Information about the Theta project
Today we’ll try to understand what the Multi-Level BFT consensus algorithm is, which has been developed and is currently used by only one company – the Theta project.
Theta Network aims to create a more efficient way to deliver all types of content and data to the global peer-to-peer mesh network. The tokens in the Theta blockchain are used to reward individual users who use their computing and bandwidth resources as caching or relay nodes for video streams.
The project seeks to improve the quality of stream delivery and solves the “last mile” delivery problem – the main bottleneck for traditional content delivery pipelines, especially for high-resolution 4k, 8k streams and next-generation streams.
With sufficient network density, most viewers will extract streams from peer-to-peer caching nodes, which allows video platforms to significantly reduce the cost of content delivery (“CDN”). By introducing tokens as an end-user incentive mechanism, Theta Network aims to allow platforms with video content to expand interaction with viewers, increase revenue, differentiate content and viewing experience from their competitors.
Key Features of the Multi-Level BFT Consensus Algorithm
The project developers built their network on a completely new algorithm, but took older ideas as a basis.
- The multilevel BFT consensus mechanism (Byzantine Error Tolerance) is used to effectively validate active circuit blocks by dividing them into two levels. The first level, which consists of a “committee of validators”, is used to generate block chains, and the second level, which consists of “guardians,” maintains consensus and ensures the validation process. BFT allows thousands of nodes to participate in the negotiation process, while maintaining high transaction throughput (more than 1000 TPS).
- The second mechanism used by Theta is an aggregated signature scheme, which reduces the complexity of messaging to scale. Each custodian node combines the partially aggregated signatures from all its neighbors, and then transmits the cumulative signature. This reduces the size of messages from node to node, and improves communication speed.
- Finally, a resource-oriented micropayment pool is a mechanism that allows users to create an off-chain micropayment pool from which other users can withdraw funds. Used for unscheduled transactions. It is much more flexible compared to external payment chains, since it allows the viewer to pay for video content extracted from several caching nodes without internal transactions.
The plexus of everything described above was embodied in the Multi-Level BFT consensus algorithm.
The Multi-Level BFT Consensus Algorithm is called a revolution in the streaming and P2P industry using blockchain technology. Thanks to the development, streaming sites and platforms can reduce up to 80% of the content delivery network expenses, and considering that about 80% of the total Internet traffic now go to streaming video, the numbers are very significant. Theta Network can be thought of as a “world cache” formed by the memory and bandwidth resources provided by viewers.