Theta Network to Launch WeRSymbiote NFT Collection on November 1
Date: 2024-10-30 Author: Oliver Abernathy Categories: BUSINESS
The collection will be available for purchase on November 1, and the company has already posted details about the project on the official THETA Twitter account.
About Theta
Theta Network is a blockchain designed to streamline video streaming. With its platform, Theta aims to disrupt the current system by offering a solution to the problems of centralization, high costs, and inefficiencies in infrastructure that plague viewers and creators alike. The project is backed by prominent figures in the tech industry, including Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
Theta's main goal is to create a decentralized system for streaming, data processing, and data delivery. This structure is aimed at increasing efficiency, reducing costs, and building a fair ecosystem for all participants. Theta is powered by its own blockchain with a dual-token system comprising THETA and Theta Fuel (TFUEL). The decentralized structure allows users to enjoy high-quality video streaming, content creators to increase revenue, and platforms to reduce infrastructure costs and increase revenue from advertising and subscriptions. Users are also rewarded for participating and contributing resources by receiving rewards in TFUEL tokens.
Theta also supports developers who want to build decentralized applications (DApps) on the platform, which is compatible with the Ethereum Virtual Machine (EVM), allowing for smart contracts. The THETA token serves as a governance token, allowing holders to participate in decision-making. Well-known companies such as Google, Binance, Sony Europe, and Samsung have already partnered with Theta as corporate validators, and the network is also governed by the community-driven Guardian Network. The openness of the platform and the ability for token holders to govern are hallmarks of the proof-of-stake (PoS) system that Theta uses.
