On the Ides of March, Theta Labs was granted a 2nd U.S. patent in support of its design for decentralized video and data delivery.
U.S. patent number 16/10951675, dubbed “Methods and systems for blockchain incentivized data streaming and delivery over a decentralized network,” was granted to Theta Labs. The invention was also credited to Jieyi Long and Mitchell C. Liu.
— Theta Network (@Theta_Network) March 16, 2021
This patent granted to Theta Labs will ensure that ultra-high throughput micropayment for transactions is created. These micropayments will, in turn, support the delivery of blockchain-based video and data. Also, this new patent will rely on Theta Labs’ first patent – U.S. patent number 16/771524, “Methods and systems for a decentralized data streaming and delivery network,” which was granted on September 8, 2020.
The first U.S. patent laid the foundation for the implementation of a peer-to-peer network. The peer-to-peer network was implemented on Content Delivery Networks (CDNs), which is comprised of edge catcher nodes, viewer nodes, and tracker servers. With this new patent, a trusted and unique blockchain-based payment system will be designed to solve the issues associated with CDNs.
Limitations Associated With CDNs
Content Delivery Networks (CDNs) are important in the distribution process of web content and video data streaming. End-users receive data streams from CDNs, which provide the backbone structure. Cisco has also predicted that by 2022, Content Delivery Networks (CDNs) will occupy up to 72% of internet traffic.
However, several limitations are associated with today’s CDNs. One of these limitations is the so-called “last-mile” problem associated with delivery. In this case, a “last-mile” link that connects end users and a limited number of Point-of-Presence (POPs) data centers caused problems with the data delivery and streaming pipeline due to the creation of a bottleneck.
These issues usually cause user experiences to be less optimal. Users may experience choppy streams, low-quality images, consistent rebuffering, and frustrating delays. Also, the rate of CDN bandwidth cost is another cause for concern. For popular sites like Netflix, the cost reaches tens of millions of dollars every year.
The increasing rate of high-quality digital media has made these issues very prominent. This high-quality digital media includes emerging technologies like light field streaming, 360 degrees VR streaming, etc. Newer systems are also needed to meet the bandwidth requirements of 720p/HD streams of today’s mainstream.
Need for Theta Lab’s Expertise in the CDN Space
Theta Labs can apply its expertise to overcome these bandwidth limitations associated with Content Delivery Networks. Theta is a data streaming and delivery platform that focuses on decentralized peer-to-peer networks. This platform is based on self-configuring and self-organizing mesh networks.
Unused and redundant bandwidth, storage, and computing resources can be shared by the end-users. Due to the decentralization process of the peer-to-peer network, a secure and speedy method of payment is required. Through this payment method, users can be motivated to share available resources as they will gain incentives through that means.
Looking at these issues, there is a need for the development of a payment system to enable the streaming and delivery of data in a decentralized manner. This payment method should have support for ultra-high transaction throughput, which includes decentralized video streaming.
Theta Labs Creates Methods to Support Data Delivery
To solve payment issues, Theta Labs has designed systems and methods for micropayments. These systems aim to support blockchain-based decentralized data streaming and delivery. Besides, these systems will also help to prevent, detect, and punish fraudulent activities like double payments.
To stream data resources to multiple users, there is a need for a blockchain-based payment. To process the payment, a caching node must first join a peer group. Doing this will help integrate the creation of a TFUEL micropayment pool.
Once the portion of the data is delivered to each user, the recipient user will sign and receive a receipt. This receipt will then be submitted with a payment authentication certificate to the payment server. Furthermore, the payment server will obtain an updated off-chain transaction. To obtain a total TFUEL payment from the micropayment pool, the transaction will be submitted to the blockchain.
Theta Labs has continued to promote innovation in the delivery of data and video in a decentralized manner. Through this means, Theta Labs has also created a network to connect millions of devices across all emerging technologies.
Recently, Altcoin Buzz covered Theta price prediction.
As of the time of publication, Theta Network (THETA) price was $12.92 with a 24-hour trading volume of $672,046,330. THETA price also fell by 5.8% in the last 24 hours. Besides, it has a circulating supply of 1 billion THETA coins and a max supply of 1 billion. Binance is also the current most active market trading THETA.
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