- Decentralized video delivery network, Theta is going strong on critical fundamental developments
- Extensive buying pressure capitalizing on crucial patent approval update and Bloomberg feature
- THETA/USD pair surpassed the 50-day moving average (MA) wave on the 4-hour chart
Jaipur (CoinChapter.com) – Theta is in a unique spot right now. The next-generation video delivery system has just won approval for its patent application on “Preventing denial-of-service attacks in decentralized edge networks using verifiable delay functions (VDFs)”. The United States Patent and Trademark Office awarded the same to Theta vide USPTO Application Number 17/224,109 (“THETA-1005”).
According to the official blog announcement, this is the latest patent approval for the platform.
Briefly speaking, the idea talks about protecting decentralized peer-to-peer networks, client-server networks, and hybrid networks from denial-of-service (DoS) attacks. According to the patent, verifiable delay functions (VDFs) can prove instrumental in fending off or reducing the probability of such attacks.
DoS attacks block users of a particular network from accessing it by overloading one or more nodes of the network with many data requests. Thereby causing network congestion. VDFs consist of non-parallelizable sequential computations that prevent the attacker’s hardware from compromising systems through substantial computation speeding.
The development was received well by the community. One of them, who goes by the name of Crypto Dreamer on Twitter, said, “So many patents out there already that I’m started to lose count! Well done, @mitchliu”. Mitch Liu is the Co-Founder/CEO of Theta Network.
Apart from the patent approval, Theta also had the fortune of being covered by mainstream media giant Bloomberg. Published on July 4, the feature discussed how THETA, the token underpinning the Theta Network, has grown up in valuation. Also, it mentioned the token’s 300% rally this year and its rise amongst the top 20 cryptocurrencies by market cap.
The detailed report talked about the involvement of electronics giants Sony and Samsung as validators with Theta. And Katy Perry’s plans to issue NFTs (non-fungible tokens) of her performances on the network.
While the report painted a reasonably bullish picture for the peer-to-peer video delivery platform, it also pointed out how centralized it is.
…Theta Labs owns roughly half of 16 main validator nodes that create blocks. But there are also thousands of so-called Guardian nodes that anyone can set up that check whether transactions have been processed correctly and finalize blocks. Theta Labs owns 20% of all Theta supply and an undisclosed amount of TFuel tokens.Esports Crypto Streaming Service Turns Bandwidth Into Profits, by Olga Kharif for Bloomberg
But that hasn’t stopped bulls and believers from cashing in on the news.
THETA Rallies 14%
This month may have started with the THETA token posting losses. But bullish momentum soon picked up after July 2. In a 14% rally that followed, buyers pulled up THETA/USDT spot rates from lows near $5.75 levels to $6.6.
The trading pair is breaking out from an almost symmetrical triangle formation. The token’s price momentum and the RSI (Relative Strength Indicator) indicator printed a bullish divergence pattern. In addition, the MACD (Moving Average Convergence Divergence) indicator is about to trigger a bullish crossover.
For a clear indication of a continuing rally, bulls must flip the resistances near 20-day EMA ($6.85) and 50-day MA ($7.53) into support levels. Bulls also need to defend the supports near the $5.85 and $5.75 price levels if selloff begins overtaking buying momentum.