Distributed media network startup Theta Labs Inc., the developer of the first video delivery network powered by distributed ledger blockchain technology, today announced the launch of a public testnet beta that will introduce its distributed streaming protocol.

Alongside the release of this public testnet, Theta will also launch a $2 million distributed app development fund with the intention to give grants to developers seeking to create new applications that can run on Theta’s network.

The testnet will initially integrate with Sliver.tv from Sliver VR Technologies Inc., a leading esports streaming website with more than 3 million users.

Sliver.tv developed Theta’s distributed streaming technology, which can deliver virtual reality content for live esports matches, to reduce its bandwidth needs and provide superior media quality to viewers with its future full launch.

Sliver.tv received $9.8 million in early stage funding for its esports streaming network and other technologies in August. Investors included Samsung Next Fund and Sony Innovation Fund, which has helped fund the development of this testnet launch.

“We first invested in Sliver.tv for its novel approach to mitigating the bandwidth-intensive costs of video streaming,” said Ajay Singh at 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.”

Distributed video delivery such as Theta’s network provides a protocol that reduces bandwidth costs for providers by shifting some of the burden onto clients using a peer-to-peer distribution network. With this technology, clients become part of a mesh network and relay streaming media between one another, which leads to an increase in delivery speed and quality.

As an added networking element, Theta rewards people who run clients with a cryptocurrency connected to its distributed network called a Theta Token. These tokens are generated by its blockchain, the same technology that underlies the digital currency bitcoin, acting as an incentive for clients to support the network.

Theta Tokens can be used to tip esports streamers, pay for premium content and buy or gift virtual items. Since each client in the mesh network adds value to the entire network by providing another redistribution node that can help shoulder the burden of the streaming media, tokens give users a reason to keep the client running while they’re away.

With this testnet launch, Theta is inviting business partners and developers to build apps that use the network to provide services related to media distribution. Distributed apps developed for the Theta testnet will become part of the app ecosystem that will seed the launch of the Theta mainnet, the final production version of the network, scheduled for late 2018.

Because Theta is an open protocol, it can support distributed apps on top of its blockchain for numerous media-related industry services such as streaming video, enterprise video conferencing, online education, music and journalism.

The Theta open source project includes the source code of the Theta mesh delivery protocol client as a packaged Javascript library, as well as the full source code of the Theta blockchain ledger protocol, Theta wallet and Blockchain explorer. The mesh delivery protocol handles bandwidth sharing, enabling 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’s implemented as a high-performance proof-of-stake blockchain, an algorithm that enables a cryptocurrency blockchain network to achieve distributed consensus, built on top of a PBFT consensus engine.

For developers, the Theta open-source project is available via Github and it includes the source code for the Theta mesh delivery protocol client as a packaged Javascript library. The GitHub repository also provides source code for the Theta blockchain ledger protocol, Theta wallet and Theta blockchain explorer. Developers and businesses seeking to become part of the Theta network can apply for the Theta Dapp Development Fund today and begin developing on the testnet immediately.

“This launch extends Theta’s technological head start as the only active decentralized video delivery network,” said Mitch Liu, co-founder and chief executive of Theta Labs. “Launching our testnet and $2 million fund empowers developers to push the limits of our blockchain network and create innovative apps that take advantage of decentralized video streaming.”

Image: Theta Labs