Theta Fuel (TFUEL) is a decentralized utility token serving as payment to relayers for sharing video streams or creating smart contracts on the Theta blockchain.
What is Theta Fuel?
- TFUEL is the governance token on the Theta blockchain – a video streaming network that is working towards the decentralization of video streaming, data delivery, and monetization.
- TFUEL is one of two native tokens on the Theta blockchain that serves as the utility token in decentralized video and data delivery.
- TFUEL acts as a gas token; meaning it is used to power all operations on the Theta blockchain, like payments to relayers for sharing a video stream, for deploying and interacting with smart contracts, and as fees associated with transacting NTFs and DeFi applications.
- Theta’s plan to overcome bandwidth limitations is to create decentralized peer-to-peer data streaming that incentivizes users with TFUEL to actively share available resources.
|Token Name||Theta Fuel|
|Token Type/Protocol||Theta blockchain|
|Total Token Supply||5,301,214,400|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||2019|
|Can it be mined?||Yes|
Who is behind Theta Fuel?
Theta Fuel, and in extension, the entire Theta Ecosystem, was co-founded by Mitch Liu and Jieyi Long in 2017.
Liu has a long history in the gaming, video and virtual reality industries, co-founding video advertising firm Tapjoy, mobile social gaming startup Gameview Studios, and THETA.tv, the live streaming platform whose DApp was the first to be built on the Theta protocol.
What is the purpose of Theta Fuel?
Theta’s main use case is decentralizing video streaming, data delivery and edge computing, making it more efficient, cost-effective and fair for industry participants. The network runs on a native blockchain, with two native tokens, known as Theta (THETA) and Theta Fuel (TFUEL), powering the internal economy.
- The dual token system ensures that enough liquidity will be available for optimal network performance and deter malicious actors from hoarding tokens to overtake consensus.
- TFUEL can be earned via viewers watching video content, caching to the network creating better content consumption for others, and staking THETA to receive TFUEL.
- Theta’s advisory board includes Steve Chen, co-founder of YouTube, Justin Kan, co-founder of Twitch, and Jonathan Wong, Director of Products at Rakuten Viki.
- Theta’s external validators include Google, Samsung, Sony, and the Creative Artists Agency (CAA) suggesting greater adoption and wider acceptance amongst enterprises.
- Edge nodes are prone to attack vectors. Edge nodes could become byzantine nodes and may not operate the network appropriately.
- Identity theft and free riding can occur when streamers act as another stream and includes malicious metadata.
News and Updates
- The recent Theta Mainnet 3.0 launch, in June 2021 provides two additional capabilities of TFUEL
- Elite Edge Nodes: Edge nodes can be upgraded to an elite node to earn additional TFUEL from staking and for providing higher performance. TFUEL inflation has been incorporated in this upgrade. A new proof of relay (PoR) mechanism allows additional earnings.
- TFUEL burning: Provides a benefit to platform partners. A minimum of 25% of each TFUEL payment to the edge network will be burned. This mechanism serves as a cost to use the network, which in turn provides more value to the edge network.
- On March 15, 2021, Theta Labs was granted a 2nd U.S. patent for “Methods and systems for blockchain incentivized data streaming and deliver over a decentralized network”, which is aimed at solving a trusted payment system powered by blockchain technology.
- On March 03, 2021, Theta Network expands in Japan with LINE Blockchain enabling users to earn TFUEL that will be automatically converted to LINK Reward for sharing bandwidth while watching video content.
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