World’s first video delivery network powered by the blockchain technology, Theta has launched a testnet (beta) version of its decentralized blockchain video streaming protocol.
The tesnet will be backed by a $2M Dapp Development Fund to empower developers to create new decentralized apps (dapps) that harness the power of Theta's network to engages users and reduce CDN costs.
Theta had kicked started its operations by investing in SLIVER.tv for its novel approach to mitigating the bandwidth-intensive costs of video streaming. SLIVER.tv is a leading esports streaming website with over three million users, and helped to extend Theta's leadership in technological development while marking an important step toward mainstream availability.
With the launch of the Theta testnet, developers can begin using blockchain to deliver video, ensure content integrity, and reward content creators in innovative new ways.
The Theta testnet represents the evolution of SLIVER.tv's initial thesis,and builds on the idea of a decentralized content delivery system.”
Theta Invites Partners To Seed The Testnet Ecosystem
Theta has said its doors are open to business partners and community developers to seed the ecosystem and prepare Dapps for the upcoming mainnet launch slated for late 2018.
Already, Bitmovio, a decentralized Netflix-like video platform incubated at Play Labs at MIT, is building on Theta's testnet and is the first Dapp to receive funding from Theta's Dapp Development Fund.
Theta is an open protocol, capable of supporting Dapp partners in various segments which include streaming video, enterprise video conferencing, online education, music and journalism, among others.
With testnet, Bitmovio is building a breakthrough model for entertainment content creators that can only be enabled by the power of the Theta blockchain, said Bill Guttentag, a double Oscar-winning filmmaker and a founding advisor to Bitmovio.
Bitmovio and Theta are at the forefront of disrupting the content delivery systems as streaming has been passive and lacked the power of engagement and interactivity to create superfans.
What The Testnet Launch Means To Theta
Speaking for the company, Mitch Liu, co-founder and CEO of Theta Labs said the testnet launch extends Theta's technological head start as the only active decentralized video delivery network.
The company believes launching testnet and $2M fund will empower developers to push the limits of its blockchain network and create innovative apps that take advantage of decentralized video streaming.