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

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

Decentralized video streaming service Theta Network will host a three-month-long hackathon beginning next week to establish developments on the platform.

” Join us in structure items, combinations and tools for the Theta community to decentralize video facilities around the world!”

The Theta Network demands that developers send apps, SDKs, or procedures to enhance its usage case, performance, and useability. Examples of such tasks consist of combinations with other video platforms, dApps, NFTs, analytics tools, and obstruct explorers.

CEO Mitch Liu and CTO Jieyi Long will evaluate the submissions. The scoring requirements will weight 40% to worth contributed to the Theta community, 40% on execution, and 20% on development.

The very first reward winner( s) gets Theta tokens to the worth of $50 k, with 2nd and 3rd making $25 k and $10 k, respectively.

Mainnet 3.0 Objectives to Change Blockchain Video Streaming

The Theta Network’s objective is to interfere with conventional streaming platforms, such as YouTube, Netflix, and Twitch.

By constructing a decentralized streaming facilities utilizing Validator, Guardian, and Edge nodes, Theta intends to reward developers and audiences with a larger piece of the income while likewise attending to reviews of central platforms, consisting of censorship.

As pointed out in the above tweet, the hackathon will lead into Theta’s Mainnet 3.0 launch, set up for April 9, 2021.

Mainnet 3.0 builds on the previous version by including 2 developments. These are the addition of Elite Edge nodes, likewise the application of a TFUEL burning system.

Theta neighborhood members host the Edge nodes. They form an important element of the P2P decentralized network by assisting in the communicating of video.

With the Mainnet 3.0 upgrade, “uptime mining” is triggered to allow the tokenization of web bandwidth and network accessibility.

As such, users can stake TFUEL to an Edge node and get benefits back for doing so. Staking to an Edge node upgrades it to an Elite Edge node while doing so. The Theta group anticipates staking benefits to come out at in between 2-4%.

However that’s not all. The brand-new Mainnet launch will likewise generate a TFUEL burning system to counter inflationary pressures.

” With Theta 3.0, a minimum of 25% of each TFuel payment to the edge network will be burned at the procedure level, efficiently ending up being an expense for utilizing the network. In the long-run as Theta’s edge network ends up being more extensively embraced, this might meaningfully decrease the supply of TFuel.”

Substantial Relocations See Theta Outperform Market Leader

The efficiency of Theta over the last 12 months has actually seen an impressive 2000% gain. Over the very same duration, Bitcoin handled 330%.

As seen in the cost chart, the bulk of the gains followed the company’s Mainet 3.0 release statement, made in December 2020.

Following that, the token has actually been increasing highly in the CoinMarketCap rankings. Presently, it is put 18 th, with Tron in line to be surpassed.

With that, can Theta preserve this level of momentum entering into 2021?

Theta daily chart YTD

 Source: THETAUSD on TradingView.com

Samuel Wan Read More.