What is THETA
It is a video blockchain that began operating in 2019 following the launch of its Mainnet 1.0. It's revolutionizing the streaming market by leveraging nodes run by users for video delivery — which is faster, scalable, and cheaper than CDNs.
And how does it work? Ordinary users join the blockchain by running Edge nodes. That allows them to provide the requisite bandwidth for video content transmission. The edge workers earn Theta FUEL tokens for sharing their CPU processing power and resources. They can trade TFUEL on the platform’s exchange to video platforms such as Samsung VR.
The ecosystem also consists of Validator nodes (they produce new blocks) and guardian nodes (they protect the block). Enterprise validator nodes are now run by companies such as Sony, Binance, and the Private Equity Institutional Group.
Users can interact with two kinds of tokens:
- TFUEL — Spent as "gas" to process transactions and run smart contracts.
- THETA — Used for governance and can be staked as a Guardian or Validator node. Staking the tokens allows holders to earn TFUEL.
The platform provides a huge incentive for content creators and video platforms as an alternative to expensive infrastructure. Lower streaming costs allow them to keep more revenue.
The blockchain has enormous use potential in many segments, including:
- Subscription-based businesses (Netflix, Disney+, Hulu)
- Ad-supported video services (Twitch, YouTube)
- Live event platforms
- Sports streaming
- Metaverse platforms
Who Are the Founders of THETA Network?
Theta Labs, co-established by Mitch Liu and Jieyi Long, is responsible for innovating the decentralized video delivery system. Initially, the creators worked on VR streaming technology but encountered numerous roadblocks with traditional content delivery networks — such as the centralized nature, poor quality, and inability to scale with higher demand for higher-quality streams (4k and 8k).
They saw the enormous potential of building a technology solution that pooled idle resources. Their geographic distribution would mean fast delivery of content anywhere in the world. The co-founders also launched Theta.tv — an Esports entertainment platform with 24/7 streams from games such as League of Legends.
What is the Difference Between THETA Network and Other Cryptocurrencies?
Cryptocurrencies such as Bitcoin are peer-to-peer payment chains that allow users to transact without the oversight of a central authority such as a bank.
Theta Network has a different use case as it focuses on creating a distributed solution made up of end-users sharing their spare computing resources to facilitate the streaming sector.
Note that it’s not like YouTube but furnishes the underlying blockchain technology and infrastructure that all media entertainment platforms can leverage. Developers can also build various Dapps on top of the blockchain's Mainnet.
In April 2020, Theta Labs announced that they were in the process of developing a metachain. It will consist of interconnected blockchains.
How Many THETA Coins Have Been Issued?
The total supply has been capped at 1 billion, meaning it will never mint any new governance tokens. Now, 30% of the tokens have been distributed through private sales. Labs reserves make up about 36% of the distribution. Other allocations have been made to the Theta team, advisors, partners, and seeding.
TFUEL commenced with 5 billion tokens. Issuance of TFUEL is set to increase yearly by about 5%, subject to demand. The project will stabilize the distribution by burning TFUEL used as gas fees to run smart contracts.
What to Do After Buying THETA
Customers who buy Theta tokens can try the following options:
This option allows users to earn more tokens by executing various types of trades on crypto exchanges.
Sell it for profit
It's a suitable strategy for retail investor accounts and involves holding onto the token before selling when the price increases above the initial buying price.
Holders can stake THETA to facilitate the production of new blocks and protocol governance. They will earn a proportional amount of TFUEL based on the staked amount.
Participate in governance
In the near future, holders of the tokens will have a chance to participate in community governance by voting on proposals.
Why buy THETA?
The project has garnered much attention for going after a real problem whilst creating a sustainable incentive mechanism that rewards all stakeholders. Several platforms now use the open protocol, including Theta.tv (esports), Samsung VR (VR content), and Pandora TV (movies and cinema). It has a solid team of leading experts, with Steve Chen, co-founder of YouTube, serving as one of the advisors.
*Take note that this doesn't constitute investment advice. Investing in crypto tokens or coins carries significant risks.
Can you buy THETA Token in the US?
Yes, US residents can buy THETA coins. Users should work with reliable cryptocurrency exchanges, ATMs, or brokerages.
Wondering how to buy Theta US? Changelly partners with third-party fiat to crypto partners such as MoonPay, a US FinCEN-registered Money Services Business that has also obtained money transmitter licenses.
Is THETA a good investment?
It may be an opportune investment choice for traders looking to buy Theta tokens and hold them long-term. But note that there have been significant crashes in the price. In February 2018, the coin was worth about $0.15 before climbing and reaching an all-time high of $15.90 during the crypto boom of early 2020. The price has since fallen, with the token suffering a major hit in 2022 alongside other cryptocurrencies.
Is THETA reliable?
Yes, it has proved to be reliable — just as it is disruptive. The number of Edge nodes has consistently grown to 136,138 as of July 2022. It also boasts strong support from enterprise validator nodes from big tech companies such as Google and Samsung.
The core team is constantly working on adding new features. For instance, Edge Nodes can now start contributing toward video encoding and increase their rewards.
Where to store your THETA token?
Users can store Theta on the following wallet solutions:
- Hardware: KeepKey, Trezor & Ledger wallets
- Official: Theta Wallet (available as Android and iOS apps)
- Web: Metamask
- Multi-platform: Atomic
Can I buy THETA with a credit card?
Using a credit card is the best way to buy Theta or one of them. Working with Changelly affords users access to reliable providers, reducing the chance of providers declining the charge on their side.
Can I buy THETA with a debit card?
Users can use debit cards linked to their bank account to complete the purchase. Additionally, they can utilize virtual or prepaid cards.
Do I need a bank account to buy THETA?
No, it's not necessary to have a bank account. Consider using prepaid cards that are not linked to bank accounts.
Can I buy THETA with a bank transfer?
Yes. Changelly partners with Fiat to crypto partners that can process bank transfers. But note that support may be limited to residents of a few countries, mostly in the UK or EU. Customers in other regions are encouraged to use their bank cards.
Can I buy THETA with the app?
Yes. Download the Changelly mobile app for Android or iOS, and enjoy the convenient mobile experience. The app is 100% non-custodial and doesn't limit access to funds.
Can I purchase THETA with Paypal?
Wondering how to buy Theta with PayPal? That's a bit difficult at the moment, owing to the limited support of the payment gateway by crypto exchanges and on-ramp sellers. Changelly partners don't currently support PayPal processing, either.
How quickly will I receive THETA after purchase?
Changelly customers can expect to receive tokens within five to 30 minutes after completing the purchase process. Most transactions will be finalized quite fast.
Can I sell THETA for USD?
Yes, it's entirely possible to sell THETA for USD. The only requisite is to find a platform that allows its customers to trade crypto for Fiat currency.
*The token is not quite widespread. So, it's often necessary to exchange it first for popular tokens and coins such as ETH. Changelly allows customers to exchange cryptos instantly and offers a way to cash out into Fiat money.
Can you get THETA for free?
Users should first try to earn TFUEL. And there are multiple ways to do this:
- Spend time watching live streams on Theta.tv for free TFUEL;
- Invite people to Theta.tv;
- Become an edge node;
- Claim Theta.tv airdrops;
After accumulating TFUEL, swap them for the tokens.