Decentralized video streaming service Theta Network is holding a three-month hackathon starting next week to develop innovations on the platform.
“Build with us products, integrations and tools for the theta ecosystem to decentralize the video infrastructure worldwide!”
The Theta Network encourages programmers to submit apps, SDKs or protocols to improve the use case, functionality and usability. Examples of such projects are integrations with other video platforms, dApps, NFTs, analysis tools and Block Explorer.
CEO Mitch Liu and CTO Jieyi Long will judge the submissions. The evaluation criteria weight 40% for the added value of the theta ecosystem, 40% for the execution and 20% for the innovation.
The Q1 2021 Theta Hackathon starts on Monday, January 18th! The hackathon runs until mid-April and leads to the start of Mainnet 3.0. The three best entries will receive THETA tokens valued at 50,000, 25,000 and 10,000 US dollars. Find out how to participate here: https://t.co/HbNsWz7r4M pic.twitter.com/AZgA7sP4M8
– Theta Network (@Theta_Network) January 13, 2021
First prize winners will receive $ 50,000 worth of theta tokens, with the second and third earning $ 25,000 and $ 10,000, respectively.
Mainnet 3.0 aims to revolutionize blockchain video streaming
The aim of the theta network is to disrupt traditional streaming platforms such as YouTube, Netflix and Twitch.
By building a decentralized streaming infrastructure with Validator, Guardian and Edge nodes, Theta aims to reward developers and viewers with a larger portion of the revenue while also addressing criticism of centralized platforms, including censorship.
As mentioned in the tweet above, the hackathon will lead to the launch of Theta Mainnet 3.0, which is scheduled for April 9, 2021.
Mainnet 3.0 builds on the previous iteration and adds two innovations. These are the inclusion of Elite Edge nodes as well as the implementation of a TFUEL burning mechanism.
Theta community members host the edge nodes. They form an integral part of the decentralized P2P network by making it easier to share videos.
The Mainnet 3.0 upgrade enables uptime mining to enable tokenization of Internet bandwidth and network availability.
As such, users can put TFUEL on an edge node and receive rewards in return. Unplugging to an Edge Node updates it to an Elite Edge Node. The Theta Team expects the stake premiums to be between 2 and 4%.
But that’s not all. With the new launch of Mainnet, a TFUEL burning mechanism will also be introduced to counter inflationary pressures.
“With Theta 3.0, at least 25% of every TFuel payment to the edge network is burned at the protocol level, effectively adding to the cost of using the network. In the long run, as Theta’s edge network becomes more widespread, this could significantly reduce the supply of TFuel. “
Huge Moves See Theta Outperform The Leader
Theta’s performance over the past 12 months has seen a staggering 2000% increase. During the same period, Bitcoin managed 330%.
As can be seen from the pricing chart, the majority of profits followed the company’s announcement that it was releasing Mainet 3.0 in December 2020.
After that, the token rose sharply in the CoinMarketCap ranking. It currently ranks 18th with Tron in line to be overtaken.
Can Theta maintain this momentum through 2021?
Source: THETAUSD on TradingView.com