Theta network in a nutshell:
Theta Labs, a subsidiary of live streaming platform SLIVER.tv (the leading esport entertainment platform) is building a peer-to-peer video delivery network which uses a new Blockchain and its own token ( THETA ) to reward users who cache and relay video streams to others.
Total supply: 1 000 000 000 THETA
Circulation supply: 562 310 706 THETA
Pre-sale: $ 12 000 000
Public Token sale: canceled (scheduled for January 8, 2018)
Hard Cap: $ 20 000 000
Theta tokens are available for purchase on:
Theta Network, next generation video delivery powered by users
We live in a world where live video streaming is highly consumed and accounts for 67% of internet traffic. This percentage is expected to increase to 82% in the next two years. As the video streaming consumption increases, we need to devise new methods of video content delivery. Especially that already the current video contents have faced serious issues related to low delivery quality and its high cost.
Video streaming issues: ‘last-mile’ delivery problem and bandwidth high cost
Live video streaming is centralized through CDN (Content Delivery Network).
How CDN works?
CDN providers place data centers in different locations around the globe in order to be as close as possible to the consumers of the content. The distance between the CDN center and the consumer plays a main role, in other words, the closer the consumer of the content to one of these data centers the better is the user experience.
For so-called ” last-mile ” delivery problem refers to the low quality of the content which is due to that delivery limitation from data centers.
Another challenge that video streaming faces is the CDN bandwidth high cost for streaming sites. These issues are getting more complicated with the upcoming technologies.
« Theta’s innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K and higher quality video streams,” said Steve Chen, Co-Founder of YouTube. »
Theta network: video streaming problems are solved with this revolutionary network !
Theta network provides technical and economic solutions with the introduction of the DSN (Decentral Streaming Network). Blockchain and token are the incentive mechanism for this DSN.
First, let’s talk about DSN
Through DSN, delivered data are decentralized and rely on peer-to-peer system. In other words, users contribute to the processing and delivery of the needed data instead of relying on central provider to do it for them.
Viewers’ computers are geographically much closer to each other than to the data centers. And when the network participants contribute their unused memory and bandwidth resources, serving as caching nodes, the stream delivery quality will be improved and the last-mile issue will no more exist.
Moreover, when viewers receive streams from peering caching nodes, streaming sites will reduce their CDN bandwidth cost.
The theta token (THETA)
Users cache and relay video streams to other viewers and in turn mine new tokens.
Also, viewers can optionally earn tokens for their attention and engagement with video streams.
Additionally, the tokens can be spent by advertisers to promote their products/services by supporting influencers, streaming sites and viewers.
The network has two flavors of token. On December 17, the company has implemented Theta ERC20-compliant tokens on the Sliver.tv platform, which is built on Ethereum. And by the last quarter of 2018, a native token is planned to launch. Once launched, ERC20 tokens will be 1:1 exchanged into the native token.
Now, if you want to earn Theta tokens just go to Sliver.tv website and earn daily rewards that you can turn around and gift to your favorite streamers.
The Theta Blockchain
The theta Blockhcain is the end-to-end infrastructure for decentralized video streaming and delivery.
Both Theta token and theta Blockchain use theta protocol.
Theta protocol is introduced to encourage viewers to contribute their un-utilized memory and bandwidth. The protocol builds upon three novel concepts:
- Reputation Dependent Mining: The caching nodes work as miners in the block. For a high reputation score you need to spend computational power to mine blocks and relay video streams. The score scales between 0 and 1.
- Global Reputation Consensus: This mechanism verifies the reputation score once a new block is mined and thus form a global consensus on the block reward.
- Proof-of-Engagement– Proves the legitimate consumption of video streams, and viewers are rewarded for engaging and viewing video content of their choice.
The protocol will also allow for vertical decentralized Apps (DApps) to be built on the top of the platform, as it is an open source protocol. This means that any existing service like YouTube and Netflix can build DApp by updating their app. And Sliver.tv’s App is the first built on the Theta network leveraging its existing user base of millions of esports viewers. Also new platforms that are willing to build a video-based app can built DApp. Hence, Theta enables all types of content creators to build their own independent DApps (you can find the code on their GitHub, a link is attached below the article).
The founding team, advisors and investors
Theta is backed up by an experienced team with a solid background:
- Mitch Liu- Mr. Liu is the co-founder and CEO of the very first 3D platform : Sliver.tv
- Jieyi Long-Mr. Long is the co-founder and chief technology Officer of Sliver.tv
Mr Liu and Mr Long hold two patents and two additional pending patents for virtual reality 360° video streaming, and new algorithms for generating highly efficient live spherical video streams.
- Ryan Nichlos- Mr Nichlos is the Head of Product and Platform of Sliver.tv
- Rizwan Virk – Mr Virk is an advisor, investor and the interim Head of Corporate Development at Sliver.tv
As for advisors, the list is impressive with Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch at the head of the list. And with Samsung and Sony as investors from many ohter well-known investors can only tell that this project is promising.
Q4 2015 – SLIVER.tv founded
Q2 2016 – $7.2MM Seed financing
Q3 2016 – esports video streaming platform launched, first patent granted
Q2 2017 – The team raised $16MM in equity funding and launched Theta project
Q3 2017 – Theta token pre-sale was a total success that reached $ 12 million!
Q4 2017 – Phase I network launch ERC20-compliant tokens
Q4 2018 – Planned phase II launch of native Blockchain and protocol tokens
Powered by Blockchain technology, Theta network is seen as a revolution in video streaming space. It offers solutions to our daily issues regarding the stream of videos from low stream quality experienced by the viewer to high costs that burden publishers and broadcasters. Besides these technical solutions, Theta provides economic incentives to encourage viewers to join the network by rewarding them with tokens.
The Theta network is shaping up to be a very promising project and this is not surprising since the co-founders and CEOs of Theta Labs have been always pioneers in video streaming technologies space by making the impossible possible.
Theta’s code is available at Github.