- Theta Network surges up the CoinMarketCap rankings.
- THETA recorded a strong recent price performance.
- EdgeCloud intends to capture AI utility.
Theta Network was once a top 10 cryptocurrency in early 2021, reaching a peak market cap of over $14 billion on its ambitious plan to reinvent video streaming using distributed node technology. However, Theta Network slid down the rankings as crypto winter set in and competing protocols upped their game.
Yet Theta Network’s recent strong price performance has culminated in a 40% gain over the past day, sending THETA back into the top 50 coins with a current market cap of just over $2 billion. This renewed momentum comes as Theta Network’s engineering team finally announced a soft go-live date for its highly anticipated EdgeCloud platform.
Theta Network’s EdgeCloud Readying For Rollout
Theta Network announced that the EdgeCloud Phase 1 rollout date is penciled in for May 1. The EdgeCloud platform is designed to provide users with “unlimited access to GPU processing power for any AI or video task,” essentially offering a decentralized cloud computing infrastructure.
This distributed network consists of nearly 10,000 Edge Nodes globally, most of which are operated by the Theta community. These high-performance Edge Nodes combine to give an always-available 77,538 teraflops or 77.5 petaflops of processing power. Additionally, through strategic cloud partners, Theta Network can access upwards of 800 additional petaflops for further processing capacity.
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For context, a standard PlayStation 5 is capable of outputting 10.3 teraflops, making the Theta Network equivalent to over 85,000 daisy-chained PS5s.
EdgeCloud’s scalable processing pool is designed for computational hungry operations like large language models (LLMs) such as text-to-image, text-to-video, and newer text-to-3D AI. Theta Network is already building capabilities to run existing models like Stable Diffusion, Llama2, and other out-of-the-box solutions and custom model development pipelines from prototype to full-scale deployment.
THETA Soars to Enter Top 50
Riding high on EdgeCloud hype, the THETA token posted 40% gains over the past day to re-enter the top 50 tokens on CoinMarketCap. This performance propelled THETA to a 95-week high of $2.31 on Tuesday.
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Theta Network’s native token has largely correlated with Bitcoin’s macro moves, forming a bottom in October 2023 at around $0.56. As the market leader moved higher, so did THETA, peaking at $1.45 by January 4.
A descending channel since dipped the THETA price lower until a decisive break on February 26 recorded a new yearly high at $1.82. Tuesday saw a continuation of buying to form a new yearly high of $2.31. However, sell pressure emerged by 08:00 UTC, forcing THETA to give back most of Tuesday’s gains at the time of writing.
On the Flipside
- AI is expected to contribute $15.7 trillion to the global economy by 2030.
- Theta Network co-founder Mitch Liu has called on the community to join the network and send the Edge Node count from 9,831 to 10,000.
- CoinMarketCap rankings are highly changeable, except for Bitcoin and Ethereum, which hold first and second place, respectively.
Why This Matters
As AI continues its relentless march into our everyday lives, access to scalable cloud computing infrastructure is crucial. If successful, Theta Network’s hybrid decentralized approach may provide a model for further AI innovation and deployment.
Read about the leading AI crypto tokens here:
Artificial Intelligence Crypto Coins to Watch in 2024
Find out more on lofty Bitcoin price predictions as the market gears up here:
Bitcoin Blasts to $57K, But How High Can It Really Go?
