Theta Network: A decentralized video streaming network based on blockchain

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Theta Network has an ambitious development roadmap for 2024, focusing primarily on the launch of Theta EdgeCloud.

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).

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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 在其Blockchain上集成了智能contractPlatform 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 uses a dualTokenThe system includes Theta Token (THETA) and Theta Fuel (TFUEL). THETA is mainly used for governance, that is, holders can participate in network governance decisions, such as upgrades and protocol parameter modifications, by holding THETA. TFUEL is the utility token of the network, used for transaction fees, execution of smart contracts, video streaming services, etc.

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.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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。

详解 Theta Network:一个基于区块链的去中心化视频传输网络

Token Complementarity

THETA and TFUEL play complementary roles in the Theta Network: THETA focuses on network governance andSafety,而 TFUEL 则是日常交易和操作的燃料。这种双代币设计既确保了网络的去中心化治理,也满足了网络操作的经济需要。通过这种机制,Theta Network 能够鼓励用户参与和贡献资源,同时维护网络的健康和Safety.

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 will enable developers, researchers, and businesses of all sizes to access GPU processing power at the best cost. AI Developers will be able to manage the entire AI pipeline development, from prototyping with Jupyter Notebooks to training AI models, including hyperparameter tuning, neural architecture search, and model fine-tuning. These models can then be easily deployed and served on EdgeCloud's GPU network - optimized, immediately accessible, and scalable. These can ultimately run on Ray clusters or raw machines for AI experts seeking more control.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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.

详解 Theta Network:一个基于区块链的去中心化视频传输网络

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?

  • THETA tokens can be stored in the project’s own Theta wallet中,该钱包适用于 Android、iOS 和 Web。

  • 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.

  • 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.

  • 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.

Overall, the prospects of Theta Network depend on a variety of factors, including technological innovation, ecosystem growth,CommunityDespite the challenges, Theta Network has demonstrated its potential as an industry leader by leveraging blockchain technology to solve real problems, having a clear growth strategy and a strong partner network.

The article comes from the Internet:Theta Network: A decentralized video streaming network based on blockchain

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