As blockchain gets more acceptance, so is its application getting wider across different sectors and industries of the world. This time, Theta Labs has decided to venture into the entertainment industry. It has just announced the launch of SamsungVR, one of its groundbreaking technologies that will be revolutionary in the entertainment industry.

According to the announcement which was posted on medium and Twitter on 18 October 2018, The intention the launch is meant to further technical development of the Theta network. The technology enables 360 degree streaming of contents on all devices ranging from PCs to mobile phones both Android and iOS and the special Gear VR headset which is to be added in the next few months.

The SamsungVR is to be used in conjunction with so that users can stream live VR videos.

“SamsungVR’s initial deployment with Theta will stream esports content in virtual reality, the first in history to be livestreamed with blockchain. Any user that logs on can start sharing relaying 360 VR streams to other viewers, and the tokens they earn in return are all viewable on the Theta testnet blockchain.”

This technology is meant to reduce the cost of streaming videos by using viewer’s excess bandwidth in a decentralized peer to peer network with a native blockchain protocol. To achieve the peer to peer networking, Theta token will be used to incentivize users to share their bandwidth with other users.

The technology is set to be used for live streaming of the 2018 winter Olympics. The millions of viewers can share the same stream instead of each viewer drawing from a centralized source. This will cut the cost of streaming by 60 to 80% and encourage more viewers to watch the major event coming up in PyeongChang.

Apart from sports, users can also access live streams of music, fashion and pretty much any show in any part of the world at any time. With the increasing abundance of content on the web, bandwidth consumption is soaring but with the SamsungVR technology, users can have the best entertainment experience at the least possible cost.

The company said in the announcement:

“The SamsungVR library offers a diverse selection of immersive experiences across sports, music, fashion, esports and many others. With one device and network, viewers can experience the 2018 Winter Olympics in PyeongChang, a Coldplay concert live in Chicago, a fashion and dance show created by Barneys New York or a Harry Potter world created in Minecraft.”

Theta network and SamsungVR have agreed to work hand in hand to “develop the native blockchain protocol”. The protocol will be customized to ensure satisfactory performance for companies like Samsung to ensure viewers’ satisfaction.

Theta Labs is a software development company and a leader in the blockchain industry. The SamsungVR is built on its blockchain and it offers many other services such as custom software development, database design, software prototyping and UI/UX design. The company believes the VR technology will be a turning point both for content providers and viewers by offering the best experience while reducing cost.

Article by Ponvang Bulus from Crypto Recorder