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The crypto market has continued swinging in the red on Tuesday as correction deepens. Bitcoin fell below $40,000 in the morning Asian trading hours but has since managed to reclaim the mark. Ether, on the other hand, twice dipped below the $2,980 mark in less than 12 hours. Though the native token on Ethereum has been moving up arduously in the last couple of hours, it is still down 4.19% on the day.
Theta Network's native token, THETA, has printed an even bigger red candle, shedding 5.26% in the last 24 hours. Today, THETA sunk to $2.96 – its lowest price level since March 22, market data shows. The descent, which is part of a broader market slump, has seen THETA/USD lose approximately 20% of its value in the last seven days.
The plunge comes when the Theta network is working on some developments that will seek to attract more users.
Theta announces its Mainnet 4.0 is coming in Q4 2022
Theta announced on April 9 that its next stage of evolution is coming soon, with Theta Mainnet 4.0 slated to go live in Q4 this year. The decentralized video-focused network shared the mainnet whitepaper alongside the announcement. The whitepaper touched on the integration of Theta blockchain in the media/entertainment space, the architecture of Theta Metachain, and Web3.0 edge computing infrastructure.
On key innovation, Theta is introducing the ‘Theta Decentralized Delivery Network' that would enable authentication of users/ viewers of a stream using a smart contract-issued non-fungible token. The functionality would be such that the content providers (say stream publishers) retain autonomous authority over the cryptographic proof that allows access only to the correct streamers.
The data key controlling verification via the NFTs would remain under their remits, so intruders will not decrypt the stream without the required NFTs. This could mean a new evolution for premium content in the decentralized space.
In other improvements coming, video on demand is getting Elite Edge Encoding (EEN), with a new version of EENs slated for release within this quarter. Theta also gains live streaming support, with streamers soon being able to create streams on Theta Video API. The API dashboard shall also be updated with improved stream and video analytics with data on stats such as video playback smoothness and delivery offloads.
Theta set a target launch of the Theta Metachain testnet on October 1. The mainnet release will ship on December 1 and come with the Theta Metachain SDK.
Theta community plans ThetaCon22 coming this December
As Theta continues to evolve and sees increasing developer interest, its community has organized a conference. Thetacon22 is set to come this December as the inaugural conference for the larger Theta universe. The event will be hosted in support of the Theta network and will run from December 2 – 4.
The initiative aims to enhance awareness and education while the community appreciates the changes happening in the Theta ecosystem. Tickets would be available via Theta's permissionless decentralized ticketing platform Metapass. There would be in-person and streaming access to the conference, with a few sessions set to be aired on the ThetaCon channel on Theta.tv.
There are, however, no details on speakers, sponsors, and specific events so far.
With NFT ticketing to be used, the conference already sold out 2,400 NFTs in less than three hours on Friday to raise funds for the event. Token holders have a chance to gain giveaways and surprises.
To learn more about Theta, visit our Investing in Theta guide.
Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.