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Theta Network is a blockchain protocol developed by Theta Labs, which has a parent company of SLIVER.tv. The protocol was developed for the creation and distribution of online content that can be shared and streamed by its users. The project has several advisors, including Steve Chen, cofounder of YouTube, and Justin Kahn, cofounder of Twitch. The announcement about the development of Theta Network and all of its features was made in 2017, and its first token sale was in 2018. The first version of its mainnet was launched in 2019, the second version was launched in 2020, and the third in 2021.
Theta Network Introduction
Theta Network is an open-source protocol that allows it to be built by developers and partners for sharing video content. Users who create content can develop customized decentralized applications (Dapps) that are specialized for their audience. Examples of entertainment found on Theta Network include esports, music, TV, and movies.
Theta Network allows for peer-to-peer video delivery. When users watch videos on the network, a small fraction of their bandwidth and computing power is utilized by Theta to send videos to other users, and the initial user can earn tokens in exchange for that computing power.
The network relies on Proof of Stake (PoS) and uses a Byzantine Fault Tolerance (BFT) layered consensus mechanism to balance security with high transaction throughput. With the launch of Guardian Nodes in June 2019, Theta has ensured that no single entity controls the majority of THETA tokens staking at any given time.
The network runs on its own blockchain with two native tokens, Theta (THETA) and Theta Fuel (TFUEL), powering the internal economy. THETA is a governance token and operates the network. It counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe, and Samsung as its enterprise validators. There are also guardian nodes, which are managed by the community and act as a second layer of protection for Theta Network.
TFUEL can be earned by Theta Network users who share video content in the form of edge nodes. It can also be earned by staking THETA tokens as long as the user has a minimum of 1,000 tokens, which will make them become an eligible guardian node, and 1 million tokens to become an enterprise-level validator.
