To say that streaming video is popular is a bit of an understatement. Since well before the time of Youtube, streaming video has been part of the very fabric of the internet. Today, it’s how we get our news, how we entertain ourselves, how we educate ourselves and how we often encourage children to learn new skills.
Youtube has become an international phenomenon with trillions of views. There are, however, a number of problems with large streaming platforms like YouTube; currently they aren’t equipped to handle a truly worldwide viewing audience. They simply don’t have the technology (servers, regional infrastructure) to reliably take their content everywhere viewers live. That’s why, in many parts of the world, Youtube videos are choppy and slow. Other users don’t have Youtube at all.
Theta network plans to change this. Theta network (and its native token Theta coin) aim to change the way video streaming content works. Using the blockchain, videos will be immutably stored, across thousands of devices all over the world. Without centralized servers (and corporate profits/costs), this content will be viewable instantly, wherever the blockchain network extends. There’s more to this story, so if you’re interested in Theta network at this point, read on through the rest of this Theta coin review.
Theta coin is pretty simple at first glance, but its implications are complex. Theta coin is the token used on the Theta network, which is a way of storing and delivering streaming video anywhere in the world.
Because blockchain has no central servers, the content won’t be fast some places and will be slow others. It will simply be wherever people are connected to the network.
Within the network, Theta coin has various important uses. It pays for transactions on the Theta network and gets paid to users who perform actions that benefit the network. Theta coin is also paid to content creators who do great work. This last point is important because many Youtube content creators have had their channels de-monetized recently.
Theta coin was borne out of a project called Sliver.tv, a streaming platform for gaming video content, VR, esports and related video content. Sliver.tv is already active, with hundreds of thousands of users. But when the Sliver.tv platform was new, the team found they had no reliable way to deliver high-quality video content to their users and so created the Theta network, which is now active on Sliver.tv.
This blockchain based technology has the power to deliver HD and 4K video content with perfect clarity because it doesn’t rely on traditional server and network infrastructure. As the global demand for HQ video increases, a blockchain solution like Theta network may be the answer to the current paradigm’s limits.
Theta coin has a qualified team of leaders and developers, all with experience in relevant industries, companies, and startups.
Theta co-founder, Mitch Liu, studied at Stanford and MIT. Liu also founded Tapjoy and Gameview studios (in addition to Sliver.tv and Theta Network) with other alumni making up a braintrust of engineering, computer science, and blockchain specialties.
The Theta network is advised by co-founder of Youtube, Steve Chen, and co-founder of Twitch, Justin Kan. Theta network has numerous other technology and strategic partnerships, from venture capital, computer technology, and blockchain groups.
The company received financing and support from various venture capital firms, as well as worldwide brands such as Samsung and Sony. These final two, it should be noted, are financeers of Sliver.tv and not Theta network directly.
As these partnerships are ongoing, one can assume that these multi-nationals are looking at the development of Theta Network with interest. How the Theta Network Will Function Theta Network’s blockchain code will be open source. This will allow anyone to create dapps (decentralized applications) that make the Theta network more useful and interesting for users around the world.
This could allow fresh virtual reality content to be delivered and experienced in new and innovative ways. Theta Network aims to achieve its speed and storage goals by letting users “sell off” their unused PC resources.
Users who allow their PC to be used on the Theta network in this way will receive Theta coin (THETA) as payment, and if the Theta coin price increases, this model may represent a legitimate income opportunity for people in parts of the world where the digital infrastructure doesn’t allow for HD video content streaming.
One integral feature of the Theta blockchain is “Reputation Dependent Mining”. Which means people who use their PCs to help run the blockchain will operate “Cacheing Nodes”.
These are storage and delivery mechanisms on the blockchain that also mine THETA. Each caching node will be assigned a ‘reputation score’ each time a new block is mined.
If a node’s activity dedicated to mining that new block was high, that miner’s block reward will be increased, incentivizing them to devote more PC resources to the life of the blockchain. All other miners are employed in managing score changes and block rewards.
Theta network will also survey audience engagement with video content allowing the network to ‘see’ which viewers watch certain videos, exactly how much of each video they watch, and how often. This information will enable content creators and advertisers to tailor their content to the granular tastes of these users and user populations.
The Theta Network has an ambitious roadmap, and the team has hit all of its past targets on time so far. You can view Theta’s roadmap here.
Only time will tell if Theta Network manages to achieve their goal of worldwide instantaneous HD VR and HD video streaming content. For now, Theta’s early successes are impressive, and awareness is spreading fast through the cryosphere and among the growing user base of Sliver.tv. This is definitely a project we will be watching with interest.