Background Behind Theta Fuel (TFUEL)
Mitch Liu and Jieyi Long in 2017 co-founded the entire Theta Ecosystem. 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.
Jieyi Long is Theta’s second co-founder and CTO, following similar multi-year experience in design automation, gaming, VR, and large-scale distributed systems. He authored multiple peer-reviewed academic papers and holds various patents in video streaming, blockchain and virtual reality. Theta now has a modest team, and its official website lists strategic corporate investors as Samsung, Sony Innovation Fund, media investors Bertelsmann Digital Media Investments, Creative Artists Agency, and traditional Silicon Valley VCs, including DCM, Sierra Ventures and the VR Fund.
Theta Fuel (TFUEL) Basics
Theta Network is the next-generation media and entertainment-focused blockchain. Theta infrastructure authorises existing video and media platforms to drive incremental revenues and reduce content delivery CDN costs while rewarding end users for sharing their storage and bandwidth on any PC, mobile, Smart TV or IoT device. Theta supports smart contracts and is fully compatible with Ethereum. This enables a wide range of interesting Web3 applications to be built on the Theta Network. Examples include non-fungible tokens, decentralised exchanges, and decentralised autonomous organisations, which could become indispensable building blocks of the next-generation media and entertainment platforms.
Theta’s main use case is decentralising 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.
Theta’s appeal is viewers get rewarded with better quality streaming service, content creators improve their earnings and middlemen video platforms save money on building infrastructure and increase advertising, subscription revenues. Users have an incentive to both watch network content and share network resources, as rewards come in the form of TFUEL tokens.
Theta Fuel (Tfuel) Blockchain
The Theta Blockchain is a purposely-built blockchain made from the ground up to choose the media and entertainment industry. Theta’s unique multi-level BFT consensus design combines a committee of 20–30 Enterprise Validator Nodes with a second layer of 1000s of community-run Guardian Nodes.
Theta Fuel (Tfuel) Staking
Theta Network uses inflation of TFUEL tokens to pay staking rewards. This inflation of Tfuel is set at 38 Tfuel per block for TFUEL staking and 48 TFUEL per block for Theta staking.
Theta Fuel (Tfuel) Mining
For each video segment streamed, you will earn TFUEL. Another way to earn TFUEL tokens is to watch broadcasts on Theta.tv and then you can spend these tokens on products or you can trade them in the Theta.tv store or pay them to your favourite broadcasters as a donation to support them.
Theta Fuel (Tfuel) Transactions Fee Speed
At the time of Theta Mainnet launch in March 2019, Theta introduced Guardian Nodes. With the Guardian Node, no single entity controls the majority of THETA tokens being staked at any one time. This further helps the network achieve a high transaction throughput of 1000+ TPS.
Theta Fuel (Tfuel) Supply
There are two coins in the Theta ecosystem; THETA and TFUEL. Both coins are used as the main tools for interaction on the Theta blockchain, yet serve different functions.
There are currently 5,232,675,200 Tfuel coins in circulation, which grows each year as new Tfuel is generated for staking rewards. Theta Tokens are fixed and at their max supply, which means there are 1,000,000,000 coins in circulation which will never increase.
Theta Fuel (Tfuel) Security and Safety
The Theta Blockchain relies on a proof-of-stake consensus algorithm. It, however, adds a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism on its blockchain to achieve better security along with higher transaction throughput.
Theta Fuel (Tfuel) Volatility
Theta Fuel’s volatility stands at 18.12% as per the price change recorded in the last 3 months.
Review and Final Thoughts on Theta Fuel (Tfuel)
Theta could become a major player in the world of video streaming and virtual reality, with the virtual reality market predicted to be worth around 55 billion dollars by the year 2014.