Current price:
$
1.13
October 31st, 2024, 23:10:20 PM UTC+00:00
Total Supply
1,000,000,000
Circulating Supply
1,000,000,000
Maximum Supply
1,000,000,000
THETA is essentially software specifically developed to incentivize a network of computers to operate a decentralized video streaming platform. The main reason behind its development is that many centralized content delivery platforms cannot keep up with the increased demand for high-quality streams with their existing infrastructure. THETA was founded in 2017 by Mitch Liu, and THETA is the governance coin designed to help manage the blockchain, as well as its future development, while TFUEL is used for executing transactions.
If you are thinking about investing in THETA yourself, it is essential that you commit the time and research this project first. With all of that in mind, today we will discuss everything you need to know about THETA, from how it functions to the platforms through which you can invest in the coin.
What Is THETA?
THETA was created to allow a global pool of users to relay videos by offering their spare bandwidth and spare computing resources, where they are rewarded for doing so. As more users join this THETA network, more bandwidth becomes available. This in turn, improves the streaming quality of videos within the network and enables more efficient operation in the network as a whole.
THETA has two native cryptocurrency coins. The first is THETA, which is used to make votes on the changes to the protocol, and the other is TFUEL, which is used to execute transactions. THETA was first valued on January 24, 2018. Its price has increased more than 2947.67% since the coin was listed.
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THETA utilizes the Multi-Level BFT Proof-of-Stake (PoS) consensus mechanism, which makes it more eco-friendly than Proof-of-Work (PoW) projects.
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THETA has smart contract functionality, which facilitates reward distribution and collection.
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THETA is supported by a solid team of developers and a solid community.
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THETA is a relatively young project and has to prove its potential.
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It has low liquidity.
How does THETA work?
THETA.tv is the network’s streaming service, where users can view and post their videos. THETA as a network operates through three types of participants that handle each operation. There are the Enterprise Validator nodes, where companies that stake THETA coins have the right to process transactions on the network. You also have the guardians, users who perform work to ensure that the transaction blocks proposed by the enterprise validator nodes are accurate. Additionally, you have the edge node, where users that share their bandwidth get a return of TFUEL.
In terms of the consensus mechanism used here, THETA introduced its own form of Proof-of-Stake known as Multi-Level BFT. Here, the validator and the guardians can participate in the consensus mechanism, which adds an extra layer of security to the protocol, and they can also vote on changes.
Validator nodes have to stake 10,000,000 THETA coins, while guardian nodes only have to stake 100,000 THETA coins. The voting power is then determined by the amount of staked THETA coins. That said, the supply of THETA coins is limited to 1 billion.
Ways to buy THETA
If you decide to buy the THETA coin, you will essentially have full ownership over the THETA. You can use them for anything that you want, and it is recommended that you store them in an off-exchange wallet for the highest level of security. THETA can be bought using a variety of different methods.
The main methods to look for include exchanges, peer-to-peer (P2P) marketplaces, and in-person trading.
Cryptocurrency Exchanges:
Peer-to-Peer (P2P) Marketplaces:
In-person Trading:
When you are ready to buy THETA, you follow a set of steps:
Step 1: Find a Cryptocurrency Exchange
Find a cryptocurrency exchange, like Binance, where THETA coin is listed.
Step 2: Confirm Your Identity
Complete any Know-Your-Customer (KYC) requirements and checks. You will be prompted to submit a copy of your ID, such as your passport, alongside proof of your home address, such as your utility bill.
Step 3: Fund Your Account
Once your account has been verified, you will have to fund the account with FIAT currencies.
Step 4: Buy Your THETA Coins
Buy your THETA coins and put them in a secure cryptocurrency wallet.
How to trade THETA
Alternatively, you can just trade THETA coins. This is essentially a type of investment in which you buy the underlying assets with the end goal of profiting, which is directly based on the market’s movements. However, you do not have direct ownership over the THETA coins.
Your main strategy here is to buy the coin while it’s at a lower market price and sell it when its value goes up.
You can utilize short-term and long-term trading. There are even advanced users who utilize margin and leverage trading strategies and even set entry orders, stop losses, profit-limit orders, or utilize other risk-management methods.
You can trade THETA through a cryptocurrency brokerage.
This is the go-to option for a lot of beginners as the process itself is streamlined tremendously through a simple-to-use user interface.
To trade THETA you must follow a different set of steps, and we are here to guide you throughout each one.
Find a broker that lets you trade THETA assets.
Step 2: Verify Your Account
Pass any of the Know-Your-Customer (KYC) checks to successfully verify your account.
Step 3: Fund Your Account
Fund your account using your preferred payment method.
Step 4: Choose Your Trade
Choose how you want to trade.
Step 5: Buy the THETA Assets
Buy the THETA assets on the brokerage.
Is it safe to invest in Theta right now?
If you buy THETA on a reputable platform, one which has security measurements in place, a solid community behind it, and some level of insurance, you should be safe.
You can even check to see if the platform stores their crypto in cold storage devices for the highest level of security.
However, you must keep in mind that cryptocurrencies are popular targets of hackers, scammers, and other cybercriminals.
To keep yourself and your cryptocurrency as protected as possible, you must follow some steps, including:
Step 1: Enable Two-Factor Authentication (2FA)
Two-Factor Authentication (2FA) should be available on any platform you visit. Through 2FA, you will be prompted to enter an additional piece of information in addition to your password. This could be in the form of an SMS code, a call, or even biometric verification, assuming your device supports that technology.
Step 2: Research Common Scam Types
There have been numerous types of scams historically within the crypto world, and this is nothing new. That said, there are also many projects that flourish aside from all of those scams. In order to keep yourself as safe as possible, be sure to read many online resources and learn how to identify potential scams.
Step 3: Read Platform Reviews
There are many forums out there on which people discuss the best or worst platforms. While finding authentic ones might be a challenge, if you are careful about what resources you are using, you should gain a better perspective regarding the real-user experiences throughout each platform.
Step 4: Store Your Coins in a Private Wallet
It is advisable that you create your own private wallet, where you have control over your private keys. That said, if you are going to store your THETA coins for a long period of time, for over a year, for example, a cold storage solution is the best-recommended option.
Step 5: Be Careful Where You Request Assistance
If you require assistance with just about anything related to crypto, be sure that you only ask for information on reputable and official websites, and remember to always double-check links before you click on them.