THETA my friend, where the heck did you come from?
You read that title right, at the time of this post, THETA, which is the token of the Theta Network, is in fact up 17006% in a year’s time. If you’ve been around the crypto “block”, you may have seen these types of gains in a single day, that are almost always followed by plummets back down to zero (see also; “rugpulls”). Rarely do you see, what appears to be a sustainable rise of this magnitude over this length of time.
Theta, which is a p2p, decentralized video network – and as the newest member of the top 10 market cap club, we’d like to spend some time to get to know you!
So, what is THETA token and subsequently the Theta Network itself?
According to their website, Theta is a new, native blockchain purpose-built to power decentralized video delivery.
Founded by Mitch Liu and Jieyi Long with advisors like YouTube alum Steve Chen, the Theta Token (THETA) has a total supply of 1,000,000,000 THETA.
A private Theta initial coin offering sale was held in January, 2018, and raised approximately $20 million worth of ETH (at the time).
In practicality, Theta Network is a sharing-economy video delivery platform. Participants can earn token rewards for sharing videos with others. Also, you can opt-in to allocate any spare bandwidth you have and provide video streaming bandwidth in exchange for earning "fuel"
The marvel you are looking at above is the THETA chart on a one year time frame.
You can see it has been consistently on an upward trajectory that eventually ended with it breaking into the top 10 coins (booting Link out of the top 10 to boot).
Forming partnerships with Lionsgate, NASA and the World Series of Poker along the way may have helped keep the growth steady and consistent.
This GIF is metaphorically exactly what happened. THETA took no prisoners as it smashed it's way into the top 10.
Passing coins like Dogecoin, Bitcoin Cash, Litecoin and many other along the way. It will be interesting to see if THETA can attain a top 5 spot, which is increasingly harder with market caps tripling up at the top.
May projects work towards the hopefully eventual release of their mainnet. Mainnet is generally when the core of the project is officially up and running on the correct blockchain with the correct moving pieces.
Theta recently announced that Mainnet 3.0 would be coming in late June. Citing that; great progress has been made toward the release of Elite Edge Nodes and TFUEL staking and burning on mainnet.
If you were one of the early hodlers of Theta, we salute you! Congrats to all your "Thetans".
If not well...you can learn more about THETA at ThetaToken.org