Decentralized video streaming provider Theta Community will host a three-month-long hackathon beginning subsequent week to increase inventions at the platform.
“Sign up for us in construction merchandise, integrations and equipment for the Theta ecosystem to decentralize video infrastructure international!”
The Theta Community requests that programmers publish apps, SDKs, or protocols to support its use case, capability, and useability. Examples of such initiatives come with integrations with different video platforms, dApps, NFTs, analytics equipment, and block explorers.
CEO Mitch Liu and CTO Jieyi Lengthy will pass judgement on the submissions. The scoring standards will weight 40% to worth added to the Theta ecosystem, 40% on execution, and 20% on innovation.
The Q1 2021 Theta Hackathon launches on Monday, January 18th! The hackathon will run till mid-April main into Mainnet three.zero release, and the highest three submissions will likely be awarded $50ok, $25ok, and $10ok price of THETA tokens. Learn the way you’ll be able to take part right here: https://t.co/HbNsWz7r4M pic.twitter.com/AZgA7sP4M8
— Theta Community (@Theta_Network) January 13, 2021
The primary prize winner(s) will get Theta tokens to the price of $50ok, with 2d and 3rd incomes $25ok and $10ok, respectively.
Mainnet three.zero Objectives to Revolutionize Blockchain Video Streaming
The Theta Community’s objective is to disrupt conventional streaming platforms, akin to YouTube, Netflix, and Twitch.
By means of construction a decentralized streaming infrastructure the usage of Validator, Mother or father, and Edge nodes, Theta hopes to praise creators and audience with a larger slice of the earnings whilst additionally addressing evaluations of centralized platforms, together with censorship.
As discussed within the above tweet, the hackathon will lead into Theta’s Mainnet three.zero release, scheduled for April nine, 2021.
Mainnet three.zero builds upon the former iteration by means of including two inventions. Those are the inclusion of Elite Edge nodes, additionally the implementation of a TFUEL burning mechanism.
Theta neighborhood contributors host the Edge nodes. They shape an integral side of the P2P decentralized community by means of facilitating the relaying of video.
With the Mainnet three.zero 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 procedure. The Theta staff expects staking rewards to come back out at between 2-Four%.
However that’s now not all. The brand new Mainnet release can even herald a TFUEL burning mechanism to counter inflationary pressures.
“With Theta three.zero, no less than 25% of each and every TFuel cost to the threshold community will likely be burned on the protocol degree, successfully changing into a price for the usage of the community. Within the long-run as Theta’s edge community turns into extra broadly followed, this may meaningfully cut back the provision of TFuel.”
Large Strikes See Theta Outperform Marketplace Chief
The efficiency of Theta during the last 12 months has noticed an astonishing 2000% achieve. Over the similar duration, Bitcoin controlled 330%.
As noticed in the fee chart, the majority of the features adopted the company’s Mainet three.zero unencumber announcement, made in December 2020.
Following that, the token has been emerging strongly within the CoinMarketCap ratings. Lately, it’s positioned 18th, with Tron in line to be overtaken.
With that, can Theta handle this degree of momentum going into 2021?
Supply: THETAUSD on TradingView.com