blockchain for streaming

unknown to the general public a few months ago, theta It is the blockchain that could shake up the world of video streaming. Its original symbol, the thetaIt has registered an increase of almost 17,000% over the past 12 months, which has allowed it to enter the top ten among the largest cryptocurrencies by market capitalization.

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Source: coinmarketcap

Project submission

The project was developed by Theta Labsa subsidiary of silver TV : It arose from the observation that the content available on broadcasts is of poor quality due to the saturation of distribution networks, particularly for high-definition streams. This problem is related to the limited number of data centers (POPS or Points of Presence) on Content Delivery Networks (CDNs), particularly in developing countries.

Another major difficulty for streaming sites is the cost of bandwidth, which can run into millions of dollars each year. In fact, the current Internet infrastructure is inadequate in terms of data, costs, and business models: on this last point, it relies on “pay per bandwidth” or “pay per storage” models. Which can represent a non-a small percentage of your operating expenses.

Theta’s goal is to use blockchain technology to create a decentralized streaming network. Theta network can be thought of as a “global cache” that collects the memory resources and bandwidth provided by all users. Theta is based on a aggregation or sharing business model that provides its users with the ability to view and stream content over a decentralized network.

How does the protocol work

The protocol uses a variant of the Byzantine Fault Tolerant Process (PBFT) consensus mechanism. Thousands of nodes are allowed to participate in the consensus process which takes place at two levels:

  • The first level of verification is provided by a small group of nodes (between 20 and 30) called “authentication nodes” that make up the verification committee: at the end of 2020, large companies such as The GoogleAnd Blockchain projectsAnd Binance or Samsung It is part of the Endorsement Contract.
  • The second level is performed by all other participants, called “guardians”, who finish the chain created by the validation committee.

Project Infrastructure

The Theta Network contains two cryptocurrencies: Theta Token (THETA) and Theta Fuel Token (TFUEL).

THETA bid is set at $1 billion. To encourage contribution to the Theta network, the THETA token is used as an incentive mechanism. THETA is a governance token that can be staked, allowing its holder to play the role of trustee or auditor.

TFUEL is a utility token that can be thought of as a “gas” protocol. It is used to perform on-chain operations such as smart contract deployment or contract payment.

In April 2020, Theta launched the beta version of “Theta Edge Node” which allows the transmission of video streams on the network and rewarded in TFUEL. Using the Theta Edge node requires downloading and installing an app that is available on both Windows and Mac.

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The protocol also contains a tool called a “resource-oriented micropayment pool” that allows off-chain transactions and greatly improves the degree of scalability of the blockchain.

With these two tokens, Theta protocol created a system whereby users and content creators could be compensated, without going through intermediaries. The launch of the new version of Theta, Theta 3.0, will introduce a new business model for TFUEL which will specifically allow users to stake their TFUEL tokens for staking.

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