Wigwam is the best Theta blockchain crypto wallet

Theta Blockchain Review

Theta is a peer-to-peer EVM-compatible blockchain protocol designed to improve video streaming and delivery in comparison with traditional CDN platforms. Also, the Theta network allows users to bridge assets from Ethereum (ETH) via THETA Bridge to encourage the development of cross-chain services.

Origins and Vision   

Due to the growing streaming standards and geographical restrictions associated with centralized content delivery networks (CDNs), many users lament buffering and low-quality issues in the process of content consumption.

To solve these problems, Theta Labs launched the THETA Network in November 2017 as a protocol that used BTF consensus algorithm and decentralized network of nodes for storing and delivering content to the end users in exchange of rewards. By implementing this solution, THETA team reduced reliance on centralized data centers, ensured an adaptable, unrestricted streaming experience, and made video delivery more efficient for providers.

Key Milestones

The Theta blockchain launched mainnet 1.0 in March 2019 and started engaging users and creating a distributed network for video streaming. After subsequent releases, it upgraded to mainnet 4.0 three years later with features improving network efficiency, content delivery and supporting DeFi and NFTs. Also, THETA partnered with ABS-CBN in March 2023 to power its non-fungible token (NFT ) operations.

What Consensus Algorithm and Network of Nodes Does Theta Blockchain Use?

Theta uses an effective Byzantine Fault Tolerance (BFT) algorithm and its work supported by three unique node types: the Guardian, which runs a check to spot non-functional or malicious network participants;  the Validator, which confirms new block transactions and the Edge nodes that share computing resources and excess bandwidth to optimize video stream quality for viewers on the network. In Theta, over 3,500 Guardian nodes ensure security and only 31 validators create and confirm new blocks.  Users must stake at least 200,000 THETA tokens to qualify as a validator and only 1,000 THETA to become a Guardian Node on the network.

How Theta Technically Solved Problems with Scalability, Decentralization, and Speed

Theta solved issues associated with speed, scalability, and decentralization using the effective Edge nodes technically. They make the chain scalable through caching and storing data closer to the users, which, in turn, ensures efficient content delivery. Furthermore, these participants decentralize the network by sharing resources and governance among stakeholders.

DeFi Ecosystem on Theta

DeFi on Theta offers reduced gas fees compared to Ethereum, enabling the development of exciting dApps from any EMV-compatible blockchain with 1-2 seconds of transaction finality.

The Theta DeFi ecosystem offers users crypto exchanges such as “ThetaSwap” or “VoltSwap” to trade assets without third parties. To join the Theta ecosystem we recommend to use Wigwam crypto app for DeFi.

Theta NFTs Marketplaces

Theta NFT platforms attract traders and digital creators with low transaction fees. Popular non-fungible tokens platforms on Theta include “ThetaDrop” and “ThetaGainX”, where digital artists create and exchange assets.

Tokenomics and Gas Usage on Theta

Theta Fuel (TFUEL) is Theta’s gas fee token, and THETA is its a native governance/staking token. The utilities are as follows:

1. Fee payment method - users watch streams and perform transactions on the network by paying fees in TFUEL.
2. Rewards - Users receive compensation in TFUEL for contributing to the network
3. Staking - Users stake THETA coins, and larger stakeholders become node providers that verify blocks for rewards.
4. Governance -  by staking THETA tokens on the network  users may participate in its on-chain governance.

Conclusion  

Theta is a next-generation blockchain platform designed to reduce reliance on centralized content delivery networks and reward users for their contributions. Also, its ecosystem’s Ethereum compatibility facilitates the development of decentralized applications seamlessly.