Theta Network is a decentralised video delivery network that operates on its own dedicated blockchain. It is designed to enhance video streaming quality and reduce associated costs by leveraging peer-to-peer bandwidth sharing. Theta aims to solve problems related to traditional video streaming services, such as high costs and poor quality due to centralised infrastructure, while also providing additional revenue opportunities for media companies.
Theta Network utilises a proof-of-stake consensus mechanism with a model known as Multi-Level Byzantine Fault Tolerance (BFT). This innovative approach involves Validator nodes that create blocks and Guardian nodes that secure the blockchain by finalising these blocks. The Edge Network, comprising community-hosted Edge Nodes, facilitates the streaming and caching of video data. Moreover, Theta implements a dual-token economy where the THETA token is used for staking and governance, and TFUEL is used for transaction fees and operational activities within the network.
Theta Network is mainly used for decentralised video streaming, which improves video quality and reduces costs through bandwidth sharing. Other use cases include:
Theta Network was founded by Mitch Liu and Jieyi Long in 2017. Theta Labs started its blockchain development in 2016, preceding a private token sale that raised $20 million in 2017. The THETA token was released in 2018 as an ERC-20 token before launching its own mainnet in 2019. Over the years, Theta has evolved significantly, introducing Guardian nodes in 2020, enhancing the Edge Node Network, and adding smart contract capabilities in 2021. Throughout its development, Theta has established significant partnerships, including collaborations with enterprises like Samsung, Sony, and Google, and has garnered strategic investments from notable firms.