Theta fuel is one of the two tokens used on the Theta blockchain used for the delivery of video and audio utility services. Theta Fuel is completely different from the Theta token which is the governance token used on the network and supported by thousands of Guardian nodes in one community. TFUEL on the other hand is more focused on delivering services to participants on the network.
Apart from being used to facilitate services on the Theta blockchain, it is also used as gas on the network. This implies that TFUEL is used to pay for and power transactions within the THETA ecosystem such as the creation and control of smart contracts and payments regarding decentralized applications and NFTs.
The TFUEL cryptocurrency is also used to reward participants on the platform who share their computing power for video and audio streaming services via Edge Catching nodes.
Who are the Founders of Theta fuel (TFUEL)?
Theta as an ecosystem, including its dual token system, was co-founded by Jileyi Long and Mitch Liu in 2017.
Mitch Liu has extensive experience in the gaming industry with prior engagements in Virtual reality, gaming and video. Liu is one of the co-founders of Tapjoy, a video advertising company, THETA. tv, a live streaming platform that happened to be the first decentralized application to be built on Theta and Gameview Studios.
The second co-founder, Jileyi Long as the company’s CTO. Similar to his founding partner Mitch Liu, Long also has extensive experience in large-scale distributed systems, in addition to previously working on gaming, VR, and animation. Currently, Long is a patent holder in many blockchains, virtual reality, and video streaming platforms all over the world. He has also authored a series of academic papers relating to multiple peer systems.
Presently, the Theta team has grown from what it used to be as more notable names in the industry and has aligned themselves with the system. Some of these names include Creative Artistry Agency, Bertelsmann Digital Media Investments which are major media investors. Others include traditional Silicon Valley VCs and corporate investors such as Sierra Ventures, Samsung NEXT, DCM, and Sony innovation funds.
What is Theta fuel (TFUEL) used for?
The Theta Fuel cryptocurrency is used on the network to facilitate general operation and microtransaction on the network. The need for this is because the normal operation of staking in the world of blockchains effectively cuts the circulating supply shut. As such, a need is created for the TFUEL cryptocurrency to execute smart contracts and provide an Avenue for the construction of new decentralized apps.
Even though the Theta ecosystem has two native tokens, they both still hold different values in the global sight of cryptocurrencies. As such, they can be traded for each other and can also be traded with other cryptocurrency pairs on exchanges and help the holders make a profit off of them.
What Is the Unique Point of Theta fuel (TFUEL)?
The Theta ecosystem is huge and has branches in different aspects. The use case of its TFUEL cuts across the delivery of decentralized video streaming services, data in general, and state-of-the-art computing among others. These qualities make the system generally more efficient and also more cost-effective in the long run. The network is run on a regular blockchain with two native tokens powering the network internally and externally, which are known as Theta Fuel (TFUEL) and Theta (THETA).
The provision made by the Theta ecosystem is divided into different folds. For starters, the viewers are awarded streaming services of better quality. In addition to this, it also helps content creators significantly improve their earnings. On the Theta ecosystem, the users are awarded for either watching content or its creation in general via TFUEL tokens.
The Theta Network is operated with an open-source protocol, as is the case of several other cryptocurrencies. However, Theta makes provision for users who are developers with the intention of launching decentralized applications such as NFTs via its smart contracts platform which is EVM compatible.
How many Theta fuel (TFUEL) coins are in circulation?
As was mentioned earlier, the Theta ecosystem has two native tokens which are Theta and Theta Fuel. Even though the two coins are used to interact on the network, they serve completely different purposes.
There are currently 5,232,675,200 TFUEL tokens in circulation. However, this number is constantly subject to increase as new TFUEL tokens are generated for staking rewards. Theta coins available have a maximum total supply which is capped at a fixed amount of 1,000,000,000 tokens.
Theta is run on a proof-of-stake mechanism which means that the system allows for staking from its users. Since there is a fixed total supply of the coin, the network rewards participants that stake with TFUEL. However, to qualify for the TFUEL rewards, participants have to stake a minimum of 1,000 Theta to a Guardian node.
Is the Theta fuel (TFUEL)?l Network secured?
The Theta blockchain is secured through a proof-of-stake consensus algorithm similar to several other cryptocurrencies. However, in the case of Theta, there is an addition of a multi-level Byzantine Fault Tolerance ( BFT) to its existing consensus mechanism to provide an additional layer of security on the network.
When the Theta system launched in 2019, it introduced a Guardian Nodes system. The use of the Guardian Node system provides that the tokens being stakes by the participants on the network are not controlled by a single entity at any point in time. This further provides additional security to the existing layers on the platform making it virtually impregnable.
The Theta network has created an incentive system where users are rewarded for participating in the governance system. As such, the system is protected by its users.
How do I buy Theta Fuel (TFUEL)?
The Theta ecosystem is unique in many ways, one of which is the use of two native cryptocurrencies. Its unorthodox process of operation has grown its user base over the years. Currently, TFUEL is listed on several exchanges and can be easily purchased by the following steps
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy TFUEL through your trading account.