Theta network - Explained (posted this article a while back)
In my quest of simplifying some of the ground-breaking technologies in the blockchain ecosystem, today I bring to you- **Theta Blockchain** a decentralised video delivery network **aimed at revolutionising the way we consume content on the internet**. Addressing the technical and economic problem faced by the streaming sector, this project is rather exciting, for it can be the future of live streaming if it continues to gain users at the current rate. To give you a perspective, Theta labs has three patents to its credit and the fourth one has been filed.
What is Theta Blockchain?
Remember the good old days of Limewire, when we could download any music, movies, software and all for free? It made life so simple and easy through its peer-to-peer network. It was an open source, completely free, file sharing and distribution system. Theta blockchain, like Limewire, is a P2P network of a different sort. Theta is a decentralised video delivery network which is designed to incentivise the sharing of bandwidth across the network.
In other words, users are given the opportunity to share their **redundant/excess/unused computing and bandwidth resources** to address the challenges faced by the video streaming platforms.
The team aims at providing users **high quality video streams without the annoying re-buffering and associated high costs**. Costs for owning and maintenance of CDN bandwidth are significant (tens of millions of dollars per year). **More on CDN below**. These costs are only becoming more and more prominent with the upcoming 4K/8K 360 degree VR streaming and the lightfield streaming in the future. Theta's end goal is to be able to solve all these problems by providing a seamless streaming solution.
Solution to the Last Mile problem
All of us spend considerable amounts of time on the internet and I think it’s safe to say a large portion of that time is spent on portals like Facebook, Youtube, Netflix or other video streaming services. However, it is...