Theta Token, the native cryptocurrency of the Theta Network integrated and supported by some of the most widely utilized trading platforms in the cryptocurrency market such as Huobi, is a video delivery platform based on the Ethereum blockchain protocol.
It remains as the only video delivery platform which ensures end-to-end decentralized video delivery and one of the few decentralized applications within the Ethereum ecosystem to record several million visits on a monthly basis.
The launch of Theta Token was highly anticipated due to the involvement of Youtube co-founder Steve Chen and Twitch co-founder Justin Kan as advisors. Both platforms, which are valued at many billions of dollars after the acquisitions of Google and Amazon, are at the forefront of video delivery for digital content creators, gamers, vloggers, musicians, and more.
“Steve was instrumental in building YouTube into a viral video phenomenon. He helped lead YouTube through the Google acquisition for $1.65 billion, less than a year after launching the site. As the key technologist, Steve developed the company’s massive data centers and helped build YouTube into a premier entertainment destination, and one of the most popular websites on the Internet today,” explained the Theta team.
Theta is also invested by many of the largest conglomerates in the technology sector, most notably Samsung and Sony.
For awhile, the two main issues digital content creators have had with major video delivery platforms like YouTube and Twitch have been advertisement revenue sharing and inefficient video delivery techniques using content delivery networks (CDN). The inefficiency of centralized CDNs lead to consistent pauses, skips, low quality videos, and minimum reach, decreasing the potential quality of videos created by digital content creators.
Because Theta is based on the Ethereum blockchain and its data is delivered in a decentralized and peer-to-peer manner, it minimizes pauses, skips, and maximizes the delivery of videos.
Large conglomerates have become increasingly interested in video sharing platforms because of the content distribution market’s exponential growth rate in the past several years. Apart from Twitch and YouTube, platforms like Afreeca in South Korea, YouKu in China, and blip.tv have outperformed many companies in the technology sector.
The entrance of Theta also coincides with growing issues content creators have with centralized platforms in regards to advertising revenue sharing. YouTube in particular has faced criticism of its opaque revenue sharing model and its demonetization algorithm.
“While the internet has created new ways to consume content, the creation and distribution of high quality shows has, for the most part, still been dominated by a small number of players, studios, TV networks, cable providers, and aggregators like Netflix. This hasn’t led to the democratization of content that was the promise of the internet,” Theta head of development Rizwan Virk said.