Decentralized video streaming service Theta Network will host a three-month-long hackathon beginning next week to establish developments on the platform.
“& ldquo; Join us in structure items, combinations and tools for the Theta community to decentralize video infrastructure worldwide!”
& rdquo; The Theta Network requests that programmers submit apps, SDKs, or protocols to enhance its use case, functionality, and useability. Examples of such tasks include integrations with other video platforms, dApps, NFTs, analytics tools, and obstruct explorers.
CEO Mitch Liu and CTO Jieyi Long will evaluate the submissions. The scoring criteria will weight 40% to value added to the Theta ecosystem, 40% on execution, and 20% on innovation.
The Q1 2021 Theta Hackathon introduces on Monday, January 18th! The hackathon will run till mid-April leading into Mainnet 3.0 launch, and the leading 3 submissions will be awarded $50k, $25k, and $10k worth of THETA tokens. Find out how you can participate here: https://t.co/HbNsWz7r4M pic.twitter.com/AZgA7sP4M8
—– Theta Network (@Theta_Network) January 13, 2021
The first prize winner(s) gets Theta tokens to the worth of $50k, with 2nd and third making $25k and $10k, respectively.
Mainnet 3.0 Aims to Revolutionize Blockchain Video Streaming
The Theta Network’s goal is to interrupt standard streaming platforms, such as YouTube, Netflix, and Twitch.
By building a decentralized streaming facilities utilizing Validator, Guardian, and Edge nodes, Theta wishes to reward creators and viewers with a bigger slice of the profits while likewise resolving reviews of centralized platforms, including 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 upon the previous model by including two developments. These are the inclusion of Elite Edge nodes, likewise the implementation of a TFUEL burning mechanism.
Theta community members host the Edge nodes. They form an integral aspect of the P2P decentralized network by helping with the communicating of video.
With the Mainnet 3.0 upgrade, “& ldquo; uptime mining & rdquo; is activated to enable the tokenization of web bandwidth and network availability.
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 in the process. The Theta team expects staking benefits to come out at between 2-4%.
But that’s not all. The brand-new Mainnet launch will also generate a TFUEL burning mechanism to counter inflationary pressures.
“& ldquo; 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 a cost for utilizing the network. In the long-run as Theta’s edge network becomes more widely embraced, this could meaningfully minimize the supply of TFuel.”
& rdquo; Huge Moves See Theta Outperform Market Leader
The performance of Theta over the last 12 months has seen an astonishing 2000% gain. Over the same period, Bitcoin managed 330%.
As seen in the price chart, the bulk of the gains followed the company’s Mainet 3.0 release statement, made in December 2020.
Following that, the token has been increasing strongly in the CoinMarketCap rankings. Currently, it is put 18th, with Tron in line to be overtaken.
With that, can Theta preserve this level of momentum entering into 2021?
Source: THETAUSD on TradingView.com