Creating NFTs On The Theta Blockchain
This article will teach you how to create NFTs on Theta, what is Theta, how does Theta work, a brief history and summary of Theta as a project.
👨💻 What Is Theta?
Theta is software designed to incentivize global computer networks to run a decentralized video streaming platform. The current structure of Content Delivery Network (CDN), a geographically located operator network, receives payment to deliver streaming video content to end-users. Due to location restrictions, existing CDNs cannot keep up with increasingly high-quality streaming media.
Theta fixes this problem and enables its global user base to stream video by providing them with free bandwidth and computing resources and by rewarding them for doing so. As more and more users join the Theta network, more bandwidth is available, which improves the quality of video streaming on the network. As the core of operations on its blockchain, Theta’s has 2 crypto-currencies. $THETA, which is used to vote for protocol changes and $TFUEL, used to execute transactions within the network. Theta is also open-source software, as this increases the potential for anyone to create new applications and services on top of it.
Theta was founded in 2017 by Mitch Liu, who founded a mobile game and online advertising startup, and Jieyi Long, who previously worked on virtual reality live broadcast technology. It is worth noting that Theta's advisory board includes YouTube co-founder Steve Chen, Twitch co-founder Justin Kana, and Verizon senior executives Lotte Viki and CJ Hello.
The Theta team conducted a private token sale in 2017 and raised the equivalent of US$20 million by selling 30% of its 1 billion unit supply of THETA cryptocurrency. Theta seeks to change the future of video delivery platforms with the help of blockchain technology and its network of validators. The software aims to encourage its global user network to create and support a fully decentralized video streaming platform.
Despite tremendous advances in technology, video stream quality and loading time do not meet the usual high expectations of viewers. This is because video streaming platforms and content distribution networks are restricted by the location of their servers. Ordinary content distribution networks pay to provide video content to end-users, but centralized servers simply cannot meet the ever-increasing demand for streaming media quality.
🧐 How Does Theta Work?
Theta is a network supported by three groups of participants:
Business validation nodes - Companies that own $THETA tokens to obtain the right to process transactions on the network. Current verification nodes include Google and Samsung.
Watchdog Node - Users who perform work to ensure that the transaction block proposed by the business validation node is accurate.
Edge nodes - Share bandwidth or relay video streams over the Theta network in exchange for TFUEL users.
The Theta network also allows developers to create decentralized applications on its blockchain. Examples include royalty distribution applications and crowdfunding mechanisms. Theta network users can download the official Theta wallet app to hold or pledge their THETA and TFUEL tokens. Theta has also established a micropayment system for video streaming purposes, allowing viewers and content creators to send and receive THETA through the official wallet app. This is the mechanism to keep the distributed network of computers running Theta Network synchronized.
The difference between the Theta consensus mechanism and traditional PoS is that both gatekeeper nodes and verification nodes participate in the consensus mechanism, which adds an extra level of security to the protocol. These nodes must pledge THETA tokens to help power the blockchain, produce blocks, and vote on changes. Validator nodes must pledge at least 10,000,000 THETA, while Guardian nodes only need to pledge 100,000 THETA.
🔧 Creating NFTs on Theta Blockchain
This guide will provide a tutorial to create your first NFT on the Theta blockchain. To see the entire process in detail, you can also watch a presentation by Theta CTO Jieyi Long here. First, visit the sample NFT contract on Theta GitHub.
Compile the source code to a compiler like Remix. Create a new file in Remix ("newNFT.sol" in the example), then copy the source code from GitHub to your Remix file and save it. Now switch to the Compiler tab and select the appropriate compiler version 6.2. The language must be Solidity, and the EVM version must be the "compiler default". Enable optimization and leave it at 200. Click Compile nft.sol. In the contract drop-down menu, select CoolNFT from various contract options.
Now implement the contract by going to Theta Wallet.
Login to your Theta wallet with at least 5 TFUEL (Theta smart contract implementation requires approximately 2.5 TFUEL, and the contract interaction requires approximately 0.1 TFUEL). Click on the contract section and we will use the implementation contract look. Two inputs, ABI / JSON interface, and bytecode, can be obtained from the code compiled in Remix. Click the small copy button next to ABI and paste it into the ABI / JSON field of Theta Wallet. Similarly, click the small copy button next to "Bytecode" in Remix and paste this information into the ABI section of Theta Wallet. In the Builder Inputs section, enter the name of your NFT, the symbol/stock code you want to use for it, and the URL of the GIF or other image you want the NFT to represent. Then, click Implement contract and enter your wallet password to implement the contract.
Your contract is now implemented at the address shown. Theta Wallet has switched to the interaction part of the contract, where you can use various functions built into the contract from the drop-down menu.
You can also check the implemented contract by entering the contract address in Theta Explorer.
To read the Theta Explorer contract, scroll down again to the code section and paste the source code of the contract into the "Enter Robustness Contract Code below" position. You also need to select Compiler Version 6.2 and "Optimization: Yes" to match the Remix compiler. Then, click the "Verify and Publish" button at the bottom.
⌛ Conclusion
Theta aims to use its computing power and free bandwidth to transmit video through its global user network, thereby bridging the huge gap between transmission quality and speed. The more active users on the network, the more bandwidth available for video transmission, thereby improving the transmission speed and quality of each new node. Theta allows content creators to exercise greater control over their content and its monetization, which may contribute to the popularity of the web. Investors who believe that the future of shared video streaming media platforms is based on blockchain technology also support Theta.
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