Not only Ethereum has a hard fork in its bones. The Theta Network already had an important upgrade a week ago that has significantly increased the performance of the decentralized streaming platform. The network is also making progress in terms of interoperability.
While all eyes were on the Ethereum hard fork “London”, the Theta Network presented a week ago. On July 30th, the decentralized streaming platform was updated to version 3.1.0, which has significantly improved usability. The upgrade also left its mark on course performance. In anticipation of the fork, the THETA price was able to fight its way out of the trough and soar to become today’s top performers on the crypto market.
Network doping through hard fork
Due to the hard fork, the transaction throughput in the Theta Network has increased significantly. Previously, validators had to wait an average of six seconds for a proposed block to be sent. With the fork, “a new block proposal protocol” was introduced, which is supposed to guarantee instantaneous sending. This has a significant impact on performance, as the developers write:
Potentially, most of the block time can be used to execute transactions, which significantly increases the efficiency and transaction throughput of the blockchain. This is a key factor for video relaying with many simultaneous users or decentralized exchange, to name just a few use cases.
Thus, more than 1,000,000 simultaneous users can be supported, “relaying videos over the theta network”. Together with the implementation of the “rolling database”, which enables faster data processing, the hard fork has significantly relieved the network:
Rolling allows data to be read and written much faster, even if the database becomes very large. The update also introduces more efficient pruning, so that hard drive consumption grows more slowly than before with the same number of transactions per day.
In addition, Theta has also made progress in connecting to Ethereum. On August 4th, the developers announced access to the Theta blockchain via the Ethereum-supporting Metamask wallet. An important step for the increasing compatibility with Ethereum, which is finally part of “Theta’s vision for 2021” to “port any Ethereum or ETH compatible application and run it seamlessly on the Theta blockchain”.
THETA course on the rise
The THETA course has shown itself to be reanimated by the latest developments. At the time of going to press, the governance token was trading at $ 7.15, up 15 percent for the day. In a weekly comparison, THETA has increased by 19 percent. On the other hand, the price increase for Theta Fuel (TFUEL), the second token in the Theta network that is used for internal payment processing, looks a little more restrained. At the moment TFUEL recorded an increase of six percent in the last 24 hours, but still struggles with a minus of around three percent on a weekly basis.