Theta Network (THETA), a platform for decentralized video delivery and edge computing, has seen its price skyrocket by 60% in the past 24 hours. This surge has propelled THETA to become the top gainer across the entire spectrum of the top 100 cryptocurrencies.
The rally can be attributed to a confluence of factors, notably the anticipation surrounding the upcoming launch of Theta EdgeCloud in the next quarter, a broader crypto market uplift led by Bitcoin and a bullish chart setup for THETA.
EdgeCloud Launch Sparks Growth Catalyst
At the heart of Theta Network’s bullish trajectory is the Theta EdgeCloud project, an ambitious endeavor to establish a global peer-to-peer cloud computing network. This initiative is poised to harness the power of user devices to scale blockchain applications to new heights.
The excitement around this development was heightened by a tweet from Theta developers yesterday, which stated, “Theta EdgeCloud Phase 1 is coming in Q2! Check out the preview blog on how Theta EdgeCloud is ushering in a new era of AI computing.”
Theta EdgeCloud Phase 1 is coming in Q2! Check out the preview blog on how Theta EdgeCloud is ushering in a new era of AI Computing:https://t.co/kNMYib48RJ
— Theta Network (@Theta_Network) February 26, 2024
Theta’s foray into AI computing aligns with the current market enthusiasm for AI-related tokens, as evidenced by the impressive gains of projects like Render Network (RNDR) and Fetch.Ai (FET). This alignment suggests that Theta’s price surge is not only a result of its intrinsic value proposition but also its strategic positioning within the booming AI narrative in the crypto space.
In the newly released blog post, the Theta team elaborated on EdgeCloud’s mission to democratize access to GPU processing power for AI and video tasks, offering a cost-effective and decentralized alternative to traditional cloud computing. This initiative leverages the Theta Edge Network’s substantial distributed GPU computing power, which ranks among the world’s largest, to support a wide range of AI applications, from language models to text-to-image and text-to-video models.
The blog further elaborates on the technical prowess of the Theta Edge Network, highlighting its capacity to support a wide array of AI applications, thereby democratizing access to GPU processing power. “This vast processing power […] can deliver upwards of 2500 equivalent NVIDIA A100s, enough to train…
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