
To sum up, it can be advocated that Theta network is successfully resolving the problems related to scaling, transparency, and security related to the streaming of video, thereby benefiting both viewers and content makers with its decentralized peer to peer model. Investing in Theta coins can be even a better option as recently Google endorsed the decentralized infrastructure of Theta. The tech giant Google joined Theta and thereby will be involved in validating transactions on a network of public blockchain and also act as the preferred cloud partner. Also, one of the topmost reputed crypto exchanges Binance announced the launch of Theta – US Dollar perpetual trading contract after Theta Mainnet 2.0. If you are thinking of buying some of the Theta coins and expanding your crypto portfolio, you can invest some of your funds as the network of Theta has been fulfilling the promises and has better prospects for the future indicating the bullish market ahead. Thus, Blockchain Technology successfully contributed to revamping not only the global digital economy but also the media and entertainment industry. I hope this guide to Theta coin not only resolved your doubts related to- what is Theta coin in cryptocurrency but had cleared some of the basics related to Theta coin.
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Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the course of the latest innovation in the crypto industry, Blockchain Technology, and the Internet of Things. Currently, she is dedicatedly curating the simpler and interesting content for crypto guides for beginners to accelerate the movement of the financial revolution. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn.