This Thursday, Steve Dakh, co-founder of the Ethereum project with Vitalik Buterin, was announced as the leader of the Theta Blockchain Advisory Council (BAC) on their Medium page. This recent announcement from Token Labs, comes only two months after the token’s sale success in January where over 1 million tokens were distributed through SILVER.tv. THETA coin currently trades at $0.180708 placing its market cap above $100 million for only the second time this past month. The coin is ranked at position 134 on Coinmarketcap rankings and this recent announcement will only serve to push the coin towards the $1-mark.
“I became interested in the Theta Labsproject after reading the white paper, which led to my first conversations with Mitch (Liu, CEO Theta Labs). What stood out to me was that Theta is solving a real problem that they encountered while building SLIVER.tv”
-Steve, co founder of Ethereum
The coin had such a successful presale in the first month of their private presale that they had to close out the overcrowded pool in order to maintain its hard cap. The team had already collected enough money to fund for their development hence cancelled the planned public sale on 8th January. The team later announced of a planned airdrop as an incentive to all customers that whitelisted their Ethereum wallet address as at January 3. The airdrop had over 10000 participants with each wallet receiving 100 THETA tokens.
Theta Labs developed a network that allows gamers to interact with their best vloggers and streamers. The internet is 60% videos and live streams and the current oligopoly of some servers and nodes holding the ‘mega content’, it becomes hard for most to access some of this information due to its expensive nature to obtain. These companies holding these nodes spend as much as 40% of their income on the equipment used to store the info which makes it impossible to disseminate this info cheaply.
“Steve was an early contributor in the blockchain space and has continued to innovate since then. He’ll be a valued addition to our Blockchain Advisory Council and we’re excited to work with him as we develop the native Theta blockchain and beyond.”
– Mitch Liu, CEO Theta Labs
Cisco is predicting that over 80% of internet traffic increase in the next few years will be primarily due to videos and livestreams. The problem of overcrowding servers and expensive content delivery makes it unprofitable for most of these companies to disperse content to their users who prefer free sites such as Vine, Twitter or may pay a small $10 monthly fee for Netflix or Hulu. This is where Silver.tv and Theta, a decentralized and secure platform, comes in.
Theta Network’s parent company, SILVER.tv has partnered with various gaming competition companies to promote and stream live eSports gaming competitions. The system uses a VR and 3600 operator with a greater bandwidth than our current 2D content delivery system (CDS) such as live eSports gaming or movie and TV video streams. In addition to this, the system aims at globalizing some CDN’s that do not reach to most remote parts of the world.
Theta coin and blockchain.
Theta is a decentralized, immutable and secure system that runs on the THETA coins. The blockchain aims at distributing nodes and paying them using the coin by offering their personal computers as ‘caching’ servers. Users can then find nearby servers and connect to them to find their choice of videos which will be delivered to them. The network will also allow any user/streamer to upload their streams and convert these videos to the correct format and resolutions accordingly. Basically the coin serves to develop and curate the system as people pay using THETA coin to obtain any content peer-to-peer without a 3rd party.
All in all even as Bitcoin fell below the $10,000 this week, the coin continues its march to the top. Steve will surely be the leader the young coin, established on January 3rd and provide needed experience to send the coin to $1.