Theta Labs to Invest $2 Million for dApp Development

With the announcement, Theta Token’s team aims to adopt a user-centric development model, by building an active community that will drive the evolution of the network in the future. 

The dApp development call is open to all developers who wish to apply. As THETA coin aims to disrupt the online video industry, teams with experience in the development of consumer-facing applications, like video platforms, have higher chances for success. 

In order to apply, interested teams have to submit their dApp project proposal. The online application process is already working and receiving submissions, which are currently under review. The successful project will receive an initial part of the fund and the rest of it will be paid at the achievement of the set milestones.

The Theta Token engineering team will provide full support to the approved teams regarding guidance and technical support. Furthermore, during the project, the team will be provided with the necessary software development tools. With regards to timelines, the dAapp project is set to start in the middle of July.

Commenting on the initiative, Steve Chen, Co-founder of YouTube, stated that Theta’s innovative concept will disrupt the online video industry the way users know it at the moment, similarly to YouTube’s effect on traditional video back in 2005. 

Furthermore, he identified the high costs of video delivering across the globe, as one of the most significant challenges at the moment. This is particularly the case of large video files, like HD, 4K, and higher quality video streams. 

Steve Chen is excited to be among those who will deliver the next evolution of the streaming space, helping Theta create a decentralized P2P network, which will allow delivering high-quality video at low costs. 

Rizwan Virk, Head of Theta Token Development, clarified that despite the new content consumption patterns influenced by the Internet, the creation and distribution of premium shows are mainly done by a small range of TV networks and cable providers, studios, players and aggregators like Netflix. Despite the purpose of the Internet, these platforms haven’t managed to achieve content democratization. 

Despite the positive news, THETA’s market price performance didn’t manage to break the overall negative trend. Once coins start trending in the green area, THETA will be among the currencies to breakout at the very beginning. Currently, the THETA token price is $0.159583.