Theta Labs – the team behind the decentralised video protocol Theta – recently closed a round of strategic funding led by Samsung NEXT and Blockchain and is now fully funded until 2021, according to Forbes.
The Theta Network enables users to share excess bandwidth while watching streams to help reduce the overall cost of video streaming for all participants in exchange for token rewards.
Forbes estimates that each Theta Network user has the potential to earn roughly $16 per month by participating, which is enough to cover the cost of the average subscription to a streamer on a streaming platform.
The Theta Network mainnet launch occurred on March 15 2019 – processing more than 2.7 million on-chain transactions in just 10 days. Each of these transactions represent approximately 60 video segment micropayments.
Mitch Liu, CEO of Theta, told Forbes: “We hit a major milestone on March 15 with the successful launch of the Theta blockchain, along with the native tokens THETA and TFUEL.
“For the remainder of 2019 and beyond, key deliverables include the first production version of Theta in set-top boxes and smart TVs, support for smart contracts on the Theta blockchain, and the launch of community-operated nodes to decentralise governance of the Theta protocol.”
Alongside Samsung NEXT and Blockchain, Uphonest Capital, Wei Fund, Igen Fusion Capital, and other private investors also contributed to Theta Lab’s strategic funding round.
Theta Labs is now fully funded until 2021 – with plans to open offices in Seoul, Singapore, and London to invest globally in media partner adoption.
Mitch Liu states: “We’ve been working with Samsung NEXT and Blockchain for some time now, and with this new funding round we look forward to align strategic interests and invest in the Theta project’s success.”
Interested in reading more about the Theta Network? Discover more about Sliver.tv, Theta, and the vision of tokenised bandwidth sharing with our introduction on the topic.