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Decentralized Video Platform Theta Internet hosting Hackathon With $85k up For Grabs

01/14/2021

Decentralized video streaming service Theta Community will host a three-month-long hackathon beginning subsequent week to develop improvements on the platform.

“Be part of us in constructing merchandise, integrations and instruments for the Theta ecosystem to decentralize video infrastructure worldwide!”

The Theta Community requests that programmers submit apps, SDKs, or protocols to enhance its use case, performance, and useability. Examples of such initiatives embody integrations with different video platforms, dApps, NFTs, analytics instruments, and block explorers.

CEO Mitch Liu and CTO Jieyi Lengthy will choose the submissions. The scoring standards will weight 40% to worth added to the Theta ecosystem, 40% on execution, and 20% on innovation.

The primary prize winner(s) will get Theta tokens to the worth of $50k, with second and third incomes $25k and $10k, respectively.

Mainnet 3.0 Goals to Revolutionize Blockchain Video Streaming

The Theta Community’s purpose is to disrupt conventional streaming platforms, similar to YouTube, Netflix, and Twitch.

By constructing a decentralized streaming infrastructure utilizing Validator, Guardian, and Edge nodes, Theta hopes to reward creators and viewers with an even bigger slice of the income whereas additionally addressing critiques of centralized platforms, together with censorship.

As talked about within the above tweet, the hackathon will lead into Theta’s Mainnet 3.0 launch, scheduled for April 9, 2021.

Mainnet 3.0 builds upon the earlier iteration by including two improvements. These are the inclusion of Elite Edge nodes, additionally the implementation of a TFUEL burning mechanism.

Theta group members host the Edge nodes. They kind an integral side of the P2P decentralized community by facilitating the relaying of video.

With the Mainnet 3.0 improve, “uptime mining” is activated to allow the tokenization of web bandwidth and community availability.

As such, customers can stake TFUEL to an Edge node and obtain rewards again for doing so. Staking to an Edge node upgrades it to an Elite Edge node within the course of. The Theta workforce expects staking rewards to return out at between 2-4%.

However that’s not all. The brand new Mainnet launch can even usher in a TFUEL burning mechanism to counter inflationary pressures.

“With Theta 3.0, a minimal of 25% of every TFuel cost to the sting community might be burned on the protocol stage, successfully changing into a value for utilizing the community. Within the long-run as Theta’s edge community turns into extra extensively adopted, this might meaningfully scale back the provision of TFuel.”

Big Strikes See Theta Outperform Market Chief

The efficiency of Theta during the last 12 months has seen an astonishing 2000% achieve. Over the identical interval, Bitcoin managed 330%.

As seen within the worth chart, the majority of the good points adopted the agency’s Mainet 3.0 launch announcement, made in December 2020.

Following that, the token has been rising strongly within the CoinMarketCap rankings. At present, it’s positioned 18th, with Tron in line to be overtaken.

With that, can Theta preserve this stage of momentum going into 2021?

Theta daily chart YTD

Supply: THETAUSD on TradingView.com