Theta network is a decentralized video streaming network that is powered by blockchain technology.
Theta allows users to watch video content and get rewarded with tokens as they share their internet bandwidth and computing resources on a peer-to-peer (P2P) basis. Besides a line-up of institutional investors like Node Capital and DHVC, Theta Network is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. This has led to an increase in THETA price.
How does Theta work?
The video streaming services on Theta rely on a distributed network of users who voluntarily contribute their spare bandwidth and computing resources to run Theta’s system, in return for Theta Fuel (TFuel) reward. Theta runs on a modified proof-of-stake consensus mechanism as it has a unique multi-Byzantine Fault Tolerance (BFT) which combines a committee of 20-30 Validator nodes with a second later of thousands of Guardian nodes. This acts to speed up approvals and is faster than traditional proof-of-work networks. Theta’s multi-BFT design achieves a healthy balance between consistency, speed, and decentralization. With this architecture in place, Theta’s Network’s content storage and delivery capabilities are powered by Theta Edge Nodes.
Theta Edge Nodes
Besides the Validator and Guardian nodes, community members of Theta also operate the Theta Edge Nodes, which make up the Theta Edge Network that is fully decentralized for data delivery and edge computing. Crucially, edge nodes allow users to capture live video, transcode and relay video content as well as share bandwidth across the network globally without the need for centralised servers. As of April 2021, the edge network has as many as 30,000 nodes, if not more; making it the backbone for Theta’s P2P content-sharing ecosystem.
Turing-complete smart contracts
These smart contracts open a new avenue for various user experiences, as more DApps are developing on the Theta network. Subsequently, Theta launched the Theta Token Minter which allows any user to create new TNT-20 tokens on the Theta blockchain. No smart contract experience is required. Users can input token name, ticker symbol, and supply parameters of their new token. Token Minter will mint the new tokens. This is a seamless and non-technical way to mint tokens on the Theta blockchain. It invites a wide range of DApps and assets that can be use the protocol.
Let us review THETA Price
THETA Price Prediction
THETA is trading above the support zone of $6.78. If it stays above this support zone, we could start seeing a move towards $7.12, $7.94, $8.68, $9.10 and $10.59. If the resistance at $10.59 breaks, we could start seeing a much bigger run towards $14.87 and $21.81. Failure to hold the support at $6.78 could lead to a drop towards $6.30, $5.98 and $5.29.
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