Belgium (CoinChapter.com) — Many cryptocurrency enthusiasts express their excitement over Theta Network, the next-generation video delivery ecosystem. Thanks to ongoing developments, the price of THETA has risen sharply this past year. Now is an excellent time to look at some recent developments to see if this excitement is warranted.
Lionsgate Deal Is Promising
One of the more significant developments affecting the Theta Network ecosystem is the distribution of Lionsgate content for this ecosystem. For those who are unaware, Lionsgate is a significant name in the Hollywood movie industry. Having such a well-established name explore the world of decentralized technology is a bit surprising. Lionsgate’s media portfolio spans over 17,000 films and the entire STARZ library. By streaming content on Theta.tv, an integral first step has been taken.
Although the effort is limited to movie night screenings of mainstream hits, it may only be a sign of what is yet to come. Lionsgate intends to explore new monetization models for the entertainment space, setting an example for other major companies in the entertainment industry. For now, there is no indication other entities want to follow this example, but this venture by Lionsgate may prove to be a worthwhile experiment.
Entering The Japanese Market
For a decentralized content network, gaining global traction is an essential aspect. Theta Network launched in Japan in early March 2021, with the LINE blockchain team’s help. Although this partnership has been in place for the past six months, expanding upon the existing partnership is crucial. As LINE is the most popular Japanese messenger app across key Asian markets – including Taiwan and Thailand – this can help increase the reach of Theta.tv.
With a mobile app for Android, Japanese users now available to watch popular live streams and earn rewards by sharing bandwidth in the form of HEARTS. The HEART reward is a TFUEL reward that can be converted to LINK if the users decide to exert this option. This app’s launch marks a milestone, as Japanese streamers were previously unable to withdraw TFUEL due to regulatory reasons. Gaining a foothold in these essential markets requires strong partnerships; whether this partnership will increase the appeal of THETA as a token remains uncertain, however.
A New $100m THETA Enterprise Validator
For networks to succeed and evolve, they need sufficient network nodes to support the ecosystem. For Theta Network, gaining broader access to enterprise validators is essential. One such Enterprise Validator Node has been set up by various institutional investors, including Sierra Ventures, GFR Fund, and Venture Reality Fund. All participants pooled together over $100m in funding to create this collective Enterprise Validator Node.
More Patents Awarded
When it comes to blockchain technology and patents, there are always some concerns about what may be going on behind the scenes. Theta Labs have received its third US patent for “Methods and Systems for Peer Discovery in a Decentralised Data Streaming and Delivery Network.”
It allows Theta Network to introduce Viewer Nodes leveraging a superior Peer Discovery system. Optimizing the delivery of decentralized video requires a specific approach. Whether patents are beneficial to the broader industry will always be a matter of debate, though.
BitBoy NFT Support
Perhaps the most intriguing development for Theta Network is how it will receive some NFTs with the help of BitBoy. The popular crypto streamer will launch Non-Fungible Tokens on ThetaDrop in May of 2021. More and more blockchains are introducing support for NFT technology lately, fueling stronger competition. This creates new opportunities for artists capable of creating Non-Fungible Tokens.
THETA Closing Thoughts
Many things happen behind the scenes of Theta Network, all of which appear to warrant some excitement, depending on how one wants to look at these developments. However, they may not necessarily drive value for the THETA token right away. The majority of its price momentum hinges on speculation, for the time being, but the ecosystem is growing and evolving behind the scenes.
Photo by Mick Haupt on Unsplash
JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.
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