Theta is a cryptocurrency that has been doing quite well for the past few months and has even managed to breach into the top ten for the first time in its history. But most of us are indeed just hearing about the coin for the first time, and we do not understand the reason for its explosion or the fundamentals behind this.
Theta is a decentralized video delivery network that its users power. Theta is a proof of stake blockchain, it is efficient and fast, and it is currently preparing for a major upgrade called Theta V3. This upgrade is planned for release on the 30th of June after recently being delayed. The upgrade was very close to launching, but unfortunately, they delayed it by a few months. The V3 upgrade will see significant improvements and also bring in NFTs.
The Theta network operates by using unused internet bandwidth and automatically rewards people providing the bandwidth with Tfuel tokens. The Theta Network is paying you to watch your favorite content. By creating a peer-to-peer network that shares resources, Theta enables a more consistent rate of platform performance.
Theta was, in a way, born from Ethereum; thus, the Theta ledger offers a smart contract environment that is compatible with the Ethereum virtual-based machine. Theta indirectly being born from Ethereum means that Ethereum based contracts can be transferred over to the Theta network with no stress. Everybody is doing a type of compatibility with Ethereum because that is where all the liquidity is.
In the technical aspect, the Theta blockchain combines three main concepts. The first concept is a multilevel consensus; this is a mechanism that allows thousands of computers to participate in consensus on the blockchain. They are still able to achieve a very high transaction throughput of about a thousand transactions per second.
On the Theta network, core nodes are called Validator Nodes. These are the computers running the network. Currently, Google, Sony, Samsung, and Binance are operating nodes running the Theta network using enterprise validator nodes. Validator nodes propose and produce new blocks on the blockchain.
The second concept is that Theta allows significantly reduced messaging complexity between nodes, making it easier for the network to communicate between different computers. The third is a research-oriented micro-payment tool that enables users to create of-chain micro-payment pools built for video streaming. The micro-payment tool allows users to reward content creators directly, which means that creators can have more freedom and less reliance on advertisers and third-party hosting websites.
It is pretty easy to participate in the Theta network. You only need to go to the website, download the Theta edge node that will allow you to relay video streaming over the Theta network, and as a reward for that, you will be earning Tfuel tokens. By running the node, you will be providing support to the Theta.tv network and other upcoming video platforms that may be using the network.
We are going to see big announcements coming from Theta.
