Theta Labs (www.thetatoken.org), a subsidiary of SLIVER.tv, one of the leading VR live streaming companies, announced its decentralized streaming network, powered by users and a new native blockchain a few years back. Like many other blockchain initiatives, the main focus of Theta is to offer low-cost content delivery, irrespective of the quality of the video or the location. Currently, live video streaming is quite advanced but issues relating to poor bandwidth, expensive infrastructure, etc. Theta, as a solution to these issues, offers its viewers rewards in the form of Theta tokens.
Reportedly, the company has been pushing its users to download its E-Wallet by the 10th of March 2019 for storing their Theta tokens and a number of reports suggest that the platform has taken this decision as a preliminary move prior to the transfer to the Theta mainnet, which is scheduled to happen a few days post March 10, 2019.
For users of Android supported devices, the Theta wallet can be downloaded from the Google Play Store for storing their Theta tokens. However, Apple users will have to wait a while before the Apple iOS version of the Theta wallet is released. News reports suggest that the Apple iOS version is expected to be released soon after completion of the standard application procedures.
The Theta Wallet allows its users to store Theta Tokens on the upcoming Theta Mainnet. Besides, it also stores Theta Fuel, which is supposedly the operational token of the Theta protocol. In other words, on-chain operations like payments to relayers for sharing a video stream will be powered by TFUEL. Besides storing Theta Tokens and TFUEL, the wallet can also store Ethereum and ERC20 Theta Tokens.
Users may follow the instructions mentioned below for swapping their existing tokens.
- First and foremost, the user will need to download the Theta wallet on their respective device.
- Once the download and installation is complete, the app will prompt the user to follow specific instructions for setting up the wallet, and the user will have to record his/her mnemonic phrase
- On completion of the steps mentioned above, the user can transfer the ERC20 Theta Tokens onto the Theta wallet. However, one must be cautious while transferring tokens for the first time and it is advisable to transfer a small amount initially for trial purposes.
Additionally, users will be rewarded with 5 Theta Fuel for each Theta token held, and transactions will be verifiable on a real-time basis on the Theta Mainnet block explorer.
It seems that the developers originally designed the network keeping in mind the video streaming industry.
The Theta team is excited about the Mainnet launch which will completely decentralize the streaming network industry and not just cover e-sports gaming but also venture into other content and data delivery arenas.