How Theta plans to disrupt traditional video livestreaming: better tech, better incentives!
Theta enthusiast Jonathan Hope introduces the DeFi video network and its grand ambitions. As always, remember to do your own research before making any investment, and tread carefully throughout the crypto world.
Coming off a huge year, it's the perfect time to dive into Theta. The project is backed by big names and useful technology — what more do you need, right? Early partnerships at the corporate level include Google, Sony, Samsung, Binance, and Blockchain Ventures. YouTube cofounder Steve Chen is an adviser.
The reason for this all-star roster of tech giants is the real-world application of the Theta network. The Theta team has developed a decentralized network that provides video streaming at a fraction of the cost, higher video quality, and increased capacity. This is done by rewarding users for sharing their internet bandwidth and computing power in exchange for currency rewards. The largest computing power deployed on the network comes from the companies above with an added 137,000 individual contributors as of today.Theta uses another token called TFUEL to keep the network running smoothly.
Live video streaming grew over 93% in 2021, with viewers staying engaged up to 20x longer than pre-recorded content. Mind blown? There's more. Projections show live streaming as an industry, holding a value of $187 billion by the year 2027. Streaming service providers have a difficult time determining how much bandwidth they will need, and 25% of all American households will cancel their cable service by 2022.
There is a gap forming between how video content has traditionally been provided and the demand the market is developing. The standard route of large data centers full of servers linked together supporting a platform like YouTube or Facebook simply won't cut it in the near future. No one like...