There is no denying that Theta is one of the most talked about cryptocurrency projects on the market in 2021, so much so that the theta token has already entered the top ten cryptocurrencies by total market value, which looks almost anytime. Sometimes at all.
In its most general sense, Theta can be seen as a decentralized video streaming platform built using the blockchain framework. The platform aims to mitigate many of the challenges facing the traditional video streaming sector by enabling the transmission of high quality video content at a relatively low cost.
More technically, it should be noted that the theta video streaming engine is heavily dependent on a distributed network of users who voluntarily contribute their additional computing resources to keep the platform in order. They are rewarded for their efforts in the form of Theta Fuel (TFuel) tokens.
Netizens can also earn Theta tokens as a reward for sharing their content online using an app to copy and distribute original content called EdgeCast. As a result, Theta came up with a technology proposal for a comprehensive, user-driven media ecosystem that focused on delivering end-to-end entertainment to all, while eliminating the need for any central government.
But does this proposal really get enough attention to make it into the top 10 in market value?
A closer look at Theta Performance
The Theta rally since the beginning of the year has been fantastic, as evidenced by the fact that the currency has risen from $ 1.82 to just over $ 14 during this period.
It should also be noted that the global video broadcasting industry is expected to expand with an average annual growth rate of 20.4% over the next six years. The Theta team seems to be focusing on just that and has developed several ways it can provide concrete benefits to the end user in this incipient space.
While Kadan Stadelman, CTO of Komodo, a comprehensive blockchain infrastructure solution, commented on why the theta gap occurred recently, the theta token model uses blockchain technology to reward content creators by removing intermediaries in the equation. he added:
“The market potential for Project Theta and similar projects is enormous. The most popular video platform today is centralized and can arbitrarily remove your video or prevent creators from monetizing the content. ”
In addition, all things considered, Stadelmann believes that it was only a matter of time before a decentralized content platform such as Theta appeared in the coding ecosystem. In his opinion, the growth we are now seeing is largely due to the fact that the original symbol of the project is beginning to be accepted by an increasing number of users worldwide.
To illustrate her views on the subject, Marie Teitbuitt, Marketing Director for the cryptocurrency portal, told Cointelegraph that she was interested in the idea of a decentralized video streaming platform, especially since the Theta team was able to tackle the problem. – Founders of the two best video streaming platforms – such as YouTube and Twitch – to the Advisory Committee.
Similarly, in terms of how theta managed to break into the top 10 cryptocurrency rankings, Tachipue believes that much of what drives coin growth is its growing popularity in South Korea, with Bithumb recordings close to 10 million in volume . American dollar. compared to the THETA / KRW pair, which do the fifth. The most used pairs on the Theta market. She added:
“Is theta worth all the hype? I’m not sure because it’s too early to find out. I want to see how well their main network performs. However, they have a strong team of consultants and work on an important issue. so it definitely works to their advantage. ”
Not everything on the project is sold out
As Theta continues to grow from strength to strength, a number of people appear every day who are not major supporters of the project. For example, the host of the Crypto And Things podcast Scott Cunningham Cointelegraph pointed out that theta’s recent rise is largely due to the continued flourishing of incorruptible icons, adding:
“Theta.tv is created to take people’s money because you can not take it out. Theta people are mostly contractors and people who share their NFT ads. Theta.tv basically excludes TFuel users, which is very bad for the network’s reputation. mentioned earlier. Last year, 94% of the people who own TFuel were from the original Theta airdrop from March 2019. ”