What Is Theta Network (THETA) How It Works & Where To Buy It?

Theta positions itself as a blockchain-based peer-to-peer video streaming network. Essentially, it allows developers to build decentralized applications on the Theta Network, similar to Ethereum.

The functionality of the network is achieved through a distributed network of users that contribute bandwidth resources, in return for Theta Fuel coin rewards.

THETA token is currently the 41st largest cryptocurrency in the world by market capitalization.

How Theta Network (THETA) Works

The concept behind the Theta network is expansive enough to revolutionize video streaming and video content distribution globally. Theta network is a decentralized video streaming platform where users’ computing resources are re-distributed to other users when they watch video content.

Essentially, portions of spare bandwidth from an individual watching a video are used to help another user participate in video streaming. Users giving up their spare bandwidth are rewarded with Theta Fuel (TFUEL) token rewards.

Theta.tv is the streaming site that hosts a multitude of content – esports, music, TV, and much more.

The video streaming market is booming and is expected to reach $932 billion by 2028. Theta labs pioneered the movement towards a decentralized video streaming platform – a more functional, sustainable, and peer-oriented version of traditional video streaming sites.

By creating their own streaming site, that rewarded Theta network users, they could pioneer the transformation of the video streaming industry. All the relay video streams are powered by edge nodes, which facilitate core functionality and streamline the rewards process.

What Is Theta Network (THETA) Used For?

Theta blockchain allows developers to deploy blockchain applications on the network. It positions itself to be an expansive and decentralized streaming platform, that is run by peers.

Users who stake Theta tokens are also rewarded for providing additional security to the network. Unlike other shared video streaming platforms, users uphold the network and benefit from financial incentives for their participation in the network.

Theta labs have an influential team with vast experience in the global media industry – it’s also backed by the likes of Sony Europe who are one of the enterprise validator nodes.

Additionally, individuals can receive staking rewards by locking up their tokens on certain centralized exchanges.

Many individuals capitalize on the Theta tokens’ price volatility, seeking to make profitable trades when there are fluctuations in the tokens’ price.

Where To Buy THETA

Theta tokens are frequently traded and available to purchase on most cryptocurrency exchanges. In March 2021 THETA token saw its most significant trading volumes when daily trading volumes reached $2.2 billion.

Five of the most popular crypto exchanges used by US traders are:

1. Gate.io
2. Coinbase
3. KuCoin
4. HTX
5. Crypto.com

Users can benefit from decentralized finance applications in the Theta ecosystem – a wallet that can integrate with the Theta network is necessary, and users can earn yields by interacting with DeFi applications.

About Theta Network (THETA)

How long has Theta Network (THETA) existed?

Theta was initially founded by Mitch Liu and Jieyi Long in 2017. Both of the founders have extensive experience – Liu founded mobile gaming and online advertising startups, and Long worked on live VR streaming technologies. Steve Chen, the co-founder of YouTube, is also an integral part of the Theta team.

Sequentially, the THETA token was listed on multiple exchanges but only saw significant price appreciation from September 2020. The dual-token Theta network has rapidly grown to become one of the most influential projects in the blockchain space.

What’s controversial about Theta Network (THETA)?

Blockchain and crypto are very innovative spaces, and new projects are continuously emerging. It’s crucial to educate yourself and research as much as possible before investing in any project. The legal framework surrounding projects is very opaque, and many projects use this to their advantage.

It’s quite common for retail investors to fall victim to scams and ”rug pull” projects where they lose significant amounts of money. Do your research, make sure projects are credible, and compare information from multiple sources.

Let’s take a look at the top two controversies surrounding Theta Network (THETA)

• YouTube’s Competitor – Theta is deemed to be the competitor of YouTube. Essentially, Theta is seeking to take over the video streaming industry and incentivize users at the same time, the only issue is that it’s up against a GIANT.

  More than 79% of people have their own YouTube account, and more than 2,3 billion people use YouTube. Even though the Theta network is providing much more affordable fees, a decentralized network, and incentives to users who share their bandwidth – YouTube definitely has a major upper hand, and that might never change.

• Not The Only Decentralized Streaming Platform – Theta aims to revolutionize the decentralized video streaming industry but there are already other blockchain projects that aim to provide similar solutions. Among the fastest-growing sectors are blockchain gaming and the metaverse sector.

  Many projects that are involved in these sectors are already creating innovative ways to incorporate a specialized video content delivery network into the metaverse. Projects like Bloktopia and Verasity are two incredibly popular projects in the blockchain space at the moment. Theta network will have to offer users something more valuable, efficient, and rewarding than its competitors in the sector.

How many Theta Network (THETA) tokens are there?

At the time of writing, Theta Network (THETA) has a circulating supply of 1,000,000,000 THETA and the total supply of Theta Network (THETA) is 1,000,000,000.

Can THETA be mined?

THETA is not a mineable cryptocurrency. Unlike Bitcoin and Ethereum which use proof-of-work consensus algorithms and require intensive rigs to mine – THETA uses a proof-of-stake consensus algorithm.

Individuals who stake Theta tokens can earn rewards. Major edge nodes and guardian nodes are the highest earners of rewards because they have the highest allocations of tokens.

Individuals can also use the official theta wallet app – this allows them to interact DeFi applications in the Theta ecosystem, where they can earn additional rewards.

Some centralized exchanges also offer Theta token holders rewards if they stake Theta tokens for a certain duration, normally a minimum of 30 days.

What is the market cap of THETA?

The following calculation is a simple way to work out the market cap of any cryptocurrency: total amount of coins in circulation times the current market price.

THETA Market Cap = 1,000,000,000 x $18,51 = $2,64 billion (41st largest cryptocurrency by market cap).

The market cap continuously fluctuates according to circulating supply and market price.

 

Biggest Competitors Of Theta Network And THETA Token

The Theta labs team has made a significant amount of progress and they’ve seen major success with the project. However, the blockchain space is incredibly competitive and the Theta team will need to keep building a comprehensive, affordable, and appealing network.

Within the blockchain space, the main competitors of Theta Network are:

• BRAVE (BAT)
• Cosmos (ATOM)
• APE Coin (APE)
• Bloktopia (BLOK)
• Verasity (VRA)

The entertainment sector is expanding rapidly and the market for video streaming is flourishing. YouTube is by far the largest player in the game but blockchain-based projects like Theta and its competitors are looking to change that.

What Are The Future Plans Of Theta Network And THETA Token

Theta labs have been hard at work to secure the network, keep building, and service consumers as best as possible. The series the project has made have been very notable, and major backing partners have garnered Theta more network users and retail investors.

Going forward, the project has announced that it wants to position itself as the alternative to major video streaming hubs like YouTube and Netflix. While this may seem like a tall order, there is a definite appreciation among the majority for a decentralized and censorship-resistant platform.

The current political climate might just create the perfect opportunity for Theta to bolster user adoption and cement itself in the sector.

Pros And Cons Of Theta Network And THETA

Pros:

• Decentralizes video streaming – The innovative sharing of bandwidth lowers the cost to stream and makes it cheaper than current platforms.
• Users are rewarded – The rewards mechanism in Theta pioneers a financial incentive mechanism for consumers who share their computing resources, which in effect makes the network costs cheaper for other users. Users that share bandwidth receive TFUEL tokens.
• Experienced team – The core team of founders and developers is extremely experienced in various global sectors – including mobile gaming, online advertising, and VR live streaming.
• Real use case – The price of data has been an issue of concern for many years. With ongoing technological developments like 4K streaming, the price of data has continued to increase, creating a significant amount of inequality and inaccessibility. Theta has the potential to cut data costs by more than 80%.

Cons:

• Competition – Although Theta has a working service with a growing community, it’s up against industry giants like YouTube. YouTube already has 2,3 billion active users and that number keeps growing year on year.

  Looking at the data available, it seems highly unlikely that a project like Theta could compete with a company like YouTube. However, Theta does have the potential to revolutionize the industry if they manage to increase global user adoption substantially.