The decentralized open-source nature makes it possible for the service to develop solutions for more effortless revenue for streamers, video platforms, and network participants. Major tech companies like Binance, Samsung, and Google are enterprise partners of THETA.
Theta.tv is the startup behind Theta project. It is one of the leading silicon-valley groups in the fields of e-sports and live streaming.
The startup has been successful in raising $17 million venture fund with the participation of some big names like Samsung, Sony, Atari, Colopl VR FUND, etc.
What is Theta Project?
Video streaming platforms are among the most outstanding services in today’s world. But there are significant problems in them when it comes to the quality of the content ad latency in the streams.
Besides, the revenue model for most of the current services relies on advertisements that kind of results in collecting users’ data.
THETA Project tries to address all of these problems bu introducing a decentralized solution for streaming platforms and streamers alike. Besides, there are financial incentives in this solution – like any other blockchain project – that convince people to share their processing assets as content delivery infrastructure.
Theta Network introduces itself with the slogan ‘Next Generation Bideo Delivery Powered by You’. All of the participants in the network genuinely affect the quality and volume of delivered content.
Theta held a private token offering in early 2018 and raised $20 million. The live testnet was launched in June 2018.
What does this project offer?
Theta Project focuses on the accessibility and quality of streaming video. The network makes it possible for users to share their extra processing power or bandwidth. It incentivized users to share their unused computer assets and earn cryptocurrency.
The users interested in participating in the Theta network, can download and install a client that manages the extra unused bandwidth. So, when the processing power or bandwidth is free, it can help local viewers who are viewing streamed content on the platform.
After all, the streaming quality and loading time improves. As a result, the participant earns a cryptocurrency token THETA.
THETA token is the primary coin in Theta project. Participants can use their earned tokens to donate streamers, unlock premium, and purchase virtual items within the Theta ecosystem.
Theta network is an open-source native blockchain infrastructure. It means the solution is not limited to Theta.tv, and any other video streaming platform can benefit from the system.
Theta blockchain focuses on three novel concepts in the industry. It relies on the BFT consensus mechanism that has the benefits of node scalability and high transaction throughput.
The other concept is Aggregated Signature Gossip Scheme that focuses on the simplicity of messaging between nodes. The Resource-Oriented Micropayment Pool within this blockchain provides off-chain transactions possibility between content creators and viewers.
There are three types of nodes in the Theta blockchain. Edge Cacher, Guardian, and Enterprise Validator nodes.
The enterprise validators that include companies like Google, Binance, Blockchain, and Gumi, create a chain of blocks and then, Guardian nodes come in to play. They finalize the chain at regular block checkpoints.
Edge Cacher nodes are users interested in sharing their bandwidth and processing power that facilitate the final mile of content delivery.
Theta Network uses a mechanism called Proof-of-Engagement to increase the transparency within the advertising system in streaming services.
In other words, advertisers will have proofs about how much their ads have been viewed or how many minutes each publisher’s videos are being watched. The system relies on the off-chain micropayments segment.
“With PoE, viewers can earn tokens as rewards from advertisers in exchange for their attention to video streams and by providing PoE. PoE not only brings benefits to viewers but also to advertisers as it provides them with a reliable and verifiable engagement measurement of the delivered video streams,” according to Theta documentation.
Smart Streaming Contracts
The system that manages reward collecting and distribution within the Theta network is called Smart Streaming Contracts. As the name implies, it is a unique form of smart contract used within this blockchain.
The contracts have multiple use-cases in the ecosystem. For example, advertisers can reward streamers and viewers using them. All of the other operation based on THETA token happen using the Smart Streaming Contracts.
Enterprise validator nodes execute these smart contracts, so the contract funder doesn’t need to be worried about distribution or validation processes.
Theta Token Wallet, How to create a wallet?
Theta Labs launched Theta Web Wallet in 2019. Other wallets are supporting the token like TrustWallet and Atomic Wallet. The development team also released Android and iOS mobile wallets.
Creating a new web wallet for Theta is easy:
After visiting https://wallet.thetatoken.org, you should click on Create Wallet below the page that will download a Keystore file for your wallet. Y
ou have to enter a password for wallet, too. It is recommended to do these steps while offline or in Airplane mode.
This Keystore can be used to import the wallet to the web or mobile versions. Hardware wallets like Trezor and Ledger support Theta, too.
How do I get Theta tokens?
There are multiple ways to earn Theta tokens. You can join the network as a caching node and earn coins by sharing bandwidth and CPU power.
Besides, viewers in Theta.tv platform or other streaming services based on Theta can receive THETA from advertisers for their engagement.
If you are a streamer, there is the opportunity to have income from viewers directly in Theta platforms. You can also sell premium digital content or goods and services and earn THETA.
Conclusion about Theta
Theta project focuses on one of the most popular topics of the tech world. Streaming is on the rapid rise and everyday new streamers, viewers, and advertisers join the existing platform.
A technology that makes it possible to deliver content faster and in better quality will have a bright future in this industry. The financial incentives play an essential role in that success, too.