Theta, according to May 2020 reports, is a blockchain designed to enable decentralized video streaming. Theta has now stated that it intends to upgrade to Mainnet 3.0 in the spring of next year. As a result of the protocol upgrade, the network can now transmit live video and enable live-streaming. Users can already watch videos on the platform in general.
According to the development team of Theta’s Mainnet 3.0, EdgeCast technology would enable live-streaming without the need for a central server or service. EdgeCast is a completely decentralized technology that captures live video, converts it in real-time, caches it, and sends video data from the live stream to all users worldwide. The Thetas peer-to-peer edge network, which is managed by a third party and is run by thousands of community members, enables all of this.
This Mainnet release is notable for the addition of Elite Edge Nodes and TFUEL Burning. To put it another way, the Elite Edge Nodes are responsible for tokenizing Internet bandwidth. Users can increase their TFUEL earnings by staking it. This procedure is known as “uptime mining.” TFUEL is a native Theta blockchain token.
TFUEL in 2019
At the start of TFUEL in 2019, owners of Theta tokens were given an airdrop for this token. TFUEL is now the gas token that is used to pay the log’s transaction fees. The governance token of the blockchain is the Theta Token. TFUEL combustion may deplete the TFUEL supply even further.
According to the whitepaper, they burn at least 25% of the transaction fees at first. Burning TFUEL in this context means that they send tokens to an address and that no further transfers are possible from there.
Another possible reason for the token’s rise is the December 10, 2020, final release of smart contracts on the in-house blockchain. Smart contracts have been in use since block 8.411.427. Furthermore, starting from the same block number, it reduces the threshold value for Guardian Node Staking. The 1,000 THETA cap applies to both new stakes and stake additions.
On December 19th, Theta released the Chrome extension Theta Wallet for the Google Chrome web browser. Like Meta Mask, this wallet allows the user to interact with the Thetas platform. The development team is ecstatic that everything went so smoothly and has expressed gratitude to the community. It is worth noting at this point that the Theta Smart
What to Expect with the release of MAINNET 3.0?
With the release of Mainnet 3.0, the project is approaching a new milestone. The THETA.tv platform will then support live 4K, 8K, and VR streaming. Furthermore, Theta’s 2021 roadmap is ambiguous. Theta’s team will most likely continue to focus on increasing user and potential partner awareness while also disseminating its platform and protocol. People also expects significant collaborations with well-known companies. Theta’s agenda could also include the development of his future DeFi area and the elaboration of the details of his governance mechanism.
Without a doubt, Theta represents the next generation of video streaming platforms. What Netflix, Amazon Prime Video, YouTube, and Twitch are currently attempting to cover primarily on their own will eventually lead these platforms to Theta’s arms.
Without the limitations imposed by the platforms mentioned, the high-quality transmission of live streams is not possible. Either the number of viewers cannot be infinite, or the quality of the live broadcast degrade.
Creators uses Theta’s blockchain technology in conjunction with Edge Nodes and Elite Edge Nodes. It no longer require Traditional central servers and service providers. Theta Community makes available its Internet bandwidth for this purpose, ensuring a high-quality streaming experience.
Even though the THETA.tv adaptation has not yet occurred as desired, the project is on track. Not least because, at the end of September 2020, Creators grant Theta the first US patent for a blockchain-based and federated streaming protocol.
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