SocialFi, which combines social media and decentralized finance, enables censorship-resistant decentralized applications and opens up new opportunities for content monetization.
In the current SocialFi landscape, we already have a wide range of businesses. Steemit, Leo Finance, and PeakD are examples of decentralized social media applications, while DeSo and Lens Protocol are building railways that developers can use to create their own decentralized applications. One such network is the Theta network.
Theta is a blockchain infrastructure designed specifically for the entertainment and video industries. It gives web3 video-sharing and streaming platforms like YouTube and Netflix the foundation they need to succeed.
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SocialFi and the Theta Blockchain’s Scalability
Numerous business sectors necessitate the onboarding of millions of web3 users. This is especially true for the entertainment and media industries. In order to meet the demands of a large number of users, the blockchain networks on which these companies base their operations need to be highly scalable.
Theta Metachain
Theta recently launched a metachain, a network of interconnected blockchains that enables transactions that are customizable and scalable through horizontal scaling. A single mainnet and an infinite number of subchains, each with its own purpose, make up Metachain. Anyone can start a subchain on Theta Metachain because permission is not required.
Subchains are capable of performing independent operations and adding new blocks much more quickly than the mainnet. All of these make it easy to scale up. Web3 video and media businesses will be able to establish a solid foundation for their operations as a result.
Fuse Media, a web3 production studio, Verified Labs, and Symbiote Creatives, a blockchain gaming company, are all partners who will launch their own subchains on the Theta Metachain.
SocialFi and Theta: Decentralized video storage and streaming
A global “Edge Network,” which is a completely decentralized network for data delivery, storage, and edge computing, also supports Theta’s infrastructure. Worldwide, it has more than 130,000 nodes.
The Theta Video API and Theta Edge Store are two developer-oriented products that are powered by the Edge Network.
The Television API: Reduce the costs of encoding, storing, and delivering video over a peer-to-peer (P2P) network with the Video API.
The Video API, or decentralized video on demand, makes it simple to upload videos to any website without the use of video hosting software or central servers. Video API provides a playable link that a user can add to a website after uploading a video.
Live video can also be captured using the decentralized live-streaming Video API. It can transmit live stream video data, cache, and transcode videos in real time. Again, there is no need for a central server or hosting tool because the Theta blockchain is completely decentralized.
The Theta Video API offers cost-effective decentralized options for ingesting, storing, and delivering video, including live streaming and video on demand. When compared to centralized solutions, Theta asserts that between 30 and 60 percent of cost savings are achievable.
The NFT-based Digital Rights Management (DRM)
Theta Video API makes it possible to use another feature that is very important for SocialFi applications. This feature is NFTs with DRM, which help monetize content and protect digital rights and intellectual property. In essence, digital rights management (DRM) permits content creators to publish videos that are covered by Theta’s digital rights management patent.
By allowing content creators to convert their content into NFTs, the NFTs with DRM feature restores creator control. As a result, creators can build NFT loyalty programs and increase fan engagement. By defining token-gated experiences that grant NFT content owners exclusive access, they can also decide how to distribute their content.
In addition to NFT-gated content, Theta added Studio DRM to the Video API, a feature designed specifically for Hollywood movie studios that provides a higher level of security and prevents movie leaks. Based on copyright licensing, movie studios can control how viewers consume their content, limit content playback, and prevent unauthorized distribution.
The Theta Edge Network’s second product, Edge Store, is a decentralized storage service. It can be used as a decentralized content delivery network and permanent storage for NFT video, image, and 3D content by media companies and content creators.
A look at Theta’s future As a partner of giants like Sony, Google, and Samsung, we should definitely keep an eye on Theta. Trusted Media, a leading community-driven entertainment company with Reader’s Digest and Pet Collective in its portfolio, has recently joined forces with the well-known infrastructure company for the web3 media industry.
