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THETA Sets New All-Time High as Theta Mainnet 3.0 Launch Anticipated for April

THETA is a cryptocurrency that provides technical and economic solutions for Theta’s decentralized video delivery network. Theta blockchain is an end-to-end infrastructure for decentralized video streaming.

With the rise of mass media on the Internet, the THETA token quickly attracted the attention of many investors. According to CoinMarketCap, THETA is currently ranked No.13, worth $9,731,455,689.

The price of THETA has increased ten-fold in the past three months and has risen by over 200% since March. The strong driving force behind this comes from the announcement that Theta mainnet 3.0. “Theta Labs Inc.” will officially be released on April 21 this year. According to the Theta Mainnet 3.0 whitepaper, Theta Labs will upgrade the Elite Edge nodes and uptime mining. At the same time, TFuel inflation, staking, and burning will be improved on the new mainnet.

THETA Price Analysis

Source: THETA/USDT daily chart via TradingView

Judging from the daily candlestick chart, THETA has performed very strongly in the past month and has soared all the way. Since March, it has risen as high as 209%. Will this bullish momentum continue?

Since THETA touched the psychological barrier of $8 on March 11, there seem to be many sellers who have wanted to sell their THETA holdings to cash out for profits. Therefore, both the long and short sides of THETA have been playing a price game and fighting to take control at around $7.

On March 18, the green candlestick ran through the $8 mark, indicating that the bulls still occupy the main market. Yesterday, the bulls broke through the $9 mark and even pushed THETA’s price to a high of $9.77. This shows that the upward trend for the cryptocurrency has resumed, and investors are still buying when the price dips.

Today, THETA/USD reached a maximum of $9.95, setting a new all-time high. At the time of writing, THETA is trading at $9.73 and is currently testing the psychological resistance level of $10.

If THETA/USD can stand above $10 today, then the bulls will eye the next target price at the $12 mark.

The rising moving average indicates that the bulls are in a dominant position.

If the bears sell at a higher price and pull the price back below the 9-day Moving-Average of $8.12, however, this bullish uptrend will be invalidated. If this happens, investors who bought THETA very early on will likely sell their THETA holdings to maintain a profitable position. THETA dropping to a low of $8.12 will also mean that the current bullish momentum achieved by the cryptocurrency is a mere bull trap.

$6.93, which is The 20-Exponential Moving Average, is a strong support level. If THETA/USD falls below 20-EMA, traders who already hold this cryptocurrency may need to exit THETA to avoid heavier losses.

Currently, if looking at the MACD index, we can see that there is no sign that a bearish crossover has been formed for THETA. At the same time, the stochastic RSI index is moving towards the 80 oversold zones, indicating that soon, THETA may risk entering the overbought territory.

Theta Makes Its Way to Top 10 Crypto by Market Cap

While there are currently more than 8,900 cryptocurrencies around today, all with distinct and unique features, each one gets more recognition when it grows to become ranked as one of the top ten cryptocurrencies by market capitalization.

Amid its consistent surge in price in the past weeks, Theta (THETA) has found its way to the top ten cryptocurrencies as seen on CoinMarketCap.

Theta (THETA) is a blockchain-powered network purpose-built for video streaming. The Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. For a project that was launched in the first quarter of 2019, the journey to the elite range has shown how sustainable the network’s offering has been and its adoption by investors around the world.

Theta has seen a burgeoning increase in its price, currently trading at $14.30, up 24.17% in the past 24 hours, 114.22% in the past week. Theta is also amongst the few digital currencies that have been observed to share a limited correlation with Bitcoin (BTC). The coin currently has a market cap of $14,819,648,814 after seeing a 20627.7% growth year-over-year.

Theta set a new all-time high price record earlier as its Mainnet 3.0 Launch is anticipated for April

Cryptocurrencies That Made Top 10 Ranking in the Past Months

The volatility inherent in the crypto space accounts for the massive price swings that can either propel a coin to new heights or demote some that are already highly ranked. In the past months, cryptocurrencies including Polkadot (DOT), Binance Coin (BNB), Uniswap (UNI), and Chainlink (LINK) have wriggled their way to the top ten cryptos by market cap.

Attaining the elite ranking is a feat, but sustaining the growth is an even bigger challenge for most cryptocurrencies. The rise of Theta has pushed Chainlink down to the 11th position on the crypto market.

Theta Token Dips by 20% as Theta Pushes Mainnet 3.0 Launch to June

Theta’s Mainnet 3.0 launch, which was previously anticipated for this April, has been pushed back to June 30, 2021.

The developers behind Theta have said that this was a more prudent strategy moving forward and that the extra time allocated to the project will be directed towards “more thorough code review and testing.” They asserted that progress has been made with Theta Mainnet 3.0, which will feature Elite Edge Nodes and TFUEL staking and burning. Additionally, the team is still working on developing building blocks for a non-fungible token (NFT) marketplace on Theta Mainnet 3.0. Per the official blog announcement:

“To ensure the edge network functions efficiently as it scales to 100K+ Elite Edge Nodes and to incorporate some building blocks for our longer-term NFT vision, we decided that additional time to conduct a more thorough code review and testing was important.”

Theta, a blockchain-powered network for video streaming and computing services, saw considerable growth at the beginning of the week. Its native token THETA underwent a surge and set a new all-time high of $14.99 on CoinMarketCap. The cryptocurrency’s rise in value was partially attributed to the anticipation of Theta’s new mainnet. Since January 1, 2021, THETA token experienced a growth of more than 450%.

Is altcoin season on pause?

However, after touching $14.99 momentarily, THETA has pulled back. Currently, in tandem with the announcement that Theta Mainnet 3.0’s launch will be delayed, THETA token has dropped by 19% in the past 24 hours. Its trading volume in the last 24 hours has also decreased.

THETA is currently undergoing a period of high volatility. However, it is not the only altcoin that has been retracing dramatically. Along with Bitcoin trading down at $52K, most of the cryptocurrency market has also been trading in the red. Currently, in the last 24 hours, Ethereum (ETH) has been down by approximately 5%, Cardano (ADA) by 3%, Polkadot by 12.92%, Ripple (XRP) by 12%, and Uniswap (UNI) by 10.56%.

Elon Musk’s announcement yesterday that Tesla now accepts Bitcoin payments for their electric cars has not been enough to reverse the cryptocurrency market’s downward trend.

Theta: Everything You Need to Know

Theta network

The Theta network was created by Theta Labs. This project aims to use blockchain technology to provide decentralized peer-to-peer video delivery for online video streaming and allow users to share any type of content and data and computing resources on a global scale.

The Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. For a project that was launched in the first quarter of 2019, the journey to the elite range has shown how sustainable the network’s offering has been and its adoption by investors around the world.

The difference between the Theta network and traditional streaming

At present, the traditional streaming media industry mainly relies on Content Delivery Network (CDN) to transmit and deliver content. In order to allow global subscribers to access content in a timely manner, most of the web traffic on the market such as Facebook, Netflix, and Amazon have set up multiple CDN server base stations around the world.

However, the expensive construction cost of building server base stations and the very high cost of using CDN make CDN become one of the main pain points of streaming media transmission today.

The Theta network was created to solve this pain point in the traditional audio-visual market. The Theta network can reduce the load on the content distribution network by placing certain content on Theta’s blockchain network, thereby reducing the bandwidth cost of content distribution.

Dual Token mechanism

In order to pay for data transmission, the Theta network uses an operating pass called Theta Fuel (TFUEL). This has a similar function to the gas fee on Ethereum. Streaming media platforms will encourage users to share video content in the form of rewarding TFUEL tokens.

The Theta Fuel (TFUEL) currently has a circulation of 5,270,590,400 TFUEL, with a market value of up to $1,990,333,036.

Another native token of Theta Network is THETA. This is a governance token that lets users participate in THETA operations and obtain benefits. It aims to help the community manage the Theta blockchain and control its future development direction.

The total supply of THETA Token is fixed at 100 billion, and the current market capitalization is as high as $12,677,420,955.

Operating mechanism

By encouraging users to share their computer memory and broadband resources, the Theta network will reward THETA tokens to user for assisting in attracting viewers, increasing revenue, and providing different content and viewing experiences.

Thus, providers become the cache node of the streaming media platform, effectively solving the problem of low performance that can sometimes be observed in the traditional media streaming industry.

In exchange for sharing excess bandwidth and resources and participating in the Theta network, viewers earn rewards under the form of Theta Fuel.

Future outlook

Theta’s Mainnet 3.0 launch, which was previously anticipated for this April, has been pushed back to June 30, 2021.

This network upgrade will provide some benefits which will feature Elite Edge Nodes and TFUEL staking and burning.

Theta EdgeCloud Set to Revolutionize AI Computing with Decentralized GPU Power

Theta Labs has recently unveiled its latest development, Theta EdgeCloud, a state-of-the-art decentralized software platform that is set to redefine the edge computing space. The platform is designed to offer developers, enterprises, and researchers unparalleled access to GPU processing power for a wide range of AI and video processing tasks at optimal costs. This innovative approach melds the best features of cloud computing with a decentralized system, all powered by the Theta Edge Network.

Introducing Theta EdgeCloud

Theta EdgeCloud is the culmination of years of development, with its foundational AI computing infrastructure having gone through extensive refinement. The Theta Edge Network, which launched in 2021 with Mainnet 3.0, was initially focused on GPU-intensive video processing tasks. Today, it boasts one of the largest clusters of distributed GPU computing power globally, with nearly 10,000 active edge nodes operated by community members.

A Leap in Decentralized GPU Processing

The processing prowess of these nodes is formidable. High-performance GPUs deliver 36,392 TFLOPS, medium-tier GPUs provide 28,145 TFLOPS, and low-end GPUs contribute an additional 13,002 TFLOPS. This equates to a total of approximately 77,538 TFLOPS or around 80 PetaFLOPS, comparable to 250 NVIDIA A100s. When combined with strategic cloud partners, Theta’s access to over 800 PetaFLOPS can deliver capability akin to 2500 NVIDIA A100s, sufficient for training some of the most complex language models in existence.

Pioneering Blockchain-Backed AI Solutions

Theta’s innovation is not limited to hardware capabilities. In 2021, Theta filed a patent for an “Edge Computing Platform supported by Smart Contract enabled blockchain network,” which was subsequently granted in September 2023. This patent laid the groundwork for a hybrid computing architecture where computation tasks are registered on a blockchain, securely assigned to edge nodes, and verified via smart contracts, with token rewards issued to participating nodes.

Strategic Partnerships and Collaborations

Collaboration has been a cornerstone of Theta’s strategy. Through partnerships with AI-focused entities such as Lavita.AI, FedML, and Google Cloud, Theta has been at the forefront of developing AI solutions, including a pipeline for video-to-text applications with uses in semantic video search and esports highlight generation.

The Future of Theta EdgeCloud

As Theta gears up for the Spring release of EdgeCloud’s first phase, the platform promises to offer a library of out-of-the-box AI models such as Stable diffusion and Llama 2. The second release in Spring-Summer will introduce the Elite+ Booster feature for enhanced node software, rewarding node operators participating in AI compute tasks. Subsequently, advanced AI developers will gain the ability to manage their entire AI pipeline development process, from prototyping to deployment on Theta’s extensive network of GPUs.

Theta’s venture into this domain represents a significant leap forward in the democratization of AI and computing resources, spotlighting the potential of blockchain technology to drive innovation in AI computing.