How to mine Theta (THETA)?

Before explaining how to mine Theta, it is important that you know its consensus protocol. Theta, unlike bitcoin and other cryptocurrencies, is based on the multilevel BFT (Byzantine Fault Tolerance) consensus mechanism, a Proof-of-Stake (PoS) governance system that allows thousands of nodes to participate in the consensus process, keeping the distributed network of computers running Theta Network in sync.

All nodes on the network must stake THETA tokens to help power the blockchain, produce blocks, and vote on changes. Voting power is determined by the amount of THETA wagered.

In addition, validation nodes must stake a minimum of 10,000,000 THETA, while Guardian nodes only need to stake 100,000 THETA.

The Theta network also uses the proof of engagement or proof-of-engagement that allows knowing the amount of time that users invest in viewing content.

What is the Theta network (THETA)?

**Theta (THETA) is a blockchain launched in March 2019 powered by a decentralized network where users share peer-to-peer content and resources and is specifically dedicated to video streaming.

Theta's main purpose is to decentralize video streaming and make it more efficient, profitable and fair for industry participants.**

mining theta

How does Theta work?

Theta software seeks to incentivize a global network of computers on its decentralized video streaming platform. Through its platform, users can broadcast videos offering their bandwidth and additional computing resources, in exchange for rewards.

The more users join your network, the more bandwidth is available, which translates into better streaming quality of videos on the network.

Technically Theta does it this way:

The author uploads his video to the platform and sets his rules of use in the settings;
Users view published material and support the network by providing free power to their computers; in this way, by increasing the capacity, the content can be transferred to other users;
All users who support the network are rewarded with Theta tokens.

As far as the actors on the platform are concerned, the Theta network is powered by 3 groups of participants:

Enterprise Validation Nodes: These are the nodes that propose and produce new blocks on the chain. These are firms like Google, Sony and Samsung, who bet on THETA tokens for the right to process transactions on the network.

Guardian nodes: These are users whose task is to ensure that the transaction blocks proposed by the business validation nodes are accurate. Guardian nodes seal blocks and play an important role in protecting the security of the Theta blockchain, as they form a second layer of defense against potential malicious attackers.

Edge Nodes: Users who share their bandwidth or stream video over the Theta network in exchange for TFUEL, one of the Theta platform's tokens.

Finally, Theta has a micropayment system that allows viewers and content creators to send and receive THETA through its official wallet.

THETA: the native token of the Theta network

In order to execute all operations on its blockchain, Theta has three native tokens, known as Theta (THETA), Theta Fuel (TFUEL) and Gamma, which drive its internal economy.

Theta (THETA): THETA is the cryptocurrency that powers the Theta Network and can be staked by those who wish to become Validator or Guardian nodes. THETA allows nodes to validate transactions, produce blocks, vote for network changes, and earn TFUEL as a reward.

Theta Fuel (TFUEL): It is used to execute transactions on the Theta network and has a function similar to that of gas in Ethereum (ETH). It is also used as a micropayment currency when users pay Edge Nodes to share a video stream. Its total supply is 5 billion (5,000,000,000) tokens.

Gamma: It was created only to fulfill governance functions. At the time of mainnet launch 5 Gamma tokens were issued for 1 THETA.

Theta network offers a triple benefit to its participants:

Users who watch content get a better quality streaming service;
Content creators improve their income;
Intermediaries (video platforms) save money on infrastructure construction.

Other ways to earn THETA?

You can also earn TFUEL tokens for streaming video content through Theta Network. To make them you have to run Theta Edge Node for Windows or Mac. Edge Node uses your unused bandwidth to stream content through sites like Theta.tv. For each streamed video segment, you will earn TFUEL.

Another way to earn TFUEL tokens is by watching broadcasts on Theta.tv and then you can spend these tokens on products or you can trade them in the Theta.tv store or pay them to your favorite streamers as a donation, to support them.

Theta Wallet

If you want to store your THETA or TFUEL tokens, you can use the online wallet or the official Theta Wallet app, available for Android and iOS devices.