6.7 C
Saturday, April 10, 2021

Cinedigm Brings Theta Blockchain Technology Into Anime Streaming Channel

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Cinedigm, a large American content distribution company, is applying blockchain technology to one of its streaming channels.

The company has partnered with the decentralized video streaming network Theta Labs to integrate Theta’s peer-to-peer streaming technology and cryptocurrency rewards into its CONtv Anime channel showing a wide range of series and movies from Theta. anime.

CONtv Anime will offer micropayments in Theta Fuel (TFUEL), one of the two native tokens of the Theta blockchain. The token will be used as a reward for sharing video content using excess bandwidth and computer resources, as well as watching content on the channel. According to the announcement, fans will be able to earn up to $ 15 in tokens per month just by viewing the content on their browser.

READ  Football star Tom Brady launches his own NFT platform
READ  Digital asset manager behind Canada's first BTC fund hopes to launch Bitcoin ETF

By integrating Theta’s blockchain-based streaming technology, Cinedigm intends to drive user engagement and monetization while reducing costs. Theta Labs said its streaming technology can reduce video streaming costs by at least 50%.

Cinedigm’s senior vice president of product and technology Tony Huidor said the company sees the partnership with Theta as a long-term opportunity. This is a “key differentiator in the industry and we believe it will contribute to sustained viewer growth and engagement in the high-end OTT segment,” Huidor said.

READ  Ethereum season? ETH options traders place big bets for June

Wes Levitt, Head of Strategy at Theta Labs, said: “In this first implementation, CONtv users will earn TFUEL micropayment rewards for viewing the content and relaying it to other CONtv users. Future integrations could see rewards used to unlock other content or unique experiences for token holders. “

“This is Cinedigm’s first publicly announced partnership with a blockchain project, although they have recently publicly expressed their interest in NFTs for their library of content which we see as a very exciting potential collaboration point,” he said. added Levitt. Theta Labs initially teased this partnership with Cinedigm in late 2020.

READ  Bitcoin Mine Heat Recycling Company MintGreen Closes CoinShares-Led Seed Cycle
READ  Does it smell of NFT spirit? Look Labs launches its first digital fragrance

Earlier this year, Theta Labs enabled similar TFUEL micropayment features for projects such as the World Poker Tour live poker entertainment platform and the Shout! Factory.

As previously reported by UKTN, the Theta network has recently seen accelerated development, attracting collaboration from Fortune Global 500 companies such as Google, Samsung and Sony. Amid the network’s growth, Theta Network’s THETA token hit new all-time highs in 2021, entering the top 10 cryptocurrencies by market cap in March.