Theta rewards users for sharing unused bandwidth to run a video streaming platform

Video StreamingPixabay
Bitcoin and Crypto Market Watch Monday, November 15, 2021 - 19:27

Blockchain technology is finding a way to reinvent every industry. From supply chains to finance, we are witnessing radical innovations across spaces. One lesser known, but vital application of blockchain is in video streaming. And that’s where Theta comes in.

Theta: Fundamentals & Purpose

Theta (ticker THETA) is a decentralized video streaming blockchain platform, that allows users to deliver videos to peers by using their computer and internet bandwidth. In return, users are compensated with rewards on the blockchain - via the TFUEL token, the secondary cryptocurrency associated with the ecosystem.

The incentive for such a system can be found in the limitations of the current content delivery networks (CDNs). CDNs deliver video content to users but are often unable to consistently deliver high quality steams in the face of high demand. They are also often not serviceable to viewers in certain regions.

With a decentralized network like Theta, these limitations can be solved by outsourcing it to unused internet bandwidth. It is similar to torrents, but for video streaming. The more users that participate in the network, the better its performance. Theta also has capabilities to allow users to create, run apps and services on its platform.

THETA Fundamentals

THETA coin enables users to vote for changes on the Theta protocol. All its total supply of 1 billion is already in circulation, giving it a market cap of a little above $7 billion as of today. 

Already ranked 31st by market capitalization, THETA is a stronger contender for the top 20, given its community, appeal and fundamental strength.

Short Term Technical Analysis

Theta Analysis

 

Source: TradingView, Binance

THETA has been on a great rally since September, going from $4.6 to over $8.4 earlier this month. It got rejected from the $8.4 level and is now trading near $7.1 a coin.

While it has a low RSI value and is currently perched at a key consolidation level, possibilities of further downside exists. THETA has been forming a rising wedge over the past several weeks - which is a fundamentally bearish pattern. Should it play out, THETA may revisit $6-6.2. At that price, THETA may find strong support and has potential to bounce to the upside, with $8.5 and $9.7 on the cards.

THETA: Future Potential

THETA is consistently considered amongst the solid crypto projects with a viable use case that has mass appeal. Its devoted community also lends it credibility, and its tackling of a challenge largely left unattended by others in the space gives it an edge. At the very least, it is expected to retest its all-time-high of $14 in the short term - which is nearly 2x from current levels, offering good returns for crypto investors.

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

 

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