Theta (THETA), a blockchain launched in March 2019, is powered by a decentralized network, where users can share resources and content. It is specifically designed for video streaming.
The primary purpose of Theta is that video transmission can be decentralized and made more efficient is cost-effective, fair, and equitable for all industry participants.
What is Theta?
Theta software aims to encourage a global network of computer users on its decentralized streaming platform for video streaming. Users can stream videos through the platform by offering bandwidth and computing resources to receive rewards. Your network will have more bandwidth if you have more users. This means that your network will be able to stream better quality video
Theta technically achieves this in the following way:
- The author uploads his video to the platform, and he establishes his rules for use in the settings.
- The published material is available to users. Support the network by giving power to their computers for free; this will increase capacity and allow content to be transferred to other users.
- All rights reserved Supporters of the network get rewarded with Theta tokens.
- This model eliminates intermediaries and ensures a decentralized network that delivers high-speed streaming video.
Stakeholders of the platform are not concerned. Three groups of participants drive Theta:
Nodes for business validation are nodes that create new blocks in the chain by proposing them. These firms include Google, Sony, and Samsung, are betting on THETA tokens for the right to conduct transactions on the network.
Guardian nodes users are responsible for verifying that the transaction blocks suggested by business validation nodes are correct. The Guardian nodes are responsible for securing the Theta blockchain and sealing the blocks. They provide a second layer against malicious attackers.
Edge nodes users who stream video or share bandwidth over the Theta network exchange for TFUEL.
Finally, Theta offers a micropayment system to viewers and content creators to send and receive THETA through its official wallet.
Theta is open-source software that allows developers to build decentralized applications on its blockchain.
THETA: The native token of Theta’s network
To execute all transactions on its Blockchain, Three native tokens are available in ThetaIt, also known as Theta (THETA), Theta Fuel (TFUEL), and Gamma. These are its internal economic engines.
Theta (THETA).THETA is the cryptocurrency powering the Theta Network. It can be found here to take those who want to be Validator or Guardian nodes. THETA allows nodes the ability to verify transactions, produce blocks, and vote on network changes. They can also earn TFUEL as a reward.
Theta Fuel (TFUEL). It is used to execute transactions over the Theta network. Gas in Ethereum (ETH). Edge Nodes are used to pay Edge Nodes for video streaming. The total supply of the tokens is 5 billion (5,000,000,000,000).
Gamma: was only created to fulfill governance functions. 5 Gamma tokens were purchased for 1 THETA at the time of the main net launch. The Theta network provides a variety of services.
Triple benefit for its participants
- Users who view content receive a higher quality streaming service.
- Content creators increase their revenue.
Intermediaries (video platforms) can help you save money on infrastructure construction.
The initial coin offering (ICO) for the THETA token took place in 2018. It was then distributed on Ethereum as an ERC-20 token. The tokens of THETA ERC-20 were then converted to native THETA.
The total supply of THETA tokens is 1,000,000,000,000These are distributed in different proportions among network participants, between their equipment and a mining pool.
How do you mine Theta (THETA)?
It is crucial to understand the consensus protocol before explaining how to mine Theta. Theta is different from bitcoin and other cryptocurrencies. It is based upon the multilevel BFT consensus mechanism (Byzantine Fail Tolerance). A proof-of-stake governance system allows thousands of nodes (PoS) to join in the consensus process. This keeps the distributed network of computers running Theta Network synced.
All nodes within the network must comply with this requirement. To help power the blockchain, wager THETA tokens. Make blocks and vote for changes. The amount of THETA wagered determines the voting power.
Validation nodes must also wager at least 10,000,000 THETA, while Guardian nodes can only wager 100,000 THETA.
Theta Network also uses the proof-of-engagement testing to give insight into how much time people spend looking at content.
How do you stake Theta?
You can become a node in the Theta network to bet THETA tokens.
1- To participate in the production blocks on Theta’s blockchain, you must run a guardian Node.
2- You must meet the following requirements to run a guardian network:
Place at least 10,000 THETA tokens
Internet speed: 5Mbps+ upstream and downstream
CPU: At least four cores
Memory: 8 GBytes and more
3- You can earn TFUEL by betting THETA tokens on the guardian node.
There are other ways to earn THETA.
TFUEL tokens can be earned for streaming video content via Theta Network. You will need the Theta Edge node for Windows and Mac to do this. Edge Node makes use of your capacity to stream content via sites such as Theta. Tv. You will receive TFUEL for each video segment that is streamed.
You can also earn TFUEL tokens by watching broadcasts on Theta. Tv. These tokens can be used to purchase products, trade them in Theta. Tv’s store, or to donate your favorite broadcasters.
Theta Wallet
You can store your TFUEL or THETA tokens using the official Theta Wallet App or the online wallet. Many other wallets work with Theta, in addition to the official wallet. Let’s find out which wallets are most popular.
Nano Ledger
Ledger is a hardware wallet that lets you store your keys most securely. It runs on Bolos, an operating system that is compatible with Android. The device has an embedded chip (ST31H320 + ST32F042) which provides high levels of security.
Trezor
It is also one of the most trusted and popular hardware wallets. This allows secure payments without having to transfer private keys through potentially unsafe computers or mobile devices.
Theta, with its unique architecture and characteristics, had been one the most successful cryptocurrencies in 2020. It is also one of the most popular coins, alongside $DOGE, $STX, and $DOT. This makes it an excellent cryptocurrency to invest in today.
You will then need to prepare your team and begin betting on your THETA to win TFUEL tokens. This will allow you to contribute to one of the most exciting networks of recent years.
Best of luck!
FAQ
What is the time it takes to mine THETA?
Every ASIC, the THETA block gets mined. This block is then split between all miners. It takes you approximately 1-2 hours to mine one block of THETA. This is dependent on your hash rate. This is how powerful your mining setup. The best way to mine THETA is with GPU.
What is the cost of mining 1 THETA?
Because it is dependent on the price of electricity, it is hard to estimate how much it will cost to mine one block of THETA. You will be able to make a profit if you invest in ASIC mining setups. These setups are designed to mine cryptocurrency, and they provide high efficiency and perfect parameters.
How do you mine THETA at your home?
You can start mining THETA from home using your computer. As you become more proficient in mining, you will be able to invest in a GPU. This is the best way to mine THETA. You should also ensure that you have mining profitability charts so that you don’t just burn money.
