The Theta network aims to incentivize video streaming by issuing its own token. The platform’s whitepaper says that users may
“share their redundant computing and bandwidth resources as caching nodes for video streams.”
Below, is an abstract from the Theta network’s whitepaper:
Simply put, by sharing their computer’s resources, users are rewarded with the platform’s native token, as they help other internet users to enjoy high quality video streaming at much lower costs. The Theta network allows users to create off-chain “resource oriented micropayment pool[s]” that other platform users can withdraw funds/payments from. Since all transactions are handled off-chain, this should speed up transaction processing times.
Theta Network – Proof of Engagement
Using proof of engagement, a way to determine whether users are actually watching the streaming videos being offered, the network rewards viewers with its native token. It’s the advertisers on the Theta network that reward viewers with the platform’s tokens
The platform’s native token is simply an ERC-20 token and its network (blockchain) is scheduled for an upgrade in 4th quarter 2018. Once the upgrade has been completed, Theta network developers claim that its token will be exchangeable at 1:1 with its ERC-20 based token.
The SLIVER.tv company, which specializes in cutting-edge video streaming technologies such as for VR, has reportedly been instrumental in developing the Theta network. With the help of SLIVER.tv, the decentralized video streaming platform has managed to raise $17 million in funds. Notably, cryptocurrency exchange Binance recently added the platform’s THETA token to its list of supported coins/tokens.
The Bigger Picture
With so many new cryptocurrency related platforms claiming to offer similar services, such as the much more popular and overhyped Tron network, the users could be understandably confused as to which one to invest their time or money in. Perhaps the best course of action would be to try to learn the best you can about crypto / blockchain related technologies, instead of focusing on making profits off trades.
Many crypto traders have been unpleasantly surprised after learning that their cryptocurrency trading gains are now being considered as taxable capital gains. This of course means that traders and investors will have to pay Uncle Sam taxes on their crypto earnings, just like they would with earnings from all other things. At present, the crypto market has dived into a sea of red and many are attributing this decline in prices to crypto traders having to pay taxes. CEO of ARK Invest, an investment management firm, noted:
“Those who have never paid taxes before are shocked. Many people gained a lot from cryptocurrency last year but currently, do not have enough cryptocurrency to pay taxes for their last year’s gains.”