Theta Network Is Setup For Its Biggest Rally With Its New Validator Node

April 27, 2022 10:01 pm Comments

The price of Theta Network has been observed to have a record increase of around 23% since April 18th indicating that the network is in the middle of making tremendous progress.

The network already has a reputation of being the leading blockchain for video infrastructure and NFTs where the project has huge potential to disrupt the current video streaming industry.

The point is to decentralize the video industry and have videos hosted on the Theta network instead for faster network speeds and decentralized streaming.

The most significant update that recently came out of the project is that BridgeTower Capital had announced that it would become an enterprise validator for the network.

BanklessTimes reports:

The Theta Network price is rising after BridgeTower Capital announced that it will become the next enterprise validator for the network.

The company has developed a sophisticated platform to uniquely bring products to its permissioned markets. It has ove 5,000 of its own staking nodes and own servers. In a statement, the company’s founder said:

“We have long been supporters of the work Theta initiated in using the blockchain infrastructure to deliver decentralized video streaming in ways that provide both technical and economic advantages.”

Theta’s validator node has been expanding rapidly in the past few years.

Some of the top companies that provides these solutions are Samsung, Sony, and Google. The developers expect that the list of validator nodes will keep rising since they have reduced the amount required to 200,000 THETA.

News of the addition of a new enterprise validator node is not the only thing that has been positive for Theta so far.

Popular TV show American Idol has also revealed that it will be issuing NFTs in the form of contestant-based trading cards and that the NFTs would be launched on the Theta network.

The show explained that it chose Theta mainly because of its eco-friendly infrastructure and low cost marketplace.

As a result of partnering with Theta, the show would be able to give viewers the ability to use real-time NFTs to act like judges of the show instead of just being limited to voting.

CryptoSlate reports:

The first week of rewards will start on April 25, and collectors that hold an NFT of one of the remaining contestants will win an American Idol 20th Anniversary Animated Logo NFT.

The second week of rewards will see collectors with two NFTs of the remaining competitors win $300 worth of $TDROP, which will be deposited in their ThetaDrop accounts.

In the third week, collectors that own four NFTs of contestants that survived previous elimination rounds earn VIP Bronze benefits for their ThetaDrop accounts.

During the last episode of the season, the collector holding the NFT of the winner will get an exclusive Winner’s Ticket to Hollywood NFT.

The user can redeem this NFT into a physical ticket to Hollywood, which American Idol will deliver to their home.

A blockchain project like Theta that focuses on decentralized video streaming being able to partner with a popular mainstream TV show will certainly help drive adoption.

If this is just the start of Theta partnering with major shows, this may entice other TV networks to also collaborate with Theta.

So far, the coin is is resting on strong support at around the $2.80 and is setting itself up for another rally where it can attempt to break past the $3.60 resistance for major upside.

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