The Theta Mainnet 4.0 update was released on November 2. And the Theta Mainchain launch will take place on December 1. You can keep track of other events using our event calendar. Let us explain what the Theta Network is and what the Mainnet 4.0 update includes.
What Is the Theta Network?
Theta is a blockchain project created for the media and entertainment industry. The purpose of Theta is to increase revenues of video and media platforms while lowering costs. On the other hand, it rewards users for sharing storage or bandwidth on any PC, mobile device, smart TV or IoT device. Theta is compatible with Ethereum, and it offers users Turing-complete smart contracts. And users can easily access decentralized applications on the Theta network thanks to these smart contracts. With the new update, Theta runs on the Mainchain network, in other words, it continues its activities on its own network.
What Is Mainnet?
Mainnet means that a cryptocurrency project, which does not have its own blockchain and runs on another network, creates its own network. For example, if a cryptocurrency working in ERC-20 standards on the Ethereum network stops running on the Ethereum network and creates its own blockchain or network, it means that the project has moved to the Mainnet. When the trials on the Testnet are completed, cryptocurrency projects move to the Mainnet. For a cryptocurrency project, the Mainnet is the final product emerged as a result of all testing phases. Therefore, it is crucial that it works seamlessly.
- Theta Metachain
With new updates, Theta wishes to make its expanding ecosystem more user-friendly in the web3 ecosystem. Since the project has been announced as the Mainnet, which means that Theta will stop working on the Ethereum network and start working on its own network, the new update is very important. With it, users can create unlimited subchains on Theta, and that will grant more customization and flexibility.
In theory, Metachain consists of unlimited subchains that are connected to the main chain. With the v4.0.0 update, Theta plans to have an interconnected blockchain network to allow permissionless horizontal scaling of the blockchain network and to increase the maximum allowed code size and reduce the block completion times. With that, Theta aims to support more complex smart contracts.
In short, with the v4.0.0 update and the Metachain it offers to users, Theta aims to have an ecosystem to compete against companies such as Polkadot and Cosmos.
Leading media companies such as Fuse Media, Replay and TrooVRS have announced their plans to have their own subchains in the Theta Metachain.
- Theta Video API
Theta Video API is a paid service that allows developers to build a video into an application only with a few lines of code. With the update, Theta plans to add live streaming to Theta Video API.
Also, an analysis tab will be added to the control panel of Theta Video API. Content creators will be able to view important statistics on the system. In this way, content creators will be able to adapt their videos to a broader audience.
Streamers can create NFT collections for their audiences and put them up for sale or airdrop them. Users can have their own custom subchains with any web3 tools they need for videos, computing, and storage via Theta Video API, EdgeStore and NFT-based DRM. With this change, the ecosystem will become customizable.
- Right to Speak
With the update, users will have a right to speak by using their TNT-20 tokens on the ecosystem. Users will be able to vote on stadiums, team decisions, logos and jerseys, ticket prices, sponsorships and more for teams not only in soccer leagues, but also in the NBA, the MLB, the NFL and the NHL. They will also earn VIP rewards by staking tokens.
- Theta EdgeStore
Theta has made the Theta EdgeStore a more reliable decentralized storage and CDN with the new update.
You will be able to store your NFT assets, for images and videos, via the EdgeStore in a more secure way.
There will be dCDN support for videos, software updates, game patches, etc.
You will be able to store your Metaverse digital assets such as 3D models for characters and buildings.
And there will be new ways for the Theta users to earn TFUEL for their contribution to the Theta ecosystem dApps.