Building a Wallet on Theta Blockchain
Theta is one of the most promising crypto projects of today. It offers video streaming on the blockchain, and its native THETA coin has skyrocketed in 2021, making 3X from the beginning of the year.
If you want to benefit from such a surge, building a Theta coin wallet can be one of the possible ways. An essential thing you’ll need for this is a reliable Theta node. In this article, we will tell you how you can access one easily and reliably.
What is Theta?
People love watching videos — every day, over 1 billion hours of content are watched on YouTube alone. However, streaming videos there implies problems: the platform charges a 45–55% split for royalty fees, can block videos and entire channels due to non-transparent rules and authorities’ requests, and those creators with few views barely have an opportunity to earn. On centralized platforms like YouTube, people don’t have control over their content usage and monetization.
Theta is a video streaming network powered by its users. They share bandwidth and the computer power in a peer-to-peer way, while thousands of “guardian” nodes are run by the community, which ensures a high level of decentralization. The network runs on a Proof of Stake consensus algorithm, so anyone can stake their THETA token to earn rewards and take part in its governance.
Besides the native token, the network has got TFuel (Theta Fuel) — a token in which you are paid for watching videos, so advertisers have the means to reward your engagement. Theta also allows developers to build on it and run their smart contracts.
Compared to the existing streaming platforms, Theta is more accessible and predictable for content creators, and more safe and profitable for users.
How to build a wallet on the Theta blockchain?
To build a Theta wallet, the first thing you need is access to a Theta node. A node is a part of the cryptocurrency’s network that disposes of the entire version of the blockchain that is updated in real-time. The node is needed to initiate transactions, learn their status, and keep track of the wallet balance. Let’s review this in more detail.
What is a Theta node?
A Theta node is a full-fledged member of this cryptocurrency’s network that ensures its proper functioning. In the Theta network, there are two types of nodes — Validators and Guardians.
Validator nodes organize new transactions into blocks and introduce them to the network, while Guardian nodes seal the blocks and check the validity of transactions in them — this helps identify malicious or poorly-working Validator nodes. Guardian nodes are the second layer of security that protects Theta from potential attacks. These nodes possess an entire copy of the blockchain, and they always know what is happening in the network — what transactions were validated and not, how many confirmations they had, what is the current block height, and so on.
If you want to run your Theta wallet, you need uninterrupted access to a node: the wallet always has to be updated on the current state of the blockchain so that users could send transactions, receive Theta coin, and know the status of their funds.
How do I get access to a Theta node?
You can launch your own dedicated server and set up a proprietary node on it. You will have full control over it, but make sure you have enough skills to operate it. Usually, a specialist is needed for such a job, otherwise, the node may lose its synchronization with the network and have a high downtime. For any wallet, this is detrimental. Besides that, if you have a non-profit project and you need to cut your expenses as much as possible, running your own node can be very expensive.
To develop your Theta token wallet, you can leverage NOWNodes. We do full maintenance of the Theta node, and all you have to do is make requests to it regarding the transaction status, wallet balances, and so on. You don’t have to set up a server and bother yourself configuring the node — simply use the ready-made solution and facilitate your development.
What requests to the Theta node can I make?
Running a Theta cryptocurrency wallet implies making many various requests: getting the balance of one or several addresses, getting the transaction data, block numbers, and so on. In our Docs, see the THETA directories in the BlockBook API and Node API folders, and find the full list of requests with the samples. To run these requests, you’ll need an API key — we will now explain how you can get it.
How do I start using NOWNodes?
To get an API key, hit the corresponding button on our landing page or simply contact us. Check your email — the key should arrive promptly. Insert it into the requests to make them ready for work. You’ve got 20,000 requests a day for free; however, this might be too few for a wallet — see our pricing plans to estimate the expenses.
We carefully monitor the nodes’ proper functioning 24/7. Our API uptime is 99.95%, but if anything goes wrong, we always have strong backup options. The response time of your API is less than a second, so the users of your wallet will swiftly get updates on their balances and transactions.
If you will need to run a project with other cryptocurrencies than Theta, we got you covered: NOWNodes supports 40+ blockchains, and you won’t have to spend time looking for other services: all block explorers and node APIs are already here.
Building a Theta wallet requires technical skills, and a major part of them may involve maintenance of a Theta node. However, if you leverage a ready-made solution for the node, you will save much time and costs for your project. We are eager to help you with this — contact us at firstname.lastname@example.org, and we will do our best to assist you with the launch of your Theta wallet!
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