Gone are the days when the blockchain concept was still new, and not many people knew about it. Now it’s a huge market, and this idea has expanded to a greater level. So much so that now there are video streaming services connected to it that itself has become a massive industry. This development has been gradual and we can say there will be more of it in the coming years.
Live video streaming started showcasing its fame right from the year 2015. In that year, around two third of the internet traffic was using this live-streaming service efficiently. The reason why the rest of the traffic hadn’t diverted towards it then was the bad quality of the pictures being shown in the videos. The frequent rebuffing owing to the low-quality internet used was also a major cause of annoyance.
The Theta service brought the perfect solution to the bad quality live streaming videos. It is a blockchain-powered video delivery system, and just like cryptocurrency itself, it’s also huge, massive, and super strong!
Simply put, this is a user-friendly trading experience that’s super easy to use and highly efficient compared to other similar services working in the same market.
If you already are well aware of the cryptocurrency and use it to trade through bitalpha ai it’s high time you should get to know about THETA as well.
It’s true that a lot of people still have no idea, even in 2023 what the THETA network system is. If you are one of them, this article will walk you through the facts related to it that will give you all the information regarding the THETA network.
Defining Theta Network
Theta network is the blockchain that mainly focuses on next-generation entertainment and media. It is a complete infrastructure that aids the already working media platforms to bring forward huge revenues and reduce the costs related to content delivery CBD. Alongside this, the end user can share his bandwidth through any device whatsoever.
This is how there is a huge network of Web3 applications that work using the service offered by Theta. For instance, you must be aware of the concept of NFT, also known as non-fungible tokens. It is a major example of this phenomenon, including the DAO, decentralized autonomous organizations, and DEX, decentralized exchanges.
These networks can turn into really crucial building blocks in the future when it comes to the working of the next-generation entertainment and media platforms.
A lot of people who are still in the process of learning about the Theta network confuse it to be a decentralized YouTube service. Well, that’s not the case. It is the backbone for Web3 video streaming and media entertainment platforms, which are powered by blockchain and decentralized storage/delivery infrastructure.
Theta Network Blockchain
The entire network of Theta runs through the POS consensus, also known as the Proof of Stake consensus. A lot of experts call it BFT, Multi-Level Byzantine Fault Tolerance. By using various small nodes through their subsets, the speed of approvals is augmented. This is how it becomes much more efficient and reliable compared to the regularly used Proof Of Work.
As many as ten to twenty nodes are used in each configuration. These are also known as the validator committee, offering approval of transactions. This is done way before passing it through the next step, Guardian Pool. This is how the entire network gets a healthy balance of transaction consistency and throughput.
What makes this whole network so beneficial is the fact that it makes the streaming industry decentralized. The peer-to-peer network ensures efficiency when it comes to video delivery. Alongside this, the quality of streaming augments owing to the strong networking, leading to the reduction of costs even when the video delivery has to be ensured by a third party.
Even in the dual token network economy of Theta, this token is highly valuable. For staking, Theta is required by the validators and guardians. Hence, it works as a governance token as well.
Final Thoughts
The THETA network has become famous over the last few years. Currently, there are around one billion tokens that are supplied in the market, and the network has capped the supply to this limit. A reserve pool and network participants were used, amongst which these tokens were supplied.