What is THETA Coin? Theta Network Explained

By September 25, 2021NFT
Click here to view original web page at www.themarketmail.com

Everything You Need to Know about Theta

Theta is a cryptocurrency project by Theta Labs that focuses on providing decentralized peer-to-peer (P2P) streaming services for video content. Theth Labs is a San Francisco-based company founded by Jieyi Long and Mitch Liu in 2017.

Since the beginning, Theta Labs’ team has wanted to create a solution for decentralized streaming services. In March 2019, they launched Theta mainnet. Theta uses a network of nodes to relay video content to viewers. This setup not only lowers the costs for video content distributors but also makes it possible to stream in 4k and 8k resolution and have minimal buffering.

Theta network has its own token called THETA. Platform users utilize THETA token primarily for staking. The network needs THETA token for governing its protocol. The token represents a voting share on system upgrades and other protocol decisions. To pay for transaction fees, the Theta ecosystem has the second token called TFUEL. THETA allows you to:

  • validate transactions;
  • earn TFUEL as a reward;
  • vote on changes to the network;
  • produce blocks.

Theta network has partnership deals with Big Tech companies such as Google, Sony, and Samsung. The platform is fully compatible with the Ethereum network. It allows using Ethereum-based apps, smart contracts, or tools on the Theta platform. The main features of the Theta platform are:

  • smooth high-quality streaming;
  • P2P video streaming service;
  • over 8 thousand transactions per block;
  • instantaneous loading speed;
  • ability to create DeFi apps and NFTs;
  • smart contracts.

How Does Theta Network Work?

Theta utilizes a network of nodes within the system. They play a key part in relaying streams to viewers and caching video data. You can become a Guardian or Validator node by staking THETA tokens. The network currently has 16 Validator nodes. Theta offsets these nodes by using a network of 3641 Guardian nodes. In their turn, Guardian nodes double-check the nodes created by Validators. You have to have 1 thousand THETA tokens to become a Guardian or 10 million to become Validator accordingly.

Theta also has Edge nodes that power the Theta network. They are used as fuel for relaying video streams. As of July 16, 2021, there are 135,010 Edge nodes.

On July 30th, 2021, Theta released its 3.0 mainnet. The whole purpose of this update was to provide the system with more Edge nodes. They can be used to stake TFUEL. TFUEL staking rewards are distributed based on the amount of TFUEL staked, and network uptime.

THETA Price Live Data

Similar to other coins, THETA coin started its market climb at the beginning of 2021. On April 16th, 2021, THETA reached its peak of $14.28. Just a year before, THETA price stood at $0.07881 which means that it hit a 181-x move.

As of July 16, THETA price sits at $4.57 per token. THETA’s trading volume is $195,686,774 for the last 24 hours. Its market capitalization takes 22nd place with $4,563,148,311 via CoinMarketCap.

Having experienced two resistance waves since April 2021, THETA continues to drop in price. Right now is the perfect time to invest in THETA coin as it enters the bear market.

THETA Exchange Rates

Current exchange rate in BTC 0.0001438
Current exchange rate in USD 4.57
Market cap in USD 4,563,148,311
Change in the last 24h 11.13%
Change in the last 7 days 13.12%
Updated July 16, 2021

How to Convert Litecoin to THETA

Litecoin (LTC) is a Bitcoin fork. What makes it attractive? A shorter time of transaction and lower price for transaction processing are the main benefits. However, when compared to THETA transaction time, Litecoin considerably falls behind (~6 seconds to over 2 minutes).

Similar to Bitcoin, Litecoin is quite one-dimensional. Most people use it as a valuable asset or a trading pair with other tokens. On the other hand, THETA coin positions itself as a part of a revolutionary streaming platform.

If you want to swap your Litecoin tokens with THETA, you can do it anonymously without breaking a sweat. Just follow this step-by-step guide:

  1. Go to the LTC to THETA Godex calculator.
  2. In the middle of the page, find two fields with numbers. By clicking on the left side of the “You Send” field, you will be able to enter the number of LTC tokens that you want to convert to THETA. In the “You Get” field, you will see the amount of THETA coins you will receive.
  3. If you are satisfied with the ratio, click the “Exchange” button. After that, you will need to enter your THETA public key in the “Destination address” field below.
  4. After you ensure that your input data is accurate, press the “Exchange” button one more time.
  5. Godex will automatically create a deposit address with a unique transaction ID. Send the amount of LTC you want to swap to THETA via the generated link.
  6. Wait for the confirmation of your transaction. You will find a detailed report of your transactions on the “Completed” page.

No know-your-customer (KYC) is needed. The whole process is anonymous. Keeping your digital assets on decentralized platforms and exchanging them anonymously is extremely important, especially after the latest events when Binance and a couple of other centralized exchanges blocked THETA withdrawal. Remember to own and store your cryptocurrency keys safely and exchange quickly with Godex.

Are you planning to exchange your Litecoin for THETA? What are you waiting for? Go to Godex and do everything with minimal hustle.

All Today's Crypto News In One Place