Theta is known as a network specifically created for video streaming, operating on blockchain technology. Launched in March 2019, the Theta mainnet allows users to share bandwidth and computing resources on a peer-to-peer basis, functioning as a decentralized network.
Endorsed by co-founders of YouTube and Twitch, Steve Chen and Justin Kan respectively, the Theta network enables users to simultaneously watch video content and earn token rewards for relaying the same content to other viewers. Similar to other sharing economy models within the same network, users voluntarily choose to utilize their spare bandwidth and computing resources to relay video to others, earning token rewards for their contributions. These contributors can participate in the Theta network using any computer, mobile device, or smart TV. Additionally, integrating the Theta network into video platforms can reduce video distribution costs and enhance viewer engagement, further increasing revenues.
Video platforms powered by Theta can grow their user base and gain market share by spending less on video service infrastructure and more on rewarding users.
Theta boasts a network of guardian nodes, which perform various governance tasks and include corporate validators like Google, Blockchain ventures, Gumi, Sony Europe, and Samsung. Despite developers claiming the project aims to disrupt the current state of the video streaming industry, issues like centralization, weak infrastructure, and high costs often result in a poor user experience. Content creators also earn less due to barriers between them and users.

Theta was co-founded by Mitch Liu and Jieyi Long in 2018. Liu has a background in the gaming and video industries, including founding video advertising company Tapjoy, mobile social gaming venture Gameview Studios, and the live streaming platform THETA.tv, which is among the first services on the Theta protocol. Long, the other co-founder and CTO, has experience in design automation, gaming, virtual reality, and large-scale distributed systems. He has written multiple peer-reviewed academic papers and holds various patents in video streaming, blockchain, and virtual reality.
Theta boasts a modest team with strategic corporate investors like Samsung NEXT, Sony Innovation Fund, media investors BDMI (Bertelsmann Digital Media Investments), CAA (Creative Artist Agency), DCM, Sierra Ventures, and the VR Fund, including traditional Silicon Valley VCs.

Theta's core business concept is to decentralize video broadcasting, data distribution, and edge computing, making it more efficient, cost-effective, and fair for industry participants. The network operates on a native blockchain with two native tokens, Theta (THETA) and Theta Fuel (TFUEL), energizing the current economy. Theta's appeal is threefold: viewers are rewarded with better quality service, content creators increase their earnings, and intermediaries (video platforms) save on infrastructure while boosting ad and subscription revenues. Rewards come in the form of TFUEL tokens, incentivizing users to both watch content and share network resources. The platform is open-source, and token holders receive governance powers, similar to many proof-of-stake blockchain ecosystems. Theta also serves developers wanting to launch decentralized applications (DApps) on its fully-featured EVM (Ethereum Virtual Machine) compatible smart contract platform.
The Theta blockchain mainnet supports Turing-Complete smart contracts, creating a new set of user experiences and affiliation models for DApps on the Theta network. Examples include fully digitalized product ownership, innovative payment-consumption models, transparent copyright distributions, reliable crowdfunding mechanisms, and more. These services complement the fundamental functions of video and data distribution, adding an additional layer of social and economic interaction that significantly enhances platform user engagement and retention.

Theta includes two tokens: THETA and TFUEL. THETA exists for governance purposes only, with five TFUEL tokens issued per THETA issued at the launch of the mainnet in 2019. THETA was launched in 2018, at which time it was distributed to buyers as an ERC-20 token on Ethereum. Subsequently, all ERC-20 THETA was converted to native THETA on the mainnet. THETA's total supply is limited to 1 billion (1,000,000,000) tokens. It is distributed in varying proportions among all network participants, as well as the Theta team itself and a reserve pool.
TFUEL is used to power transactions similar to gas on Ethereum(ETH). Its total supply is 5 billion (5,000,000,000) tokens. In addition to validator and guardian nodes, members of the Theta community host “Theta Edge Nodes” that form the fully decentralized Theta Edge Network for data distribution and more general edge computing. As of April 2021, the edge network has reached more than thirty thousand nodes reaching many parts of the world. Following Theta 2.0, the capacity of the Theta Edge Node network has been significantly enhanced with the introduction of Theta's industry-leading peer-to-peer EdgeCast technology. This new fully decentralized technology network adds the ability to capture live video, real-time transcoding, cache live video streaming data, and stream it to users globally. All these services are provided through Theta's P2P (peer-to-peer) edge network operated by thousands of community members. No single central server or service was used in this pipeline, which is a great challenge and indicator of success.
Theta Network has a dual-token design. Theta Token (THETA) is the governance token of the theta protocol. THETA is used for staking as a validator and custodian node of the Theta Network, contributing to block production and protocol management. By staking and running a node, users will earn a proportional amount of TFUEL (Theta Fuel) generated. THETA supply is fixed at one billion and will never increase. Theta Fuel (TFUEL) is the operational token of the Theta protocol and is used for on-chain transactions such as payments to edge node relays for sharing video streams or distributing or interacting with smart contracts. Streamers earn TFUEL for every video stream they stream to other users on the network. Theta Fuel is also known as the "gas" of the protocol. There have been five billion TFUEL in the creation of the Theta blockchain, and the supply increases annually at a fixed percentage determined at the protocol level. In December 2020, Theta Labs announced Theta 3.0, which introduces a new crypto-economy design for TFUEL, specifically the concept of TFUEL staking and burning. Theta 3.0 will greatly expand the capacity and use cases of the network and maximize the utility value of TFUEL.

Theta uses a financial incentive plan to facilitate user participation in governance activities, thus securing the network by its users. The network relies on proof-of-stake (PoS) and uses a multi-level BFT consensus mechanism to balance security with high transaction volume. The introduction of guardian nodes in June 2019 ensured that no single entity controls a majority of the staked THETA tokens at any time.

Launched in March 2019, the Theta Blockchain is a purpose-built blockchain designed for video and data transmission. Its unique multi-BFT consensus design integrates a committee of corporate validator nodes with a second layer of community-operated guardian nodes. As of December 2020, corporate validator nodes in the Theta network include Google, Blockchain Ventures, Samsung, Sony Europe, Gumi Cryptos, and Theta Labs, with more significant corporations in the process of joining. The number of guardian nodes has rapidly increased since the launch of Theta 2.0 in May 2020, with over three thousand nodes operated by Theta community members currently.

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