The Theta Token platform is the next generation video delivery platform that is powered by the community. The website refers to the network as “the only end-to-end infrastructure for decentralized video streaming and delivery that provides both technical and economic solutions…This is one of the most exciting new blockchain ventures I have heard about.”
Theta Labs is launching a testnet that will see the introduction of a decentralized video streaming protocol. Significantly, the team in support of the new testnet has announced a $2 million decentralized application reserve. The money will go towards supporting developers in the industry who utilized the Theta Token (THETA) blockchain to come up with dApps. The protocol gives the developers an opportunity to connect directly with the users while lowering CDN costs.
Theta is able to keep its decentralization in check through the provision of “blockchain for bandwidth” form of infrastructure. The users on the network are rewarded with tokens in return for the use of excess bandwidth when streaming on their devices. Theta Token has also been designed to take the place of CDNs, for example, Akamai. In addition to that, the protocol achieves this at a fraction of the cost on the usual CDNs. It focuses on the stability of the network when streaming from anywhere around the world.
The testnet has already been uploaded on GitHub and can be accessed by over 3 million users on the open-source platform. It has been made to integrate with SLIVER.tv: a top of the line streaming site that boasts of having at least 3 million users who hail from all over the world. This new adventure speaks volumes about the technological advancement Theta Labs is bringing to the video streaming industry. It is set on becoming a global leader, much like YouTube, but this time, it is powered by blockchain. Mr. Ajay Singh, Samsung NEXT Ventures said concerning SLIVER.tv streaming website:
“We first invested in SLIVER.tv for its novel approach to mitigating the bandwidth-intensive costs of video streaming,” he added “The Theta testnet represents the evolution of SLIVER.tv’s initial thesis, and builds on the idea of a decentralized content delivery system. With the launch of the Theta testnet, developers can begin using blockchain to deliver video, ensure content integrity, and reward content creators in innovative new ways.”
The mainnet launch has been scheduled later in the year, however, Theta Token (THETA) is calling upon the contribution of various business partners as well as the developers in the industry to make preparations for decentralized applications. The network is set to be a revolution in the online video streaming industry by providing support for video streaming, business video conferencing, online-based education, streaming of music and most importantly journalism. Theta is already supporting Bitmovio, which is a decentralized video streaming website that compares to Netflix. It was incubated at MIT in the Play Labs, similarly, it is proud to be first to receive funding for building on the testnet. The co-founder and CEO of Theta Labs, Mitch Liu shared his excitement on the launch of the testnet saying:
“This launch extends Theta’s technological head start as the only active decentralized video delivery network,” he continued “Launching our testnet and $2M fund empowers developers to push the limits of our blockchain network and create innovative apps that take advantage of decentralized video streaming. We believe future decentralized video platforms will be built on Theta infrastructure — so let’s get started.”
Theta Token (THETA) Price Overview
Theta Token (THETA) price is trading at $0.156 at the time of writing. The price has been capped below $0.17 for a couple of days now, although it exchanged hands above $0.18 before giving in to selling pressure. There is a support at $0.150, which will continue to hold in the near-term. A break above $0.17 will allow the asset to retrace towards the key resistance at $0.20. Theta Token is ranked the 80th in the market and has a market cap of $ 104,083,344.