Have You Heard of Theta Token? Why You Should Take a Closer Look At It

There are several undervalued cryptocurrency projects nowadays, and people are missing such opportunities in the sphere. One of them is Theta (THETA), which has been gathering steam across the board, whose software seeks to incentivize a global network of computers to power decentralized video streaming platforms. All in all, these are the kinds of projects where the investors are spotting high potential.

As more people join the blockchain of this software, more bandwidth is allocated to power such a decentralized network, making the traditional content delivery networks (CDNs) opaque in the streaming space. Furthermore, this is fueled by the growing interest in the THETA coin.

Current THETA Market Status

Its 24-hour average volume surpasses the $479 million, and the quote stands well above the $6 threshold. Also, THETA’s current market cap stands at $6.58 billion, ranking in the 27th place, becoming one of the most popular tokens in the industry. Although its market capitalization is higher, the availability of the token is still relatively limited in exchanges. Still, it can be found in major crypto exchanges such as Binance and KuCoin.

The circulating supply of THETA tokens is currently 1 billion, with the same total supply. This makes this project even more interesting because users who want to watch videos on the Theta network could get rewarded with the native token of the platform because of the bandwidth shared.

Institutional investors such as Node Capital and DHVC were behind this project, which is now a well-consolidated one, and being advised by Steve Chen and Justin Kan, co-founders of YouTube and Twitch, respectively.

Technical Aspects of the Project

From a technical perspective, Theta works with a modified proof-of-stake (PoS) consensus mechanism, whose validator nodes’ system makes it faster than traditional proof-of-work (PoW) networks. The validator nodes must stake a minimum amount of 10,000,000 THETA tokens, while its Guardian Nodes just need 100,000 THETAs.

In addition, its content storage and delivery capabilities are powered by Theta Edge Nodes. So far, the edge network has over 30,000 nodes, making it an outstanding network that has been continuously expanding its content-sharing environment.

But Theta network doesn’t support only the THETA coin, as it also offers Theta Fuel (TFUEL), which is the operational token of the protocol. Basically, it’s used for on-chain transactions to reward throughout Edge Nodes relayers for sharing video content purposes. Also, it works for interacting with smart contracts.

In fact, these Edge Nodes allow people to stream live video, transcode, and relay video content, strengthening the entire network’s streaming capabilities.

Looking Ahead

So, the project has been widely expanding in the blockchain sphere, and it has even managed to ink partnerships within the sports industry.

It recently signed a deal with ONE Championship, an Asian sports company, to deploy an NFT market, but they didn’t reveal the launching time as of press time. Of course, such a maneuver could imply a significant move of the Theta project towards the so-popular NFT market.

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