Do you often use YouTube? Chances are you’ll be more likely to use Theta Network for streaming videos in the future.
Theta Network is a blockchain and a platform where creators can share their videos with the rest of the world.
This Network is unique in that content creators don’t have to pay to share videos. Instead, the users pay together for watching videos. Its native cryptocurrency is called THETA.
Many crypto traders in the world find the THETA coin as a good potential for investment. One of the reasons is that the Network is bent on solving the major problems with video streaming. If things go well, it will attract many users in the future – and this will have a positive impact on the THETA coin.
However, before you invest, you need to know more about the project and weigh the chances of future growth yourself. In this article, I’ll tell you everything you should know about Theta Network and investing in THETA cryptocurrency.
What is Theta Network (THETA)?
Theta Network is a blockchain that focuses on streaming video content. It can therefore be compared to a service like YouTube or Netflix, although Theta Network wants to be an improved version of these services.
With Theta Network, the costs for streaming data are a lot lower. Businesses and content creators don’t have to pay for sharing videos themselves. Instead, it is the users who pay for the services they use.
In addition, it should also become a lot easier to access video content when running on Theta Network.
The team behind Theta Network has stated that they do not want to replace other streaming services. So YouTube and others don’t have to worry right away. Instead, Theta Network wants to address a completely new market by developing a new technique that allows people to share videos more cheaply. This makes it easier for people, for example, to set up a live stream.
Many people don’t mind paying costs when they want to use a streaming service. This is of course not the case for everyone. There are also people who do not have the money to start streaming videos. This would mean that they are lagging behind people who do have this money. With Theta Network, everyone gets a chance to create content and share it with the rest of the world.
Another advantage is that all data is stored in a decentralized way: the blockchain. This puts content creators back in control of the videos they create. The moment someone now uploads a video to YouTube, for example, the video is on the YouTube server. They do not actually have full control over their own content.
But data shared on the blockchain is fully owned by the person posting the data. This is because data is secured with cryptography. People in possession of the correct key combination are in control of this data. As a final advantage, this means that copyright problems are a thing of the past. Everything is provided with a timestamp, making it easy to find out the first and rightful owner.
Who developed Theta Network?
In 2017, Mitch Liu ensured that Theta Network saw the light of day. Previously, Mitch had already founded several startups within the gaming and advertising sector. He did not set up Theta alone. He did this together with Jieyi Long, who in the past has worked within companies involved in VR live streaming.
Theta Network was developed by a large team of employees. The board is also supported by some prominent names from the crypto world:
- Steven Chen (YouTube co-founder);
- Justin Kana (Twitch co-founder);
- Rakuten Viki (Verizon executive);
- CJ Hello (Verizon executive).
How does Theta Network work?
Theta Network’s blockchain uses the Proof of Stake consensus mechanism. This means that the network consists of validator nodes that validate new transactions by means of staking. After the validation of transactions, they ensure that new blocks are added to the blockchain of Theta Network.
The network does not consist of validator nodes. There are also a large number of community nodes in the network. These community nodes control the work and performance of the validators.
Everyone in the community of Theta Network can decide to set up their own community node. They can then verify that the validators are adding blocks to the blockchain correctly. If it turns out that they don’t, the community nodes can intervene.
Running a community node costs a lot less THETA coins than a validator node: only 1,000 tokens. That is why many people choose to set up a community node within Theta Network.
What cryptocurrencies does Theta Network have?
Theta Network has developed two different cryptocurrencies that are both used within the network for different functions:
TFUEL – With this token, users pay for the data they stream, and the creators and validators receive TFUEL tokens.
THETA – The network uses THETA as governance tokens. It allows users to be a part of the future of the platform.
How can you save THETA?
THETA is stored in the wallet of the crypto exchange where you bought the token. This is the easiest way to keep THETA safe. It is of course also possible to move THETA to a hardware wallet. This is called cold storage and is the most secure way to store THETA. There are several cold wallets that support THETA, of which Ledger and Trezor are the best known and most popular providers.
Where to buy Theta Network (THETA)
You can buy crypto from many exchanges. The best crypto exchange to buy THETA is Binance.
Is THETA a good investment?
Before making your investment decision, there are a few pros and cons of Theta that you should keep in mind:
- Video streaming is a fairly new concept in the world of blockchains. Theta is one of the succeeding projects at the forefront to date. As mentioned earlier, the project is also supported by many famous personalities, including Steve Chen, co-founder of YouTube. THETA is therefore a project with a lot of potential in the near future.
- Meter Passport, a cross-chain blockchain that connects leading blockchains like Ethereum and Binance Smart Chain, has now added support for the Theta blockchain, the first time allowing tokens to move between this new technology in addition to Ethereum and other networks. This collaboration will improve the scalability of Theta Network in the future.
- Theta Labs has raised a total of $113 million in funding in 5 rounds. Its latest funding was raised on March 23, 2021, from an unknown Venture-Series round. The project is also funded by many popular investors including Sierra Ventures, IOSG Ventures, IBC Blockchain Capital, and many more.
- Theta Network has partnered with the most popular streaming video platforms and other key infrastructure projects like Chainlink. Theta has also been associated with various projects in the entertainment and video streaming industry.
- Theta has to compete with the largest companies in the world like YouTube. This is the major risk with Theta, as it has a lot of work to do to gain a foothold and attract so many users.
- Also, Theta can be impacted negatively by sudden events and changes in the general crypto market.
As of the time of writing, Theta is worth $1.24 and ranks #48 on CMC. Weighing the pros and cons, we may still have faith in the future of this coin.
Theta Network (THETA) Price Prediction
Let’s also consider the analysis of some crypto professionals:
- Wallet Investor believes that Theta will get to $20.560 in 2026.
- Trading Beasts expects Theta to close the year 2022 on $4.87912.
- GOV Capital predicts that Theta will go bullish from this year and its minimum price by 2024 will be $28.21295.
You already have a lot of information in this guide that could give you a green light to invest in Theta. However, note that a lot can happen. Hence, ensure you follow Theta news always. Then, you will be the first to see the new techniques that the project devises, new collaborations that it enters into, and also any negative reporting.
If you see it first, you can take this into account for your Theta expectation and act quickly on it. A good starting point is the official Twitter account. There, you will find the latest news straight from the source.