Theta Network: A decentralized video streaming network based on blockchain
Written by: Chain Tea House
1. Project Introduction
Theta Network is aBlockchainA decentralized video transmission network that aims to solve some core problems in the current video streaming field.
Traditional video streaming services face the so-called "last mile" delivery problem faced by the content delivery networks they rely on. Typically, content delivery networks require data centers to be built close to viewers around the world, but due to the limited number of these data centers, they are not close enough to most viewers. This creates a bottleneck in the streaming delivery pipeline, resulting in unstable streaming and poor image quality.
Theta Network's solution is to build a peer-to-peer network that incentivizes viewers to share excess computing and spare bandwidth resources. Because the distance between viewers' devices is much closer to each other than to the CDN data center, it solves the last mile delivery problem.
The network and protocol are open source, which means anyone can build on the Theta BlockchainContent providers are able to develop decentralized applications specifically targeted to their audience. DApp A range of entertainment types can be provided, such as movies and TV, music, e-sports, live streaming, and distance learning. Video platforms already running on the Theta Network include Samsung VR, Cinedigm, Shout! Factory, and THETA.tv.
Theta is itsBlockchainThe core that runs operations on it has two nativecryptocurrency: THETA coins (used to vote on protocol changes) and TFUEL (used to execute transactions).
2. Core Mechanics
Theta Network’s core mechanisms focus on its unique decentralized video streaming technology and economic model, which work together to improve video transmission efficiency and incentivize network participants.
The following is a detailed introduction to its core mechanism:
Multi-level BFT consensus mechanism
Theta Network uses an improved Byzantine Fault Tolerance (BFT) consensus mechanism, which allows a certain number of malicious nodes to exist in the network without affecting the overall network.SafetyTheta's consensus mechanism improves its efficiency and scalability by introducing two levels - a small set of verification nodes and a larger group of guardian nodes. Verification nodes are responsible for generating blocks and processing transactions, while guardian nodes participate in the final consensus process, increasing the decentralization andSafetysex.
Resource sharing and incentive mechanisms
Theta Network 创新地将Blockchain技术应用于视频传输，鼓励用户共享他们未使用的带宽和计算资源，以支持视频内容的分发。用户通过分享资源，可以获得 Theta Fuel (TFUEL) 作为奖励，这是网络的运营Token, which is used for transaction fees, video streaming services, and other purposes. This mechanism encourages more users to participate in the network, enhances the network's bandwidth and caching capabilities, thereby improving the quality of video transmission and reducing costs.
Decentralized edge network (CDN)
Traditional content distribution networks (CDNs) rely on a distributed server network to deliver content to end users to reduce latency. Theta Network has built a decentralized edge network (DEC) that uses idle computing resources and bandwidth of users around the world to cache and transmit video content. This not only reduces the cost of relying on traditional CDN services, but also improves transmission efficiency and scalability.
intelligentcontractplatform
Theta Network integrates smartcontractPlatform that allows developers to create decentralized applications (DApps），特别是那些需要视频内容分发的应用。通过智能合约，内容创作者、广告商和其他参与者可以直接交互，无需中介，从而提高透明度和效率。
pairTokensystem
Theta Network 采用了一个双代币系统，包括 Theta Token (THETA) 和 Theta Fuel (TFUEL)。THETA 主要用于治理，即持有者可以通过持有 THETA 来参与网络治理决策，比如升级和协议参数的修改。而 TFUEL 则是网络的实用代币，用于交易手续费、执行智能合约、视频流服务等。
These mechanisms together form the core of the Theta Network. Through decentralization, resource sharing, incentivizing participants, and improving video transmission efficiency, Theta Network aims to solve the challenges faced by traditional video distribution networks and provide an efficient and economical solution for future video streaming.
3. Tokens: THETA and TFUEL
Theta Network uses a dual-token system consisting of Theta Token (THETA) and Theta Fuel (TFUEL), which play different but complementary roles in the network.
Theta Token (THETA)
Main use: Theta Token (THETA) is mainly used for network governance. Users holding THETA can participate in the governance decisions of the Theta network, such as proposing or voting to decide network upgrades and parameter adjustments. This mechanism encourages token holders to actively participate in the development and maintenance of the network ecosystem.
Total supply: THETA's total supply is fixed, capped at 1 billion tokens. A fixed supply helps prevent inflation and ensures the stability of the token's value.
As of now, the THETA token price is $2.54, down slightly by 0.09% in the past 24 hours and up by as much as 127.71% in the past year. THETA has a market cap of $2,537,939,366, which is the total value of all THETA tokens in circulation. The 24-hour volume-to-market cap ratio is approximately 1.57%. Overall, THETA has experienced some volatility over time, with a notable peak and subsequent decline shown on the far right of the chart. The current price appears to have stabilized somewhat, but a slight increase in volume coupled with a drop in price could indicate a recent sell-off or increased trading activity.
Theta Fuel (TFUEL)
Main use: Theta Fuel (TFUEL) is the "fuel" of the Theta network, used to execute transactions, run smart contracts, incentivize content sharers, video streaming services and advertising, etc. TFUEL is essential for transactions and operations in the network because it provides the necessary economic incentives to ensure the healthy operation and development of the network.
How to get it: Users can earn TFUEL by sharing excess bandwidth and computing resources, watching ads, participating in content distribution, etc. In addition, TFUEL can also be found on majorcryptocurrencyexchangeTrading.
供应机制：与 THETA 不同，TFUEL 的供应量不是固定的。新的 TFUEL 可以作为对网络参与者（如内容分享者和验证节点）的奖励而生成，这个过程类似于加密货币的挖矿。TFUEL 的这种供应机制旨在持续激励用户贡献资源，支持网络的运行。
Token Complementarity
THETA and TFUEL play complementary roles in the Theta Network: THETA focuses on network governance andSafety, while TFUEL is the fuel for daily transactions and operations. This dual-token design ensures both decentralized governance of the network and the economic needs of network operations. Through this mechanism, Theta Network is able to encourage user participation and contribution of resources while maintaining the health and security of the network.
4. EdgeCloud
EdgeCloud is a decentralized software platform that the Theta team plans to launch in May this year, which aims to provide unlimited GPU processing power for any AI or video tasks, and its price is very reasonable. This platform combines the best features of cloud computing and is driven by the Theta edge network, which consists of nearly 10,000 active edge nodes around the world and is one of the largest distributed GPU computing power clusters in the world. Theta EdgeCloud plans to launch its first phase on May 1, 2024.
key point:
Decentralization AI Computing Platform：Theta EdgeCloud 将使开发者、研究人员以及大小企业都能够以最佳成本接入 GPU 处理能力。高级 AI 开发人员将能够管理整个 AI 管道开发，从使用 Jupyter Notebook 进行原型设计到训练 AI 模型，包括超参数调整、神经架构搜索以及模型微调。然后，这些模型可以在 EdgeCloud 的 GPU 网络上轻松部署和服务——经过优化、可立即访问且可扩展。这些最终可以在射线集群或原始机器上运行，供寻求更多控制的人工智能专家使用。
Theta Edge Network: It will be launched in the form of Mainnet 3.0 starting in 2021, focusing on GPU-intensive video processing, including encoding, transcoding and distribution.
Processing power: A global network of high-performance GPU nodes provides approximately 80 petaflops of processing power, equivalent to the power of approximately 250 Nvidia A100s.
Hybrid cloud decentralized architecture: This enables Theta EdgeCloud to easily run large language models and text-to-video AI models such as Stable Diffusion and Llama2.
Software Development: Theta first applied for a patent for its edge computing platform in 2021, which supports blockchain networks with smart contract functions, making it possible to build a next-generation hybrid computing architecture.
Upcoming features: AI developers will be able to easily select and deploy popular models and build their AI-driven applications on Theta EdgeCloud. An upgrade to edge node software with the Elite+ Booster feature is planned for spring/summer.
CommunityGet Involved and Support: The Theta team encourages everyone to join the discussion through channels like Discord and Twitter to help drive development together as EdgeCloud rolls out its first phase.
Theta EdgeCloud demonstrates the Theta network's ambition to expand into AI and video task processing, while proving its deep strength in distributed edge computing. As it develops and deploys, we can expect more innovative applications and services to emerge.
5. Team
Theta was founded in 2018 by CEO Mitch Liu and CTO Jieyi Long.
Mitch Liu holds a degree in Computer Science and Engineering from MIT and a Master’s from Stanford Graduate School of Business. He has also co-founded various other projects such as mobile social game studio Gameview Studios, advertising and app monetization platform Tapjoy, and live streaming dApp THETA.tv.
Long holds a Ph.D. in computer engineering from Northwestern University and co-founded THETA.tv with Liu. He has developed several patented technologies including video game instant replay and virtual reality live broadcasting. Theta's leadership team also includes CPO Ryan Nichols, who was previously the director of Tencent's WeChat application.
Notably, the project has a range of investors including Samsung, DHVC, IBC, and Sony Innovation Fund. In addition, Theta’s advisory board includes YouTube co-founder Steve Chen, Twitch co-founder Justin Kana, and Verizon executives Rakuten Viki and CJ Hello.
Theta Network currently has 1 known round of financing, an unknown venture financing conducted on May 3, 2023.
6. Usage Guide
How to use Theta Network?
Theta CommunityMembers can stake THETA to become guardian nodes. They can also host Theta edge nodes for video capture, transcoding, caching, and relaying by contributing computing resources. THETA tokens are used to stake as validators and guardian nodes, as well as to participate in protocol governance.
How to choose Theta Network wallet?
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THETA tokens can be stored in the project’s own Theta wallet中，该钱包适用于 Android、iOS 和 Web。
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Hardware wallets or cold wallets such as Ledger or TrezorThey offer the most secure cryptocurrency storage options through offline storage and backups. However, they may require more technical knowledge and are a more expensive option. Therefore, they may be more suitable for experienced users to store large amounts of THETA.
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Software wallets offer another option and are free and easy to use. They can be downloaded as smartphone or desktop applications and can be custodial or non-custodial. With custodial wallets, private keys are managed and backed up on your behalf by a service provider. Non-custodial wallets utilize a secure element on your device to store private keys. While convenient, they are considered less secure than hardware wallets and may be more suitable for smaller amounts of THETA or more novice users.
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Online wallet or web walletare also free and easy to use, and can be accessed from multiple devices using a web browser. However, they are considered hot wallets and may not be as secure as hardware or software alternatives. Since you may be trusting the platform to manage your THETA, you should choose a reputable service with a good track record in security and custody. As such, they are best suited for holding small amounts of cryptocurrency or making more frequent transactions.
7. Future Prospects Analysis
Theta Network has an ambitious development roadmap for 2024, focusing primarily on the launch of Theta EdgeCloud.
The company's plan for 2024 is to release the EdgeCloud next-generation edge network, including cloud-hosted nodes operated by Theta and the Theta Elite+ boot module to enhance the operation of EEN (Elite Edge Nodes); focus on the development of MetaChain, EdgeCloud and DePIN (decentralized private network); new adoption indicators and sub-chain statistics, support for new ecosystem projects, sub-chains, TN20 tokens and staking; Theta Video API feature enhancements, including self-service-level NFT DRM support for live and on-demand broadcasts, and advanced metrics dashboards, and more.
Of course, as an innovator in the field of video streaming and distributed technology, Theta Network also faces a series of challenges in the future.
First, this is still a relatively new project.Xiaobai NavigationTheta.TV has a high level of video buffering, which is a clear disadvantage of the project.
Furthermore, as the network increases in users and use cases, it is a challenge to ensure that the network scales seamlessly to meet the growth demand, including maintaining low latency, high throughput, and optimized network performance. In addition, while Theta's technical potential is huge, the speed of adoption by users and content creators may affect the success of the network. The ease of user experience and the usefulness of the network are critical to attracting non-technical users. Maintaining the stability of the economic model of the Theta tokens (THETA and TFUEL), including token supply, demand, and incentives, is critical to ensuring long-term participation of network participants.
综合来看，Theta Network 的前景取决于多种因素，包括技术创新、生态系统的成长、社区参与度、监管环境的变化以及市场的竞争态势。尽管面临挑战，但 Theta Network 利用区块链技术解决实际问题，拥有明确的增长战略和强大的合作伙伴网络，展现出其作为行业领导者的潜力。
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