The Theta Network (THETA) team has announced the launch of the Theta Metachain.
The latter is ‘the blockchain architecture purpose-built for Media and Entertainment enterprises entering the Web3 space.’ The upgrade also means that Theta will have a ‘high transaction throughput, customization, and reliability that is necessary for leading Media and Entertainment enterprises to bring their millions of users onchain.’
Theta Metachain Will be a Chain of Chains
In addition, the team at Theta Network believe that the Theta Metachain will be a ‘chain of chains’. They explained:
It will allow permissionless horizontal scaling of the Theta blockchain network in order to achieve potentially unlimited transactional throughput and subsecond block finalization time. This enables a customizable, highly scalable blockchain tailored for emerging Web3 businesses in the media and entertainment space.
Theta Metachain is Open Source
The Metachain consists of one ‘main chain’ with an unlimited number of ‘subchains.’ The creation of a subchain is permissionless, allowing anyone to create one without the approval of Theta Labs. The code to the Metchain is open-source and can be found on the Theta Github page.
$1 Continues to be Elusive for Theta (THETA)
Concerning price action, Theta Network (THETA) continues to be in bear territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages, as seen in the chart below courtesy of Tradingview.
Also, from the chart, it can be observed that Theta continues to trade below the crucial $1 psychological price at current levels of $0.90.
Furthermore, Theta’s daily MFI (green), MACD and RSI (red) all hint at the further weakness that could result in THETA retesting the local low of $0.80 set late last month.
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