Theta Network (THETA) Awarded Patent for Decentralized DRM via NFTs
- Theta Network has received patent approval for its technology to implement decentralized DRM via NFTs
- The technology is aimed at managing rights across multiple domains in the creative industry
- Creators with their content in decentralized video streams can now have control over them
- Theta Network is on track towards releasing Mainnet 3.0
Earlier this week, the team at Theta Network (THETA) announced that the project had received approval for a patent application it had filed with the United States Patent and Trademark Office.
Decentralized Digital Rights Management via NFTs
The patent under application No17/218,245 or ‘THETA-1003’ is for a technology developed by the Theta Network for the implementation of decentralized digital rights management (DRM) using NFTs in a decentralized network.
According to the team at Theta Network, the technology will be beneficial in multiple areas in the creative and entertainment industries such as live performances, concerts and ticketed events where NFTs can be used as proofs of digital ownership.
Furthermore, managing digital rights through Non-fungible tokens (NFTs) will be primarily beneficial for content-right holders who fear their rights will be violated once their content hits decentralized video streaming services. In this case, Theta’s technology uses NFTs to implement decentralized digital rights management without the need for a centralized party. Consequently, the owners of such content can now ‘safely bring their videos, movies, and games to Theta’s decentralized data and video delivery network’.
Theta Network On Track to Launch Mainnet 3.0 on June 30th
Also worth mentioning is that Theta Network is on track towards launching the highly anticipated Mainnet 3.0 that introduces the staking and burning of TFUEL.
According to the team at Theta Labs, Theta Mainnet 3.0 will be launched at block height 10,968,061 at approximately 12 pm to 3 pm Pacific Time, June 30, 2021.
To note is that the mainnet launch will not result in any new tokens or swap of any kind. Therefore, holders of THETA and TFUEL tokens do not need to do anything technical for the mainnet to be activated. All funds will be safe in all Theta Wallets and supported crypto exchanges.
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