Decentralized video streaming carrier Theta Community will host a three-month-long hackathon starting subsequent week to fabricate innovations on the platform.
“Be a part of us in constructing merchandise, integrations and instruments for the Theta ecosystem to decentralize video infrastructure worldwide!”
The Theta Community requests that programmers put up apps, SDKs, or protocols to give a boost to its use case, functionality, and useability. Examples of such initiatives embody integrations with utterly different video platforms, dApps, NFTs, analytics instruments, and block explorers.
CEO Mitch Liu and CTO Jieyi Long will judge the submissions. The scoring criteria will weight 40% to rate 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 elope till mid-April leading into Mainnet 3.0 launch, and the tip 3 submissions will likely be awarded $50ok, $25ok, and $10ok rate of THETA tokens. Uncover take part here: https://t.co/HbNsWz7r4M pic.twitter.com/AZgA7sP4M8
— Theta Community (@Theta_Network) January 13, 2021
Essentially the most important prize winner(s) will get Theta tokens to the associated rate of $50ok, with 2nd and third earning $25ok and $10ok, respectively.
Mainnet 3.0 Aims to Revolutionize Blockchain Video Streaming
The Theta Community’s unbiased is to disrupt extinct streaming platforms, equivalent to YouTube, Netflix, and Twitch.
By constructing a decentralized streaming infrastructure using Validator, Guardian, and Edge nodes, Theta hopes to reward creators and viewers with an even bigger nick of the earnings while additionally addressing evaluations of centralized platforms, including censorship.
As talked about in 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 old iteration by adding two innovations. These are the inclusion of Elite Edge nodes, additionally the implementation of a TFUEL burning mechanism.
Theta community participants host the Edge nodes. They make an integral facet of the P2P decentralized community by facilitating the relaying of video.
With the Mainnet 3.0 upgrade, “uptime mining” is activated to enable the tokenization of web bandwidth and community availability.
As such, users can stake TFUEL to an Edge node and receive rewards reduction for doing so. Staking to an Edge node upgrades it to an Elite Edge node one day of. The Theta team expects staking rewards to attain out at between 2-4%.
Nonetheless that’s no longer all. The unique Mainnet launch will additionally lift in a TFUEL burning mechanism to counter inflationary pressures.
“With Theta 3.0, no lower than 25% of every TFuel fee to the brink community will likely be burned at the protocol stage, effectively changing right into a rate for using the community. Within the long-elope as Theta’s edge community becomes extra widely adopted, this would possibly well occasionally perchance well meaningfully decrease the provision of TFuel.”
Giant Strikes Explore Theta Outperform Market Chief
The efficiency of Theta over the remaining 12 months has viewed an astonishing 2000% manufacture. Over the same length, Bitcoin managed 330%.
As viewed in the associated rate chart, the bulk of the gains followed the firm’s Mainet 3.0 free up announcement, made in December 2020.
Following that, the token has been rising strongly in the CoinMarketCap rankings. Currently, it is positioned 18th, with Tron in line to be overtaken.
With that, can Theta preserve this stage of momentum going into 2021?
Supply: THETAUSD on TradingView.com