Recently, Theta Labs Inc. announced an impending collaboration with Play Labs, a startup accelerator program that will be conducted at the MIT Game Lab later this year. According to the deal, Theta will fund this year’s version of Play Labs, which is set to comprise of blockchain projects developed by students of the MIT.
This year’s edition of the Play Labs will primarily focus on blockchain and its relation to artificial intelligence, augmented reality and e-sports. Theta Labs will permit all startups that are participating in the contest to integrate their protocol for music, e-sports, video streaming, and other forms of entertainment. The reason behind this initiative is to lower the costs and increase the accessibility to digital content.
Mitch Liu, the founder of Theta Labs, Inc. noted that there are numerous use cases for projects such as the Theta protocol, particularly in the media and entertainment sectors. He added that the firm is looking for strategic partners across the world, and that an institution with MIT’s reputation is a perfect place to kick off this search.
The Theta Protocol
The Theta protocol integrates distributed ledger technology to the digital content distribution industry, bringing in improved quality at subsidized costs. On the Theta platform content creators rake more income for publishing by their media, while consumers can pay or tip content creators and service providers directly. Essentially, the Theta network mirrors amahs network of mobile phones, computers and IoT devices across the world.
Additionally, the Theta network rewards its users with Theta tokens for the use of additional bandwidth and computer processing power to distribute digital content. This effectively works in locations where there is a scarcity of content delivery networks and the quality of video transmission is appalling.
Riz Virk, the director of Play Labs., was full of praise for the Theta protocol. He particularly highlighted the disruptive potential of decentralized content distribution network, given that the industry is moving towards the new age which will be dominated by virtual reality, 8K and e-sports. Virk stressed the importance of video streaming and blockchain technologies to Play Labs, saying that their goal is to deliver quality products that have an inherent value.
Speaking on the matter, the MIT Game Lab studio manager expressed his excitement of the adoption of blockchain technology in sectors other than the cryptocurrency industry. He also stated that he was eagerly waiting to see what this year’s Play Labs will have to show. Some of the most notable personalities who made a breakthrough using the Play Labs platform include Mitch Liu, the founder of Theta Labs, Inc.
The Play Labs is a tech accelerator program that identifies, mentors and nurtures the most promising startups sourced from the MIT community. Usually, the Play Labs event is held every summer at MIT’s Cambridge campus. The program always ends with a widely broadcasted Demo Day show. The MIT Game Lab forms an integral part of the Ludus, a term used to refer to the center for games, learning and playful media at MIT.