THETA Crypto Surges 180% in a Fortnight, Eclipsing Bitcoin’s Gains
The Theta Network is a covenant that paves way for users to view digital content, esports for example, through blockchain framework. The covenant’s native crypto THETA rallied 180% to $1.92 in a fortnight (December 20 –January 2) to eclipse even Bitcoin (BTC) which is recording new highs on a daily basis as price discovery process continues happens in a full-fledged manner in the market.
Usually, native cryptocurrencies of blockchain covenants tend to appreciate following major announcements. Theta unveiled its intention to roll out Theta Mainnet 3.0 in the spring of 2021.
The covenant upgrade permits the network to pick up video in real-time and facilitate live telecast, while seeing other videos hosted on the platform.
The core team of Theta Mainnet 3.0 detailed that the “EdgeCast” technology would permit real-time telecast without the use of a central server. The team stated as follows:
“This new fully decentralized technology stack adds the ability to capture live video, transcode it in real-time, cache and relay live stream video data to users globally — all through Theta’s P2P edge network run by thousands of community members. Not a central server or service is used in this pipeline.”
Two notable aspects in the mainnet is the introduction of Elite Edge Nodes and burning of TFuel. In other words, Elite Edge Nodes enable tokenization of internet bandwidth. Through staking of Theta Fuel (Tfuel), the native crypto of Theta blockchain, users will be able to earn additional Tfuel, process referred to as uptime mining.
Tfuel was primarily distributed through airdrop to prevailing Theta Token holders last year. While Theta token is the blockchain network’s governance token, Token fuel is the gas token utilized to settle transaction fees on the covenant. The mechanism of burning Tfuel could additionally slash the supply of Tfuel as revenues received from charges on the covenant are also burnt.
The mix of Elite Edge Nodes and burning of TFuel has made the latter more attractive, turning the sentiment bullish around Theta token. On December 19, Theta rolled out the Chrome extension wallet for Theta token. The wallet permits users to utilize it as Metamask, while accessing the Theta platform.
Before that, on December 11, Theta finished a major covenant upgrade, enabling smart contracts on its mainnet. The core team said:
The protocol upgrade is a success! New features including smart contracts and stake min to 1,000 THETA are now implemented onchain, & the Theta Wallet and Explorer have been updated. Thanks to Theta community that helped test these updates and contributed their valuable feedback! https://t.co/UiDIcpnip5
— Theta Network (@Theta_Network) December 10, 2020
In lieu of successive protocol upgrades, Theta has turned out to be one of the highly acclaimed cryptos that have recorded splendid performance in addition to Polkadot (DOT). Analysts at Santiment pointed out:
“The end of 2020 and beginning of 2021 have been outstanding for #crypto, as the most profitable investment asset in the last decade, #Bitcoin, is on the brink of $30,000. In addition to its 20% week, $DOT, $THETA, $DOGE, and $STX performed even better.”