Decentralized video streaming service Theta network organizes a three-month hackathon from next week to develop innovations on the platform.

“Build with us products, integrations and tools for the Theta ecosystem to decentralize video infrastructure worldwide!”

The Theta network asks programmers to submit apps, SDKs or protocols to improve the usage situation, functionality and usability. Examples of such projects include integrations with other video platforms, dApps, NFTs, analysis tools, and block explorers.

CEO Mitch Liu and CTO Jieyi Long will be judging the submissions. The score criteria weigh 40% on the added value of the Theta ecosystem, 40% on implementation and 20% on innovation.

The first prize winner (s) will receive Theta tokens worth $ 50k, with the second and third earning $ 25k and $ 10k respectively.

Mainnet 3.0 aims to revolutionize Blockchain video streaming

The purpose of the Theta Network is to disrupt traditional streaming platforms such as YouTube, Netflix and Twitch.

By building a decentralized streaming infrastructure using Validator, Guardian and Edge nodes, Theta hopes to reward creators and viewers with a greater share of the revenue while criticizing centralized platforms, including censorship.

As mentioned in the tweet above, the hackathon will lead to Theta’s Mainnet 3.0 launch, scheduled for April 9, 2021.

Mainnet 3.0 builds on the previous iteration by adding two innovations. These are the inclusion of Elite Edge nodes, also the implementation of a TFUEL burning mechanism.

Theta community members host the Edge nodes. They are an integral part of the decentralized P2P network by facilitating the transmission of video.

The Mainnet 3.0 upgrade activates “uptime mining” to enable the tokenization of Internet bandwidth and network availability.

As such, users can wager TFUEL on an Edge node and receive rewards for it. Staking to an Edge node upgrades it to an Elite Edge node in the process. The Theta team expects strike rewards to be between 2-4%.

But that is not everything. The new Mainnet launch will also introduce a TFUEL combustion mechanism to counter inflationary pressures.

“With Theta 3.0, a minimum of 25% of every TFuel payment to the edge network at the protocol level is burned, which effectively becomes a cost of network usage. In the long run, as Theta’s edge network becomes more widely used, it could significantly reduce TFuel’s supply. “

Huge moves see Theta outperforming market leader

Theta’s performance over the past 12 months has seen an astonishing 2000% increase. In the same period, Bitcoin gained 330%.

As can be seen in the price chart, most of the profits followed the announcement of the company’s Mainet 3.0 release, done in December 2020.

After that, the token has risen sharply in the CoinMarketCap rankings. Currently it’s 18th, with Tron in line to be caught up.

Can Theta thus maintain this level of momentum until 2021?

Theta daily chart YTD

Source: THETAUSD on TradingView.com





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