THETA Network is a platform made up for promoting video content, which runs as a decentralized network. Decentralization is based on blockchain technology and allows you to cope with the high demand for transactions for this purpose. The network is distributed from users who provide transactions to ensure quality and a large number of live viewers (peer-to-peer networks). These users are nodes of decentralized THETA network.
Within the platform, developers released Theta Token crypto. Let’s go through Theta Network features Theta Coin determination, and point out a list of top 3 best Theta wallets in 2020.
THETA Cryptocurrency Explained
Theta designed for solving the following tasks:
- it offers the users to publish high-quality videos;
- removes intermediaries who charge expensive fees for placing video content on their sites;
- establishes transparent interaction between creators advertisers and creators of video materials.
There might be several problems. The current system for publishing video content is centralized. Due to this, intermediaries can influence authors and set unfavorable conditions for their cooperation.
The second issue is a slow delivery of content from the manufacturer to consumers. In future, most users will start using virtual reality technology. It will multiply the load on the network, and the current centralized system will not be able to function correctly.
Here is a solution:
- The author uploads his video to the platform and sets the rules of the use in settings;
- Users watch the published material, and provide free power of their PCs;
- Due to new capacities, content is transferred to other participants;
- All users who support the network are rewarded with Theta tokens.
- This model of operation eliminates intermediaries and forms a decentralized network with a high speed of streaming video distribution.
‘Theta innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K and higher quality video streams. I am excited to be part of the next evolution of the streaming space, helping Theta create a decentralized peer-to-peer network that can offer improved video delivery at lower costs.’
Steve Chen, Co-Founder of YouTube
The Theta Token is based on the Ethereum blockchain and works on the Proof of Stake mechanism. The THETA coin was built according to the ERC20 standard, and it supports all wallets supporting Ethereum by design.
Theta Token uses Ethereum smart contracts to provide live, peer-to-peer, decentralized, secure, and robust betting platforms for users. The currency can be a reward for providing transactions (caching video streams). This can also be achieved by creating or viewing content. You can use THETAs to donate, unlock premium content, pay for ad campaigns, or resell.
4 Best THETA Wallets in 2020
There is an incredible demand for multi-functional, reliable cryptocurrency wallets with a high level of protection on the crypto markes. Let’s take a look at the best hardware and software wallets that support Theta tokens.
#1. Ledger Wallet
Ledger is a hardware wallet that supports the most significant amount of cryptocurrencies, including Theta token. Ledger stores users’ keys in secure hardware design.
In 2016, Ledger released the first hardware wallet for storing cryptocurrency, Ledger Nano S. Compared to other similar devices, it has a compact design in the form of the flash drive, and today it is one of the most popular hardware wallets.
Ledger Nano S is one of the most secure hardware wallets. The device runs on its operating system called Bolos and has a built-in chip (ST31H320 + STM32F042) that provides the proper level of security.
The device is certified by the French cybersecurity Agency ANSSI and has passed rigorous testing for various types of hacking.
Ledger wallet allows you to receive and send coins, check your balance. Ledger Nano X even has a Bluetooth connection which makes the wallet easy to use.
The Ledger hardware wallet is used together with the Ledger Live app, which can be installed on both a PC and a smartphone. Windows, Mac OS, Linux, and Android, and iOS operating systems are also compatible with the wallet.
#2. Trezor Wallet
Trezor is a hardware wallet that provides increased security for processing the secret keys of bitcoin and other cryptocurrencies. Unlike traditional cold storage methods (offline storage or a paper wallet), TREZOR can make secure payments without transferring private keys through potentially dangerous computers or mobile devices.
A wallet stores the private keys and confirms the transaction in the device. A user can connect Trezor even to an infected computer and still be able to manage their funds safely.
Trezor supports the following cryptocurrencies: Bitcoin, Etherium, Litecoin, Dach, Zcash, XEM, XRP, and ERC-20 tokens.
KeepKey is another hardware wallet that supports Theta tokens.
The KeepKey wallet, like other hardware devices, has an external protection level. It includes two types of encryption:
The KeepKey device includes many features that make it one of the best hardware wallets:
- Open source code;
- Strong case. The main component that is included in the case is aluminum alloy, which makes KeepKey much more reliable than analogs whose case is made of plastic;
- Compact. The device is tiny so it weighs less than plastic devices;
- Convenient and intuitive interface. The wallet has an attractive and stylish interface. The device also has a large touch screen with large elements which is not typical for every hardware wallet.
Users can enter the security code to open the wallet and manage the device using the display. The encryption technology implemented in the KeepKey wallet is being systematically improved and updated.
The wallet is available for Mac, Linux, Windows, and Android.
Cryptocurrency analysts consider the Theta Token platform to be a serious project that could compete with YouTube in years. There is a wide range of convenient hardware and software wallets that you can use for storing THETA coins. We’ve just pointed out four well-known hardware and software wallets like Ledger, Trezor, KeepKey, and Exodus, which all provide a high-security level.