Theta (THETA) Labs Announces Smart Contract Deployment on Mainnet

News / 04.12.2020

Theta Labs, the development team behind Theta blockchain, has revealed plans to deploy a smart contract on its Mainnet. This was revealed in a blog post where it highlighted other developments planned for the blockchain.

Smart Contract To Launch On December 10

Theta Labs stated that the smart contract was a key development for the blockchain and will go live on December 10 by 12 pm UTC. The development team also revealed that the smart contract resulted from months of work towards achieving the desired results.

The smarts contract launch will provide numerous use cases in video streaming and beyond. This includes token investment in streamers to an automated split of rewards between platform, streamers, and users. Theta users will also be able to create Non-fungible tokens (NFTs) using the smart contract.

Also, Theta Virtual Machine is fully compatible with Ethereum Virtual Machine and provides blockchain interoperability. With this feature, smart contract developers can port existing Ethereum based contracts and build on Theta. Theta Labs also stated that several projects have begun building decentralized infrastructure on the Theta smart contracts.

This includes Decentralized exchanges, staking pools, and more as the blockchain seeks to expand its use cases. Theta Labs also plans to release the smart contract documentation before launch and a Metamask-like-wallet plugin for Chrome.

Theta Reduces Minimum Token Required for Staking

As part of the new development, Theta Labs has reduced the minimum of tokens to stake a Guardian Node on its network from 10,0000 THETA to 1000 THETA. At the moment, there are 1450 Guardian Nodes currently staking THETA tokens on the Theta blockchain.

This reduced staking amount would enable more users to participate in staking and further decentralize the Theta network. Apart from this, Theta labs will be releasing a JavaScript SDK for developers to interface with the Theta blockchain. The SDK functionality bears similarity with Ethereum web3.js and would provide potentials for Theta blockchain.

Developers will be able to develop smarter DApps and increase use cases in different sectors. The SDK will enable a DApp to query for blocks and transactions and deploy and interact with smart contracts. These latest developments bode well for Theta, which is highly regarded among crypto enthusiasts.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.