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Theta Blockchain Nabs Top Hollywood Agency to Help Govern Network

By Bram Berkowitz - May 27, 2021 at 7:12PM

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A top Hollywood agency will join the network as an external validator to ensure the quality of the network.

The Theta blockchain, which is governed by the cryptocurrency Theta Token (THETA -2.93%), is adding the Creative Artists Agency (CAA), a top Hollywood sports and entertainment agency, to serve as an enterprise validator on the network, CoinDesk reported recently.

The Theta blockchain is a decentralized infrastructure that seeks to improve video streaming and delivery, ultimately lowering the costs of streaming. 

It does this with a peer-to-peer network that taps into people's computers to utilize their unused bandwidth. People who provide their excess bandwidth can earn TFUEL tokens, which currently trade for $0.32.

Now, when someone attempts to view content that is available on the Theta Network, some of the data powering that content will come from the main server hosting it, while some will come from the Theta Network.

Picture of digitized pentagons lining one another.

Image source: Getty Images.

The network is governed by external validators that suggest and validate new blocks, as well as ensure the quality of the network. CAA will join other enterprise validators including Google, Samsung, and Sony. 

"We believe that blockchain technology and the rise of digital collectible NFTs [non-fungible tokens] will bring unprecedented opportunities to our family of storytellers, trendsetters, icons, and thought leaders in the entertainment industry," Michael Yanover, CAA's head of business development, said in a statement.

The addition of CAA is another big step for Theta, as the network looks to bring on more external validators and gain wider acceptance.

"With CAA on board over half of our validators are now run by external partners, advancing us closer to full decentralization," Theta Labs co-founder and CEO Mitch Liu said in a statement.

Bram Berkowitz owns shares of Theta Token. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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