Video content is rapidly overtaking all other mediums as the number one most viewed content online. According to recent statistics, more than 82% of all internet traffic will consist of video content, which has innovators around the world scrambling to devise new and efficient methods of video content distribution.
Video content already accounts for more than 67% of all internet traffic, contributing toward a multi billion dollar industry that continues to rapidly increase in value. Despite the extreme importance of video content, the current distribution network infrastructure that supports video content is extremely flawed.
This flawed architecture results in poor loading times, low resolution content, high delivery costs, and ultimately limits revenue flow back to video content creators. As the resolution of video content increases with the development of high definition video content or VR content, these issues are only expected to worsen.
A new solution, however, aims to revolutionize the way in which video content is distributed around the net by utilizing the unique decentralized nature of the blockchain. Theta Labs, a subsidiary of SLIVER.tv, is aiming to launch an initial coin offering that will foster the creation of a decentralized peer-to-peer network that greatly improves video content distribution.
In this article, we’ll take a look at the Theta Token and find out how it works. We’ll also examine the specifics of the Theta Network ICO and find out what it offers to help you determine whether it’s worth supporting.
What is Theta Token?
The Theta Network is essentially a decentralized video content streaming platform that is powered by users. Using a unique and innovative blockchain network, Theta is backed up by a team that holds more than three decades of experience in the video streaming space, including advisors such as Steven Chen, the co-founder of YouTube and Justin Kan, the co-founder of Twitch.
The Theta Network will utilize an open source protocol that is specifically designed to decentralize streaming services. The unique nature of the Theta Network blockchain will also allow for the creation of decentralized app layers that provide specific functions, such as peer to peer streaming, live sports broadcasts, education, conferencing, television and movies, and more.
The first app to be built on top of the Theta blockchain will be a SLIVER.tv dapp, bringing in millions of esports viewers on launch. The core principle of the Theta Network is that network participants that possess unused bandwidth or computing power will cache and relay streams to other network participants.
In turn, these users will mine the native crypto token of the Theta Network, the Theta token. This streaming architecture is extremely effective in geographic regions in which internet connections are unstable or unreliable, and also provide individuals in these regions with the ability to generate passive income from their unused bandwidth.
The peer-to-peer nature of the Theta Network will deliver far higher streaming quality, which will reduce the overall distribution costs for content producers, ultimately empowering the production of original content and reducing the cost of content for consumers.
How Theta Token Works
The Theta blockchain is currently the only blockchain that is purpose-built for video content distribution, and uses reputation independent mining. When a caching node mines a new Theta block, it then calculates a reputation score for itself, which is a measure of the amount of video stream relayed.
High reputation increases the block reward, which encourages node operators to relay more video. The Theta blockchain also employs global reputation consensus- when a new block is mined, all nodes verify the reputation of the node that mined the block, which forms a global consensus on block reward.
Another important and interesting feature of the Theta Network is that it is able to deliver proof of engagement. The Theta blockchain is able to verify that consumers legitimately view delivered content, thus providing greater levels of transparency to advertisers. This also makes it possible for viewers to earn Theta by viewing advertisements.
The Theta Network ICO
The Theta Network initial coin offering will be capped at 600,000,000 Theta tokens, which will be available for purchase for $0.15 or the equivalent in ETH. The first week of the public ICO will also offer a bonus scheme to fast-moving sale participants. At the end of the Theta Network initial coin offering, any unsold Theta will be burned.
The distribution of the Theta tokens generated in the ICO will consist of 50% for sale in the ICO, with an additional 30% reserved by Theta Labs. 10% will be dedicated to network seeding, while a final 10% will be reserved for Theta Labs partners, advisors, and for employee incentives.
Theta Token Verdict
The Theta Network is one of the biggest blockchain projects to launch recently, and is backed up by some of the biggest names in the video streaming universe. If you’re seeking an extremely promising ICO to assess, Theta Token is definitely worth close investigation.