Theta Network

Project Overview

Theta Network is a blockchain-based decentralized video delivery network aimed at addressing core issues in the current video streaming domain.

Traditional video streaming services face the "last-mile" delivery problem inherent in the content delivery networks (CDNs) they rely on. Typically, CDNs require data centers to be established near viewers worldwide, but due to limited data center availability, they are often not close enough to most viewers. This causes bottlenecks in the streaming 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 surplus computing and spare bandwidth resources. Because the distance between viewers' devices is much closer than to CDN data centers, it solves the last-mile delivery problem.

The network and protocol are open-source, meaning anyone can build on the Theta blockchain. Content providers can develop decentralized applications tailored to their audience. DApps on the network can offer various entertainment types, such as movies and TV, music, esports, live streaming, and remote learning. Video platforms already operating on Theta Network include Samsung VR, Cinedigm, Shout! Factory, and THETA.tv.

Theta is the core operation on its blockchain, with two native cryptocurrencies: THETA (for voting on protocol changes) and TFUEL (for executing transactions).

Core Mechanisms

Theta Network's core mechanisms revolve around its unique decentralized video streaming technology and economic model, working together to improve video transmission efficiency and incentivize network participants.

Here's a concise breakdown of its core mechanisms:

- Multi-Level BFT Consensus Mechanism

- Resource Sharing and Incentive Mechanism

- Decentralized Edge Network (CDN)

- Smart Contract Platform

- Dual-Token System

These mechanisms collectively form the core of Theta Network, aiming to address challenges faced by traditional video distribution networks and provide an efficient, economical solution for future video streaming media.

Tokens: THETA and TFUEL

Theta Network employs a dual-token system consisting of Theta Token (THETA) and Theta Fuel (TFUEL), each playing distinct yet complementary roles within the network.

THETA is primarily used for network governance, allowing holders to participate in governance decisions such as proposals or voting on network upgrades and parameter adjustments. The total supply of THETA is fixed at 1 billion tokens, ensuring value stability.

TFUEL serves as the "fuel" for the Theta Network, used for executing transactions, running smart contracts, incentivizing content sharers, video streaming services, and advertising. Unlike THETA, the supply of TFUEL is not fixed, and new TFUEL can be generated as rewards for network participants, similar to cryptocurrency mining.

The complementary nature of THETA and TFUEL ensures decentralized governance and meets the economic needs of network operations.

EdgeCloud

EdgeCloud is a decentralized software platform planned for launch by the Theta team in May this year, aiming to provide limitless GPU processing power for any AI or video task at a very reasonable price. This platform, driven by the Theta Edge Network, comprises nearly 10,000 active edge nodes globally, forming one of the largest distributed GPU computing clusters globally. Theta EdgeCloud is set to launch its first phase on May 1, 2024.

Key Features:

- Decentralized AI Computing Platform

- Theta Edge Network

- Processing Power

- Hybrid Cloud Decentralized Architecture

- Software Development

- Upcoming Features

Theta EdgeCloud demonstrates Theta Network's ambitious expansion into AI and video task processing while showcasing its profound expertise in distributed edge computing.

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 an MBA from Stanford University. Jieyi Long holds a Ph.D. in Computer Engineering from Northwestern University. The project boasts a lineup of notable investors and advisors, including Samsung, DHVC, IBC, and the Sony Innovation Fund, as well as luminaries from YouTube, Twitch, and Verizon.

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