Theta (THETA) is a decentralized video delivery network with its own blockchain, designed for incentivizing the sharing of bandwidth. Currently, the internet is 60% videos and live streams and the current oligopoly of some servers and nodes holding the ‘mega content’, it becomes hard for most to access some of this information due to its expensive nature to obtain. These companies holding these nodes spend as much as 40% of their income on the equipment used to store the info which makes it impossible to disseminate this info cheaply.
These typically consist of very large centralized data centers scattered across the globe. The main problem with these is that they are not geographically close enough to many viewers, which leads to lower quality streaming. Theta’s answer to this is to create a P2P mesh network of users who share their bandwidth.
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Here is a snippet from the company’s whitepaper:
The company’s mission is to leverage blockchain technology to create the first Decentralized Video Streaming and Delivery Network whereby video viewers are incentivized to share redundant computing and bandwidth resources to address today’s video streaming challenges. Using the Ethereum EVM “World Computer” metaphor, the Theta Network can be viewed as the “World Cache” formed by the memory and bandwidth resources contributed by viewers.
Broken down, Theta is comprised of two parts. The first is its video delivery network. This is formed from nodes that join the network and contribute their bandwidth. This network is what forms the actual decentralized video delivery. The second part is the Theta blockchain. This is for incentive purposes, to give a reason for participants to join the delivery network.
The network will also allow any user/streamer to upload their streams and convert these videos to the correct format and resolutions accordingly. Basically the coin serves to develop and curate the system as people pay using THETA coin to obtain any content peer-to-peer without a 3rdparty.