Theta Network (THETA)
- Category: NFT
- Coin Launched: March, 2019
- Resources: White Paper
- Official Website: Theta Network
- Reddit: Theta Network
THETA NETWORK History / Information / Buying / Staking
THETA NETWORK HISTORY
Theta Token and Blockchain were announced on Medium in November, 2017. The first Theta token sale started in January, 2018, as an ERC-20 token on Ethereum. Theta Network launched its own mainnet 1.0 in March, 2019. With Mainnet 2.0 in May 2020, they introduced Guardian nodes, a two-layer consensus mechanism to complement its Enterprise validators run by partners including Google, Samsung, Binance, Blockchain.com, and Gumi. With Mainnet 2.0, the capability of the Theta Edge Node network was enhanced with the release of Theta’s peer-to-peer “EdgeCast” technology. This fully decentralized technology stack adds the ability to capture live video, transcode it in real-time, cache and relay live stream video data to users globally. The project claims an edge network run by thousands of community members, without central servers or services.
HOW THETA NETWORK WORKS
The Theta Network is a blockchain protocol for improving the process of creating, streaming, and consuming video content online. Theta Tokens are used in the network to incentivize users to act as peers who share redundant or excess computing and bandwidth resources with other peers. In June 2021, Theta Network added NFTs, e.g. trading cards of media celebrities, to the product portfolio.
BENEFITS OF USING THETA NETWORK
Some of the benefits of using Theta Network are:
In total thousands of validator and guardian nodes will be in charge of proposing and validating the blocks.
There are two layers of consensus (validators and guardians). Validator nodes need to lock up a certain amount of stake for a period of time, which can be slashed if they have malicious activities. Finally, thousands of guardian nodes secure the network. Therefore, 51% attack or similar ones are difficult, if not impossible.
The block generation and proposition happen at the validator nodes level. This committee has 10–20 nodes. Therefore, they can reach to consensus quite fast. Thanks to this model, 1000s of transactions can be processed per second.
CAN YOU STAKE THETA NETWORK
In order to stake theta, you need a minimum of 1000 theta tokens. At the current price, this would cost almost $7k, so this may take a while to build up. If you have the required 1000 tokens, you can use the Theta web wallet to stake your tokens. You can do this with up to 10,000 tokens.
COINS SIMILAR TO THETA NETWORK
Direct competition to Theta Network which are Income Locker, Immutable, Golem and Obyte.