CUPERTINO, Calif., June 27, 2018 /PRNewswire/ -- Theta, the first video delivery network powered by blockchain, today launched a testnet (Beta) to introduce its decentralized blockchain video streaming protocol. To support the testnet, Theta is launching a $2M Dapp Development Fund to empower developers to create new decentralized apps (dapps) that harness the power of Theta's network to engages users and reduce CDN costs. The testnet initially integrates with SLIVER.tv, a leading esports streaming website with over three million users, and extends Theta's leadership in technological development while marking an important step toward mainstream availability.

"We first invested in SLIVER.tv for its novel approach to mitigating the bandwidth-intensive costs of video streaming," said Ajay Singh, Samsung NEXT Ventures. "The Theta testnet represents the evolution of SLIVER.tv's initial thesis, and builds on the idea of a decentralized content delivery system. With the launch of the Theta testnet, developers can begin using blockchain to deliver video, ensure content integrity, and reward content creators in innovative new ways."

Theta invites business partners and community developers to seed the ecosystem and prepare Dapps for the upcoming mainnet launch slated for late 2018. Theta is an open protocol, capable of supporting Dapp partners in various segments which include streaming video, enterprise video conferencing, online education, music and journalism, among others. Bitmovio, a decentralized Netflix-like video platform incubated at Play Labs at MIT, is building on Theta's testnet and is the first Dapp to receive funding from Theta's Dapp Development Fund.

"Bitmovio is building a breakthrough model for entertainment content creators that can only be enabled by the power of the Theta blockchain," said Bill Guttentag, a double Oscar-winning filmmaker and a founding advisor to Bitmovio. "For too long, streaming has been passive and lacked the power of engagement and interactivity to create superfans. Existing content delivery systems are ripe for disruption, and Bitmovio and Theta are at the forefront of this revolution."

"This launch extends Theta's technological head start as the only active decentralized video delivery network," said Mitch Liu, co-founder and CEO of Theta Labs. "Launching our testnet and $2M fund empowers developers to push the limits of our blockchain network and create innovative apps that take advantage of decentralized video streaming. We believe future decentralized video platforms will be built on Theta infrastructure -- so let's get started."

The Theta open source project includes the source code of the Theta mesh delivery protocol client as a packaged Javascript library, and the full source code of the Theta blockchain ledger protocol, server-side Theta wallet and Blockchain explorer. The mesh delivery protocol handles bandwidth sharing, and enables instant browser-to-browser stream data sharing among viewers. In turn, the blockchain ledger protocol governs the token rewards that incentivize bandwidth sharing among peer viewers. It is implemented as a high-performance Proof-of-Stake blockchain built on top of a PBFT consensus engine.

To apply for resources from the Theta Dapp Development Fund, developers should reach out to the Theta team here.

About Theta Labs, Inc.

Theta is a video delivery network powered by blockchain that incentivizes anyone to restream video and enables next-gen video apps that deepen viewer engagement and reduce costs. Theta's protocol enables users to earn tokens by restreaming video via excess bandwidth on any device. Restreamers improve quality by serving video locally and can use tokens to purchase premium experiences, content and products. By deploying Theta, platforms can create more touchpoints with viewers, deepening engagement and seeding superfans. Learn more at thetatoken.org.

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SOURCE Theta