Is THETA a potential investment in 2022? Know everything about THETA and its upcoming events like the ThetaDrop launch to get clear insights.
The global pandemic gave a tremendous blow to many projects, especially in the blockchain space. But, on the contrary, some crypto coins attained their all-time high. So, it had been a roller-coaster ride for cryptocurrencies. One such platform that experienced a sudden blow was Theta, a decentralized broadcasting platform. Theta rewards its users for contributing their computing powers towards the network’s health.
What is THETA?
Content Delivery Networks (CDNs) are responsible for streaming video content to end-users worldwide and are paid for it. These CDNs are geographically located networks of operators. Due to the location restrictions, they can’t keep up with increasingly high-quality streams.
This creates a need for an alternative to CDNs. Theta allows its users to spare their bandwidth and computing resources for better streaming in return for rewards. As Theta’s user base increased, there was a huge bandwidth availability, enhancing the streaming quality of videos on the network.
Theta uses two native cryptocurrencies to fuel its operations.
Theta is open-source software that allows developers and projects to deploy their services ad applications on top of it.
The Potential of THETA
Theta operates with the ultimate aim of revolutionizing the traditional video streaming industry by creating a decentralized peer-to-peer video streaming platform. The difficulty of delivering videos across the world is one of the biggest challenges of YouTube, and is getting tougher with HD, 4K, and higher quality video streams, says Steve Chen, the Co-Founder of YouTube. So he stands with Theta as the next evolutionary streaming concept that can offer enhanced streamings at lower costs.
The Theta blockchain is the only end-to-end infrastructure for decentralized video streaming and delivery, offering economical and technical solutions. Theta is one of the most exciting new blockchain ventures I have heard about, says Huffingtonspot.com.
Working of THETA
Operation of Theta is powered by Enterprise Validator Nodes, Guardian Nodes, and the Edge Nodes.
Theta is an open-source system, allows the developers to deploy their DApps (decentralized applications) for royalty distribution, crowdfunding, and other purposes on top of it. Theta supports the staking of THETA and TFUEL tokens through its official Theta Wallet app. The wallet also allows the content creators and viewers to send/ receive THETA, creating a seamless micropayment system.
Advantage of Theta over other Blockchain
Theta blockchain is based on a modified Byzantine Fault Tolerance (BFT) mechanism. The Proof-of-stake consensus mechanism allows Theta’s distributed network of computers to run in sync. Theta’s consensus mechanism varies from the traditional PoS as both the guardian and validator nodes can participate in the validation of transactions, adding to the security of the network.
The voting power is directly proportional to the amount of THETA staked.
Theta Labs filed a patent on its decentralized video and data delivery design recently. Also, Global 500 firms like Google and Sony Europe joined Theta’s validator program. As a consequence of these events, THETA’s price rose from $0.621 to the all-time high of $15.90 on April 16, 2021, almost a 2,468% rise. However, after hitting a high of $5.98 on December 27, THETA fell down to $3.85 as the entire market fell under pressure.
Though THETA’s price remains to stay low at around $3, there is a handful of reasons for the token to run bullish over the long term. The reasons that THETA’s price will surge in 2022 include the launch of ThetaDrop NFT marketplace, the addition of new staking resources like GPooL, and, more recently, Thetaboard, which gives THETA and TFUEL holders access to staking for a small commission. Also, Theta focuses on ever-growing gaming and live streaming sectors with big partnerships and integrations.
Will THETA go up?
One of the biggest milestones for Theta in 2022 will be the launch of the ThetaDrop NFT marketplace. The airdrop of TDRop community governance tokens is estimated to be on February 1, 2022. There is no token sale. Instead, Theta has planned to drop 20 billion tokens periodically over four years to community members who liquidate NFT or stake THETA, TFUEL, and TDRop on the network.
Note: ThetaDrop launches limited editions of NFTs released by famous celebrities like Katy Perry.
In addition to the ThetaDrop launch, Theta has planned to launch a bunch of new game-changing projects on top of its blockchain. The projects include the OpenTheta NFT marketplace and the Voltswap Decentralized Finance platform to support the swapping of Theta-based assets.
Protocols like Meter Passport and ThetaBridge will support bridging of Theta asset and other EVM compatible networks, leading to mass adoption and utility of Theta-based assets and platforms.
Thus, there is more than one good reason to show that Theta will be one of the potential investments of 2022.