Theta is one of the most discussed cryptocurrency projects on the market in 2021, so much so that the Theta token is already into the top 10 list of cryptocurrencies by overall market capitalization.
Theta is a decentralized video streaming platform based on the blockchain framework. The platform seeks to mitigate many of the problems being faced by the traditional video streaming sector, allowing for the relay of high-quality video content at relatively low costs. On the technical side, Theta’s video streaming largely relies on a distributed network of users who voluntarily contribute their computing resources to make sure that the platform works smoothly. In return they are rewarded in the form of Theta Fuel (TFuel) tokens.
Network users can also earn Theta tokens as a reward for sharing their content online via the platform’s native content distribution decentralized application called EdgeCast. Overall, Theta envisions a user-driven holistic media ecosystem that focuses on providing everyone with uninterrupted entertainment services, all while eliminating the need for any centralized authority.
But is this idea really worth the hype for a top 10 spot by market capitalization?
Theta’s rise since the start of the year has been nothing short of spectacular, as is best highlighted by the fact that the currency’s value has surged from $1.82 to just over $14 during that time span.
The global video streaming industry is projected to expand at a compound annual growth rate of 20.4% within the next six years. The Theta team is counting on exactly this and has devised multiple avenues through which to deliver tangible end-user value within this fledgling space.
Theta’s token model uses blockchain technology to reward content creators all while removing intermediaries from the equation. It is only a matter of time before a decentralized content platform like Theta would emerge from within the crypto ecosystem. The surge we are witnessing right now is largely driven by the fact that the project’s native token is starting to be adopted by an increasing number of users across the globe.
Though Theta continues to grow from strength to strength, with each passing day, there is a number of people who are not big advocates for the project. It’s pointed out:
Theta’s recent ascent has largely been related to the ongoing non-fungible token boom.
At first glance the project’s proposition, at least on paper, looks impressive — i.e., the more internet bandwidth one provides while consuming Theta’s digital content, the more tokens an individual can earn — once people get to know the nitty-gritty of what’s actually going on, they will begin to realize that they can only spend their earned tokens within the platform, that too only on highly specific items.
Also, all deposits on the platform are totally non-refundable. So, in essence, Theta is essentially using everyone’s internet for free while giving the community back just a tiny fraction of what they are actually taking — that too as per their own rules.
The Theta Mainnet 3.0 launch is set to lay the foundation for an NFT marketplace and add over 100,000 Elite Edge Nodes to the platform. Furthermore, it will make it more efficient to reward users as well as enable Theta users to stake TFuel tokens.
Amid rising expectations, Theta Labs released a statement on March 24 notifying everyone that the project’s mainnet launch had been delayed until June since the developer team is still working toward “incorporating some building blocks” for an NFT marketplace into the Theta Mainnet 3.0.
As soon as news of the delay went public, the value of Theta plummeted rapidly, dropping by 25% in less than 24 hours leading into March 25. However, following the dip, the currency seems to be on a path of steady recovery, gaining almost half of its lost value back.
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