Theta Fuel

What is Theta Fuel (TFUEL)?

Theta fuel (TFUEL) is utility token on the Theta blockchain. Along with THETA, it is one of the two tokens used on the network. Theta is an entertainment blockchain that provides end-to-end video streaming infrastructure.

Theta Fuel Token is used for enable all operations and services on the network, including transactions, smart contract development, and staking rewards, among others. The blockchain also offers its own TNT20 and TNT721 token standards, allowing users to create their own fungible and non-fungible tokens (NFTs). Current and historical TFUEL pricing information is available above.

How was theta fuel developed?

Theta Labs, the company behind the Theta blockchain, was co-founder Mitch Liu And Jiey Long in 2017. Liu is an entrepreneur and CEO of Theta Labs. He is a computer scientist who has been involved in technology and entertainment for over a decade.

Long is a computer engineer and technical director. He is behind a variety of technologies that improve the user experience in entertainment, including virtual reality live streaming and video game instant replays.

Theta’s idea was to create a new entertainment niche based on blockchain. Although blockchain technology is widely used for decentralized finance (DeFi), the possibilities of relaying media such as live broadcasts or video games have not been widely explored. Liu brings his gaming industry experience to Theta.

Theta Fuel token was launched in March 2019. Its initial volume was 5 billion at a ratio of 51: to THETA. At launch, TFUEL was priced at approximately $0.16. The asset showed low volatility in the first two years after its launch and did not exceed $0.02.

Since its launch, Theta Network has grown exponentially. Its network of nodes has expanded to include enterprise-grade blockchain validators. Theta is associated with world famous companies including Binance, Sony and Google.

In 2021, TFUEL began to see significant growth. That same year, it peaked in June when Theta Fuel price reached $0.68. The asset’s market performance has also moved from moderate to highly volatile in 2021, with price fluctuations becoming more frequent. THETA followed similar trends. governance token which peaked in April 2021.

How can you use theta fuel?

Eat two cryptocurrencies used in the Theta network – THETA and TFUEL. They both have different uses and tokenomics. The maximum supply of THETA is 1 billion tokens. This amount cannot be changed, making it an anti-inflationary asset. This also means that the price of Theta Fuel is expected to rise as supply dwindles.

Theta Network provides decentralized video streaming services. TFUEL is used on the Theta Network for relay node payments, streaming transaction fees, smart contract and token development, use of Theta-based applications, and other functions..

On the other hand, the number of Theta Fuel coins is not limited. It is designed to consistently generate rewards for stakeholders. The price of TFUEL is not directly influenced by THETA, although both assets generally follow similar market trends.

According to the team, Theta aims to provide a better streaming service that consumes less data than centralized content delivery networks and offers access to content including movies, games and other audiovisual content at lower prices.

Viewers of the Theta streaming platform share their excess bandwidth, creating a global peer-to-peer network. Each viewer contributes part of their bandwidth to the network by actively consuming content. By actively watching live streams and sharing the network load, viewers are eligible to receive TFUEL rewards.

The reward value of Theta Fuel is calculated per video stream relayed. Incentive rewards are deducted from network service charges. 5% more TFUEL is added annually to increase available network rewards.

Thea describes itself as a platform open to developers. The protocol is open source, allowing users to create their own decentralized applications. The Theta protocol allows users to create decentralized media solutions for games and e-sports, music, education and virtual reality technologies.

Looks like Ethereum (ETH)Theta offers its own token standards that developers can use to create their own assets at the top of the chain. These are TNT20, an analogue of ERC-20, and TNT721, an analogue of ERC-721. The goal of NFT Theta technology is to help creators retain full rights to their content through tokenized digital rights management.

In 2022, the network introduced Theta Metachain. This is an innovative technology that combines several blockchains into a single interconnected network. It is often called a “chain of chains”. The goal of implementing Theta Metachain is to improve network scalability, achieve virtually unlimited transaction throughput and increase block verification time.

There are three types of nodes that support the Theta protocol:

• Edge nodes – nodes that relay video streams throughout the Theta blockchain. They run the Theta Edge Node application and are not required to stake any assets;
• Guardian nodes – network nodes that provide network security and participate in Proof of Stake (PoS) consensus algorithm. To participate, they must stake a minimum of 1000 THETA and in return can earn TFUEL tokens;
• Validator nodes – nodes that produce new blocks in the Theta chain. They must bet at least 200,000 THETA. No more than 31 validator nodes can operate simultaneously.

The roles of the Guardian and Validator nodes seem similar since they both deal with blocks. The key difference is that validator nodes create new blocks, while guard nodes seal them, providing them with additional security. Guardian nodes are also responsible for checking suspicious and inactive validator nodes.

All node types are eligible to receive TFUEL rewards. The Theta Fuel price bid earned by the Validator and Guardian nodes is no different if the same amount of THETA is staked.

The Theta Fuel cryptocurrency asset is not used in network management. Instead, THETA is used by a decentralized autonomous organization (DAO) to vote on proposed protocol changes. THETA stakeholders participating in the Proof-of-Stake consensus mechanism are eligible to receive voting rights.

The network uses Theta Fuel tokens not for betting, but as rewards for participation. The value of Theta Fuel that stakeholders receive for their contributions depends on the type of node they use, the amount of the THETA stake, and how long they have been actively participating in the network.