- Theta Networks’ THETA surged over 18,000% in one year and entered the top 10 by market cap, displacing Chainlink (LINK).
- Theta Network users receive THETA tokens as a reward for watching videos and sharing their excess bandwidth.
A new player has made its entry into the crypto top 10, Theta Network. On the heels of an 18.756% rally in one year and an all-time high of $12.12, THETA is displacing LINK, the token of oracle provider Chainlink from rank #10 by market cap.
Theta Network is a decentralized platform that allows its users to earn tokens for watching videos and relaying the same content to other users. As such, the blockchain is based on a “sharing economy” model in which volunteers lend their remaining bandwidth and computational resources for the benefit of all users.
The platform allows resources to be shared from mobile devices, computers, and other devices such as smart TVs. Its target use case is aimed at large video platforms, such as Netflix, Amazon, Hulu, according to an official post:
(…) integrating Theta into their video delivery stack enables them to reduce their video delivery cost, deepen viewer engagement, and drive incremental revenues. By spending less on video delivery infrastructure, and more on rewarding their users, Theta-enabled video platforms can grow their userbase and gain market share.
The platform operates on a specialized blockchain for information and video streaming. The Multiple Byzantine Tolerance Consensus is maintained by a network of 20-30 enterprise validators and a network of 1000 community-maintained “guardian nodes”.
Theta Network fundamentals and partnerships
In addition to the above, Theta Networks has its own wallet, the Theta Wallet in which users can store the Theta Fuel token (TFUEL) and the THETA token. The latter is used as an incentive and a means for the community to participate in the governance model.
By staking and running a node, users will earn a proportional amount of the new TFUEL generated. The supply of THETA is fixed at 1 billion and will never increase.
THETA’s use case and sharing economy model has attracted the attention of major partners and has been integrated with brands such as Sony, Sharp, Philips, and Hollywood giant Lionsgate, among others. A few days ago the Theta Labs team, based in California, USA, received a second US patent for its incentivized video streaming platform.
Theta Labs CEO Mitch Liu has outlined how its platform will differentiate itself from alternatives and the benefits it will bring to users:
As our platform grows we want to provide more opportunities for influencers to set up channels on THETA.tv and monetize 100% of their viewers compared to a few percent of subscribers on platforms like Twitch Our model fundamentally changes the economics for small, mid size and fast growing influencers.
In parallel with the cooperations, the Theta protocol has received significant enhancements since late 2020. Expanding its functionalities, Theta Network has been incorporating new decentralized use cases based on smart contracts such as ThetaSwap in its first iteration.