What is Theta crypto?
The Theta network was launched in the Spring of 2019 as an open-source blockchain and peer-to-peer network that provides high-quality video streaming for a low cost to developers.
Theta is a blockchain based cryptocurrency that powers the Theta network that is a decentralized video delivery network built on a blockchain. This network was created by Theta Labs. Theta is a blockchain solution to video streaming services that creates economic benefits for creators and consumers. It’s purpose is to remove the middle man, censors, and gate keepers and provide peer to peer video sharing on a decentralized platform open to all on a global scale.
Theta is an ERC-20 compliant video delivery network. Ethereum is the largest Dapp ecosystem globally, and ERC-20 tokens enjoy a massive variety of wallets, DEXs, and games. Theta leverages the security and efficiency of Ethereum and combines it with various proprietary technologies to improve the quality of streaming delivery. This categorization means that Theta users can utilize the Ethereum ecosystem to simplify their crypto experience.
It was designed to be a blockchain solution for problems users encounter with Twitch and YouTube. Users can stream videos without a centralized 3rd party platform. The Theta network supports smart contracts like Ethereum and Cardano. It is a new platform that was designed to be similar in concept to the Ethereum blockchain. It already has a large ecosystem in place with many users.
The Theta network and protocol are open source meaning anyone can develop on the Theta blockchain. Content creators can develop specific applications that are designed for their own audience. DApps on the network can provide a range of entertainment on the network like movies, television, documentaries, sports, eSports, video games, live streaming, music, and educational courses. Some video platforms already running on the Theta network include Samsung VR, Cinedigm, Shout! Factory, and Theta.TV.
The purpose of the Theta network is to create a less expensive and more efficient alternate to the existing paid streaming services like Disney+ and Netflix. It aims to be a lower cost provider of content by bringing down operating costs for content creators. Lower streaming costs and increasing bandwidth benefits for both brands and the end users. Theta diverts throughput to the videos demanding the most bandwidth, which are also considered high-performing videos due to high traffic and viewership.
Companies must hold Theta tokens to utilize the services provided by the Theta network blockchain protocol. A separate currency for gas powers the network itself through a fee-based system. Theta uses two native cryptocurrencies, the Theta token, for voting on changes to the protocol, and TFUEL, for executing transactions. It also creates an alternate platform for content creators on YouTube where the publisher can remove the 3rd party.
Currently the Theta network token is the 44th largest cryptocurrency by market valued at over $2.8 billion price at $2.88 a token as of this writing.