The Theta Network is a public blockchain that provides a decentralized infrastructure to support end-to-end video content streaming and delivery. It offers a compelling real-world use case for distributed ledger technology outside the world of fintech, the main application that most blockchains focus on.
The Theta blockchain was designed to focus on digital media and online entertainment, leveraging the innovation of a distributed network to provide a more efficient alternative to present-day leaders in the content streaming space. It offers content creators and resource providers to generate attractive revenue while reducing overall content delivery network (CDN) costs.
The Theta Token (THETA) is one of two native digital assets of the Theta Network and serves as the governance token of the ecosystem. THETA holders can stake their tokens to become validators who verify transactions on the network and create new blocks.
The Theta Network also has a second token, Theta Fuel (TFUEL) which functions as the operational token of the blockchain. It serves as the native currency in which transactions are performed and is used to pay for executing smart contracts on the Theta ecosystem.
In addition to its primary use case as a provider of decentralized infrastructure for video content hosting and streaming, Theta Labs - the company behind the development of the Theta Network, also announced the concept of Theta Metachain in April 2022. Expected to launch on 1 December 2022, the Theta Metachain will work as a “chain of chains,” supporting blockchain interconnectivity to offer more scalability and throughput to the Layer-1 Theta Network. The Theta Metachain is also designed to cater to the upcoming Web3 revolution.
Theta Network boasts an impressive list of people on its board of advisers, including co-founder of YouTube Steve Chen, co-founder of Twitch Justin Kana, and senior executives at Verizon, Rakuten Viki, and CJ Hello.
The Theta Network is an open-source, EVM-compatible blockchain supporting Turing complete smart contracts. It allows content creators to upload and share video content on a decentralized infrastructure, significantly reducing costs associated with hosting data. In addition, it provides end users a way to earn rewards by giving excess bandwidth and storage resources to the network via their computers, smartphones, smart TVs, and connected IoT devices.
The EVM compatibility and smart contract functionality make it possible for developers to design and deploy Web3 applications on the Theta Network ecosystem, offering more versatility to the blockchain. In addition to decentralized content management and video streaming, the Theta blockchain can support decentralized applications (dApps) across NFT, DeFi, DAO, and other categories.
The Theta enterprise validator and governing council include prominent brands that serve as enterprise validator nodes, such as Google, Sony, Samsung, and Creative Artists Agency (CAA). Binance, Blockchain Ventures, DHVC, and gumi. Millions of users access video-based content on the peer-to-peer network that Theta provides.
In addition to the brands listed above, leading digital content providers like Lionsgate, Metro Goldwyn Mayer (MGM) Studios, and NASA have also forged partnerships with the Theta Network. Some popular video platforms integrated with the Theta blockchain include CONtv Anime, World Poker Tour, Cinedigm, Samsung VR, and MovieBloc.
Theta Network leverages two networks for operations - the Theta Blockchain, which supports payments, incentives, and smart contracts, and Theta Edge Network, which handles digital content storage and delivery.
The Theta Network also features a dual token design, leveraging the Theta Token (THETA) and Theta Fuel (TFUEL) for various purposes. Let’s take a look at some of the use cases for Theta Token (THETA):
Users can stake THETA to become validators or Guardian nodes within the Theta Network. By staking THETA and operating a node, you can verify transactions and create new blocks, earning rewards in new TFUEL tokens for your efforts.
The Theta Token has a total fixed supply of 1,000,000,000 THETA. As a result, it could be an attractive digital asset to invest in as its value could keep increasing in the future as the adoption of the Theta Network rises.
You can also buy or sell THETA against other cryptocurrencies on leading exchanges where it is listed. You also have the option to buy and hold Theta Token in the long term if you believe in the future potential of Theta Network’s technology. Review the current Theta Network price, THETA market cap, 24-hour trading volume, and news before you trade THETA.
Holding and staking THETA on the Theta Network offers you a chance to grow your crypto holdings by becoming a validator for the blockchain. In addition, you can generate passive income risk-freely by holding THETA and lending liquidity in the token to KuCoin. Head to our Crypto Lending section to lend liquidity in THETA to our platform and earn attractive daily interest over seven days, 14 days, or 28 days.
As of January 2023, THETA is among the top 50 cryptocurrencies by market cap. It is a popular digital asset among crypto traders, enjoying high liquidity and trading volume on leading exchanges.
One key reason that makes THETA stand apart from its competitors is the commercial use case for the underlying Theta Network. The Theta project aims to revolutionize online content streaming using blockchain technology and is one of the most promising applications for the technology in the market.
This makes its native token THETA a valuable asset to trade or hold. The THETA price enjoys an uptrend amid the rising adoption of the Theta Network by developers, dApps, and end users, driving higher on-chain activity.
In addition, the THETA price statistics also receive support from an uptick in Web3 adoption. As a PoS, EVM-compatible network that runs smart contracts, the Theta Network is an attractive platform for developers to design dApps. The higher the innovation and number of dApps on its network, the more valuable the THETA token becomes.
Finally, positive market sentiment towards cryptocurrencies, in general, could also power bullish moves in the Theta Token price. When the price of top cryptos like Bitcoin and Ethereum trades higher, more investors feel confident in buying digital assets across the crypto market, which could drive up the THETA price.
The Theta Network was co-founded by Mitch Liu, a computer scientist from MIT who did his MBA at Stanford, and Jieyi Long, an engineer from Peking University with a Ph.D. from Northwestern. They set up Theta Labs as the company that went on to develop both the Theta token and the blockchain.
The initiative was first announced in November 2017 via Medium. A THETA token sale followed this during its initial coin offering (ICO) in January 2018, when the token was initially designed as an ERC-20 token on Ethereum.
The Theta Network mainnet 1.0 launch happened in March 2019, followed by the mainnet 2.0 launch in May 2020. The second mainnet launch brought the concept of community-run Guardian nodes to validate transactions.
The Theta mainnet 3.0 launched in July 2021, bringing smart contract capabilities to its blockchain infrastructure. In 2022, Theta Labs announced the Theta Metachain concept with more scalability, throughput, and security.
As a platform for decentralized video content streaming and sharing, the Theta Network does not have too many direct competitors. However, its disruptive technology does pit the project directly against established giants in the video streaming industry, including YouTube and Netflix.
It offers an innovative, decentralized infrastructure that is easier to operate, provides a cheaper infrastructure to content creators for hosting and streaming, and provides incentives to its community. The innovation sets Theta Network apart from centralized players in this space and distinguishes it from other blockchain networks in the industry to date.
However, with its upcoming Theta Metachain launch and its interest in the Web3 space, we could see Theta Network compete with other leading Web 3.0 blockchain networks. Some of the competitors in the Web3 blockchain space include Ethereum, Polkadot, Cosmos, Filecoin, Audius, and more.
Staking Theta Token is a lucrative way to put your crypto to work and generate revenue on your investment. Here’s how to stake THETA token to be eligible for validating transactions and earning TFUEL tokens as rewards:
1. Set up a Theta Wallet, the official wallet developed by Theta Labs.
2. Ensure that your wallet is funded by buying Theta Token on KuCoin or any other supported platform. Withdraw the purchased THETA from your exchange to your Theta Wallet address.
3. Head to the Stakes tab on your Theta Wallet interface by clicking on it.
4. Click on the Deposit Stake button on the top right side of your screen.
5. Please note that you need to stake a minimum of 1,000 THETA tokens to become a Guardian node and function as a validator on the blockchain.
6. If you choose this option, copy the text string from your Guardian Node app to stake THETA to this and function as a network node.
7. You can also choose the Delegated Guardian Node to delegate your staked THETA crypto to existing validator nodes on the decentralized network. This is a convenient option if you wish to stake fewer than 1,000 THETA tokens.
8. Sit back and watch your rewards accumulate in the Theta Wallet in TFUEL crypto.