- Theta Network is a protocol that allows users to watch digital content such as e-sports using the blockchain. The protocol’s native token, THETA, even surpassed Bitcoin (BTC), which has continued to rise to new price peaks in recent days. Altcoin rose 180% from $ 0.867 to $ 1.92 in two weeks between December 20 and January 2.
Theta Network is a protocol that allows users to watch digital content such as e-sports using the blockchain. The protocol’s native token, THETA, even surpassed Bitcoin (BTC), which has continued to rise to new price peaks in recent days. Altcoin rose 180% from $ 0.867 to $ 1.92 in two weeks between December 20 and January 2.
Typically, local tokens of Blockchain protocols tend to increase in value following high profile announcements.
Theta Network soars with its latest announcement
Theta has released plans to introduce Theta Mainnet 3.0 in the spring of 2021. The protocol update allows the network to capture live video and enable live streaming, as well as view other videos on the platform.
The development team behind Theta Mainnet 3.0 announced that “EdgeCast” technology will allow live streaming without a central server. The team explained:
This completely decentralized new technology stack adds the ability to capture live video, convert in real time, cache live streaming video data and transfer it to users worldwide. It’s all done over Theta’s P2P edge network operated by thousands of community members. A central server or service is not used on this platform.
How does the Altcoin infrastructure work?
The two main components in this major network release are Elite Edge Nodes and TFuel.
Simply put, Elite Edge Nodes specifies internet bandwidth. Users can earn more Tfuel by staking Theta Fuel (Tfuel), another local token of the Theta blockchain. This process is called uptime mining.
When Tfuel was launched in 2019, current Theta Token holders were mainly airdroped. Theta Token is the management token of the blockchain and Theta fuel is the gas token used in the protocol to pay transaction fees.
The Tfuel burning mechanism can further reduce the Tfuel supply as it burns the Tfuel supply with revenues from charges in the protocol.
The combination of burning Elite Edge Nodes and Tfuel makes Tfuel more attractive, which naturally reinforces the emotion around Theta Token.
On December 19, Theta announced the Theta Wallet Chrome extension. This basically allows users to use the wallet by interacting with Theta platform like Metamask.
Prior to that, on December 11, Theta completed a major protocol upgrade by issuing smart contracts on the mainnet.