How To Buy Theta (THETA)?
A common question you often see on social media from crypto beginners is “Where can I buy Theta?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Theta (THETA)
First, you will need to open an account on a cryptocurrency exchange that supports Theta (THETA).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Theta (THETA) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Theta (THETA)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Theta (THETA) or Theta (THETA) trading pairs. Look for the section that will allow you to buy Theta (THETA), and enter the amount of the cryptocurrency that you want to spend for Theta (THETA) or the amount of fiat currency that you want to spend towards buying Theta (THETA). The exchange will then calculate the equivalent amount of Theta (THETA) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Theta (THETA) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is THETA (THETA)?
Theta Network is the leading video delivery network powered by blockchain technology. Theta allows users to simultaneously watch video content and earn token rewards for relaying video to other users who are also watching the same content. In the same vein as other sharing economy models, users opt-in to volunteering their spare bandwidth and computing resources to relay video to other users and earn token rewards for their contributions. Users can contribute to Theta Network on any PC, mobile device, or smart TV.
For video platforms, integrating Theta into their video delivery stack enables them to reduce their video delivery cost, deepen viewer engagement, and drive incremental revenues. By spending less on video delivery infrastructure, and more on rewarding their users, Theta-enabled video platforms can grow their userbase and gain market share.
The Theta Blockchain is a purpose-built blockchain designed from the ground up for video and data relaying launched in March 2019. Theta’s unique multi-BFT consensus design combines a committee of 20–30 Enterprise Validator Nodes with a second layer of 1000s of community-run Guardian Nodes. Validator Nodes propose and produce new blocks in the chain, while Guardian Nodes seal blocks and act as a check on malicious or otherwise non-functional Validator Nodes. As of December 2020, Enterprise Validator Nodes on Theta are run by Google, Blockchain Ventures, Samsung, Sony Europe, Binance, gumi Cryptos, and Theta Labs, with more major enterprises in the process of joining. After the Theta 2.0 launch in May 2020, Guardian Node counts quickly ramped up. Currently, there are more than 3,000 Guardian nodes run by the Theta community members.
The Theta blockchain mainnet enables the support for Turing-complete smart contracts. Smart contracts open up a whole new set of user experiences and new attribution models for DApps built on the Theta network. For example, leveraging smart contracts on the Theta network could enable fully digitized item ownership, innovative payment-consumption models, transparent royalty distributions, trustless crowdfunding mechanisms, and much more. This provides an additional layer of social and economic interactivity that supplements the core functionality of video and data delivery, and significantly increases the engagement and retention of platform users.
In addition to the Validator and Guardian Nodes, the Theta community members also host the Theta Edge Nodes, which form the Theta Edge Network, a fully decentralized network for data delivery and more generally edge computing. As of April 2021, this edge network has grown over 30,000 nodes, covering all the corners of the world. Following Theta 2.0, the capability of the Theta Edge Node network was significantly enhanced with the release of Theta’s industry-leading peer-to-peer “EdgeCast” technology. This new fully decentralized technology stack adds the ability to capture live video, transcode it in real-time, cache and relay live stream video data to users globally – all through Theta’s P2P edge network run by thousands of community members. Not a single central server or service is used in this pipeline. This is a huge challenge and huge accomplishment.
The Theta Network features a dual token design. The Theta Token (THETA) is the governance token of the Theta protocol. THETA is used to stake as a Validator or Guardian node, contributing to block production and the protocol governance of the Theta Network. By staking and running a node, users will earn a proportional amount of the new TFUEL generated. The supply of THETA is fixed at 1 billion and will never increase. Theta Fuel (TFUEL) is the operational token of the Theta protocol. TFUEL is used for on-chain operations like payments to Edge Node relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network. You can think of Theta Fuel as the “gas” of the protocol. There were 5 billion TFUEL at genesis of Theta blockchain, and the supply increases annually at a fixed percentage set at the protocol level. In December 2020, Theta Labs announced Theta 3.0, which introduces a new crypto-economics design for TFuel, in particular, the concept of TFuel staking and burning. This will greatly expand the capacity and use cases of the network and maximize the utility value of TFuel.
Official website: https://www.thetatoken.org/