💥Summary:

Theta Network launches Theta EdgeCloud in 2024.

This innovative platform is designed to provide unlimited GPU processing power to drive the development of artificial intelligence and video tasks.

🔔Foreword:

Theta Network is a blockchain-powered network created specifically for video streaming. It was launched in 2019 and operates as a decentralized network where users share bandwidth and computing resources with each other on a peer-to-peer basis. The project was also highly touted by industry veterans at the time.

In addition, the team also previewed how Theta EdgeCloud, one of the most advanced AI computing platforms, will usher in a new era of AI computing by providing developers, researchers, and enterprises with unlimited GPU processing power.

1️⃣Enter the content: Introduction to Theta Network

Theta is the world's first decentralized network that leverages blockchain technology to improve video streaming and on-demand services.

It uses a peer-to-peer network structure to allow any personal device to contribute unused bandwidth and computing resources in exchange for token rewards. Compared to traditional centralized CDN servers, Theta's Edge Nodes are closer to end users, providing faster, more cost-effective video streaming services and rewarding nodes for sharing bandwidth.

2️⃣Project background:

Theta Network has been developed since 2017 by the Theta Labs team, led by Steve Chen, co-founder of YouTube, and Jieyi Long.

On July 25, 2018, the team announced that Theta Network will become the official blockchain partner of the P2P Streaming Video Alliance. The alliance includes companies such as Sony, Roku, and Warner Bros. They are focused on creating a decentralized streaming video network based on blockchain technology and will utilize Theta’s resources and tools.

In 2019, Theta Network launched its mainnet and became a force to be reckoned with in the cryptocurrency and streaming media markets. Theta is the core of operations running on its blockchain and has two native cryptocurrencies: THETA coin (used to vote on protocol changes) and TFUEL (used to execute transactions).

3️⃣What is Theta TV?

After the Theta mainnet went live, Theta TV was launched, a decentralized live streaming platform similar to Twitch but allowing users to earn rewards by sharing streams. Theta TV has partnered with Samsung VR, Pandora, and MGM, among others, to expand its influence and user base.

4️⃣Theta Network’s core mechanism:

Theta Network's core mechanisms focus on its unique decentralized video streaming technology and economic model, which together improve video transmission efficiency and incentivize network participants.

It uses an advanced multi-level Byzantine Fault Tolerance (BFT) consensus mechanism, which allows a small number of malicious nodes to exist in the network while ensuring overall network security and stable operation. Theta achieves this goal through two levels of nodes: verification nodes are responsible for creating blocks and processing transactions, while guardian nodes participate in the final consensus process. This design not only improves the efficiency and scalability of the network, but also enhances decentralization and security.

In terms of resource sharing, Theta Network uses blockchain technology to change the way video is transmitted. It encourages users to share unused bandwidth and computing resources. As an incentive, users can earn Theta Fuel (TFUEL). TFUEL is the operating token of the Theta network and can be used to pay transaction fees, video streaming services, etc. This mechanism not only promotes network participation, but also improves the efficiency of video transmission and reduces costs.

Traditional content distribution networks (CDNs) rely on centralized server networks to transmit content, while Theta Network builds a decentralized edge network (DEC). It uses idle computing resources and bandwidth of users around the world to cache and transmit video content, which not only reduces operating costs but also improves the speed and scalability of content transmission.

In addition, Theta Network integrates a smart contract platform that allows developers to create decentralized applications (DApps), especially those that require video content distribution. Through smart contracts, content creators, advertisers, etc. can interact directly without intermediaries, improving the transparency and efficiency of transactions.

Finally, Theta Network uses a dual token system: Theta Token (THETA) is mainly used for network governance, and holders can participate in decision-making and protocol upgrades; Theta Fuel (TFUEL) is a utility token used for various transactions and service payments, promoting the healthy development of the entire network ecosystem. Through these innovative mechanisms and technologies, Theta Network has brought more efficient and economical solutions to the global video streaming field.

5️⃣Dual Tokens: THETA & TFUEL

THETA

Theta Token (THETA) is mainly used for network governance. Users holding THETA can participate in the governance decisions of the Theta network, such as proposing or voting on network upgrades and parameter adjustments. This mechanism encourages token holders to actively participate in the development and maintenance of the network ecosystem.

The total supply of THETA is fixed and capped at 1 billion THETA. This fixed supply helps prevent inflation and ensures the stability of the token’s value.#Binance According to information data, its market value is US$1.565 billion and ranks 57th.

Theta Fuel (TFUEL)

Theta Fuel (TFUEL) is the utility token of the Theta network and plays a variety of important roles. It is used to execute transactions, run smart contracts, incentivize content sharers, video streaming services, and advertising, among other network operations.

TFUEL is essential for the normal operation and development of the Theta network. Users can earn TFUEL by sharing idle bandwidth and computing resources, watching ads, and participating in content distribution. In addition, TFUEL can also be traded on major cryptocurrency exchanges.

Unlike THETA, the supply of TFUEL is not fixed. New TFUEL is generated by rewarding network participants (such as content sharers and validators), similar to the mining process of cryptocurrencies. This supply mechanism is designed to continuously incentivize users to contribute resources, thereby supporting the healthy operation and ecological development of the Theta network.

6️⃣EdgeCloud

Theta: Theta EdgeCloud, a cloud computing platform, is available on the AWS blockchain node runner.
Designed to provide unlimited GPU processing power for any AI or video task, the platform combines the best features of cloud computing and is powered by the Theta edge network, which consists of nearly 10,000 active edge nodes around the world, making it one of the largest clusters of distributed GPU computing power in the world.

🛑Project future prospects:

Theta Network plans to continue developing EdgeCloud in 2024, enhancing the capabilities of Elite Edge Nodes (EEN), and launching new MetaChain, EdgeCloud, and DePIN features.

They will also enhance the Theta Video API to support NFT DRM, self-service level live and on-demand capabilities, and provide advanced metrics dashboards to support the development of new ecosystem projects and subchains. Theta is committed to providing more efficient and economical solutions for global video streaming through innovative technologies.