What is Theta Network? Information about THETA Token

Table of Contents

What is Theta Network?

Theta Network is an advanced blockchain platform focused on media, artificial intelligence (AI), and entertainment within the Web3 ecosystem. As a prominent player in the DePIN (Decentralized Physical Infrastructure Networks) trend, Theta Network provides the infrastructure to increase revenue and reduce distribution costs for video and media products, while also rewarding end users for contributing storage or sharing bandwidth.

Web3 applications such as NFTs, decentralized exchanges (DEXs), and decentralized autonomous organizations (DAOs) can all be built on the Theta Network. The network’s validator system and governance council include leading companies like Google, Samsung, Sony, and Binance.

Theta Network has attracted millions of viewers to participate in its peer-to-peer video network alongside premium content partners such as Lionsgate and NASA. Popular video platforms like CONtv Anime and World Poker Tour have also integrated with Theta’s infrastructure.

Components of Theta Network

Theta Edge Network

The Theta Edge Network is a decentralized network comprising over 10,000 active global nodes, boasting 80 PetaFLOPS of computing power, equivalent to 250 Nvidia A100 GPUs. This network supports the Theta EdgeCloud, a hybrid cloud-edge AI computing platform launched on May 1, 2024. With Theta’s newly approved patent for an ‘Edge Computing Platform supported by Smart Contract Enabled Blockchain Network’ and the upcoming release of Elite+ Booster edge nodes, all Theta community members can participate and earn rewards from AI, video, 3D rendering, and gaming compute tasks.

New generative AI models like text-to-video, text-to-3D, and sketch-to-3D require 10-100 times more computational power than current chatbots like ChatGPT. The combined GPU computing power of Theta’s decentralized edge network and its preferred cloud partners is 20-30 times more than other comparable networks today, positioning Theta to capitalize on the burgeoning demand for global GPU computing power.

Theta Blockchain

Theta blockchain is an EVM (Ethereum Virtual Machine) compatible multi-blockchain network that supports Turing complete smart contracts. This EVM compatibility allows a wide range of exciting Web3 applications to be built on the Theta Network, including NFTs, DEX/DeFi platforms, and DAOs, which are becoming essential building blocks for next-generation AI, media, and entertainment platforms.

Theta’s enterprise validator and governance council is led by industry giants such as Google, Samsung, Sony, Creative Artists Agency (CAA), Binance, Blockchain Ventures, DHVC, and gumi. The network has partnered with leading entertainment brands including Lionsgate, MGM, Katy Perry, American Idol, The Price is Right, and Taste of Home. Popular platforms leveraging Theta’s Web3 infrastructure include the MetaCannes Film3 Festival, FuseTV, CONtv Anime, WPT, PetCollective, and FailArmy.

Team

The Theta Network team comprises top professionals from diverse fields:

Mitch Liu (CEO): Co-founder of SLIVER.tv and other companies such as Gameview Studios and Tapjoy. He holds a Bachelor’s degree in Computer Science and Engineering from MIT and an MBA from the Stanford Graduate School of Business.
Jieyi Long (CTO): Co-founder of SLIVER.tv and holds a Ph.D. in Computer Engineering from Northwestern University. He has developed various patented technologies, including VR live streaming and video game technologies.
Ryan Nichols: Head of Product and Platforms at SLIVER.tv, Ryan has designed and created cryptocurrency systems for multiple platforms. He also co-founded a vegan video streaming app and served as Director at Tencent for the WeChat app.

Additionally, Theta’s advisory board features notable names from blockchain and media sectors, including Steve Chen, co-founder of YouTube, along with members from Twitch, Verizon, Plays.tv, and many more.

Investors

Theta Network has successfully raised $134 million through multiple funding rounds from renowned investment funds such as Blockchain Capital, DWF Labs, and SamsungNext.

What is the THETA Token?

Basic Information About THETA Token

Token Name: Theta Network
Token Symbol: THETA
Blockchain: Ethereum
Smart Contract: 0x3883f5e181fccaF8410FA61e12b59BAd963fb645
Total Supply: 1,000,000,000 THETA
Circulating Supply: 1,000,000,000 THETA

THETA Token Allocation

30.00% allocated to Private Sale
7.49% allocated to the Team
1.23% allocated to Advisors
12.50% allocated to Partners
12.50% allocated to Network Seedings
36.28% allocated to Lab Reserves

THETA Token Usage

THETA Token plays a crucial role within the Theta Network ecosystem with the following functions:

Users can lock and stake THETA to become Validator Nodes, responsible for block production on the blockchain.
Guardian Nodes: THETA can also be staked to become Guardian Nodes, which help validate and finalize blocks. Both roles earn rewards in the form of Theta Fuel (TFUEL), the network’s auxiliary token.
Holding THETA grants the right to vote on critical decisions related to the Theta Network, such as protocol upgrades or changes to the network’s operational mechanisms.

Theta Fuel (TFUEL) Usage

Theta Fuel (TFUEL) is utilized within the Theta Network for several purposes:

TFUEL is used to pay transaction fees on the Theta network, including token transfers and interactions with smart contracts.
TFUEL functions as a currency within the Theta Network ecosystem, used to pay for services and products within the system.
TFUEL acts as gas fees for deploying and operating smart contracts on the Theta blockchain, similar to how ETH is used for gas fees on Ethereum.

Where to Trade THETA Tokens?

Currently, THETA is traded on major exchanges such as Binance, OKX, and Bybit.

Roadmap

By the End of 2024:

Release Edge Cloud v2: Enabling partners and end users to run their own Edge Cloud nodes.
Expand Theta Video API to support NFT DRM.
Launch Theta Web3 Theater integrating Theta NFT DRM on ThetaDrop and other partner platforms.
Expand TDROP usage across partner marketplaces.

2025:

Release Edge Cloud v3: Implementing the first distributed hybrid cloud-edge computing platform.
Open the market for data tasks.
Develop a developer API interface for easy job submission and completion automation.

Similar Projects

Theta Network is part of the DePIN category, similar to Render Network and io.net.

Project Information Channels

Website: https://www.thetatoken.org/
Twitter: https://twitter.com/Theta_Network
Telegram: https://t.me/joinchat/Gt6mbxJb-2XukwGA_atLjg

Conclusion

Theta Network is revolutionizing online experiences by optimizing video streaming and integrating blockchain with a reward system. This approach not only encourages active community participation but also supports sustainable platform growth and unlocks new opportunities for the future.

Through this overview, AZCNews has provided insights into Theta Network and the THETA Token. If you have any questions, please leave them in the comments for immediate answers!