The future of high-quality video streaming is here! With 8k and virtual reality content on the way, we will have to adapt our soon-outdated data infrastructures. And Theta might be the solution we need.
Key takeaways on Theta
- Theta is a blockchain-based video streaming project.
- Current streaming infrastructure will soon not be enough to distribute 8k and VR content.
- Theta offers a decentralized alternative to store and distribute videos.
- The token is up a crazy 17,000% in the past year.
- Theta, which is the token for the Theta Network project, has made its way into the top 10 cryptocurrencies by market capitalization.
What is the Theta project?
Theta is a novel decentralized video content delivery network based on blockchain technology. The system is designed to enhance video streaming quality and reward those who offer their computing resources for improved video delivery.
The idea was to reduce the necessary infrastructure to stream quality video. In many developing countries, users are cut off from enjoying streaming services, simply because of the cost of connecting remote data centres to users. The increasing bandwidth demand for streaming is also an issue for the overall market, soon making current infrastructure inadequate. 4k and 8k, and soon enough VR content, will require a completely different system to run efficiently.
The Theta token is designed to reward users and network node providers for sharing their resources and helping to boost platform performance. Additionally, users can spend their tokens to reward video content creators without any intermediaries. Say goodbye to the dependence on advertisers or hosting websites.
The Theta coin can now be purchased on most cryptocurrency exchanges.
Theta coin is now #9 in the top cryptocurrencies by market capitalization (source: Coinmarketcap)
What is new with Theta coin?
The Theta coin seemingly boomed out of nowhere, hitting the top 10 cryptocurrencies by market capitalization. Theta is up by 17,000% in the past year and is now the 9th biggest cryptocurrency on the market, with a market cap of $14.021 billion.
The coin recently surpassed Chainlink and Litecoin. At the time of writing, Theta coin is worth $14.00, up almost 23% in the last 24 hours, and a 100% in the past 7 days. The coin is now also bigger than Bitcoin Cash and Dogecoin.
The token price is up 23% in the last 24 hours and 100% in the past 7 days (source: TradingView)
Why is Theta exploding right now?
According to Wes Levit, head of strategy at Theta, the growth was long awaited. People are starting to hear about the project and understanding the real value behind it. Apparently, there is also a second staking token on its way.
For those who may not know, “staking” is the process in which users lock their crypto assets in a proof-of-stake blockchain for a given period. These assets are used to achieve consensus and ensure the validity of transactions on the blockchain. Validators lending their crypto assets are then rewarded with additional coins.
Another reason might be the explosive interest in NFTs, which have spammed the news these last couple of weeks. Theta is also working on an NFT marketplace for data insights. If you do not know what NFTs are, feel free to have a look at these articles:
- The crypto art world and the rise of non-fungible tokens
- Non-fungible tokens: top 6 trends of the moment.
The total NFT market is now valued at $1 billion, up 300% from last year.
Finally, the protocol recently announced that Sony’s European subsidiary had become a node runner on the Theta network.
Why would Theta make an interesting investment?
For streaming believers, a new way of storing and streaming video data makes sense, especially as the quality of video online keeps getting better, and web traffic denser. Our current infrastructure will soon be obsolete, and we need to be ready with new solutions.
If one thinks that NFTs are here to stay, Theta might stand to benefit if its marketplace works.
Additionally, the project has attracted investment from Samsung Electronics, and now Sony Corp. Its core advisors, Steve Chen and Justin Kan, are co-founders of YouTube and Twitch, respectively. These are quite good proof of concepts.