Theta Fuel

What is Theta Fuel?

Theta Fuel (TFUEL) represents one of the native tokens within the Theta blockchain ecosystem. It is essential to distinguish TFUEL from Theta Token (THETA), which serves as the governance token for the Theta blockchain. THETA is supported by numerous community-operated Guardian nodes and Enterprise validators such as Google, Binance, Blockchain ventures, Gumi, and Samsung.

TFUEL serves as the secondary token on the Theta blockchain and operates as a utility token for decentralized video and data delivery. Additionally, it functions as a gas token, facilitating various operations within the Theta blockchain. These operations include making payments to relayers for sharing video streams, deploying and interacting with smart contracts, and covering fees associated with transacting non-fungible tokens (NFTs) and decentralized finance (DeFi) applications.

Moreover, TFUEL acts as an incentive for users within the ecosystem who contribute their surplus computing power as Edge Compute nodes and their bandwidth resources as Edge Caching nodes for video streams and other data.

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Recent Video Interview

Main points of the interview:

• Discussed recent NFT projects like Space Junkies and their significance.
• Highlighted Theta's role in the Medicans Film Festival initiative.
• Emphasized web3's potential to foster direct creator-audience relationships.
• Stressed the importance of blending web2 and web3 solutions for traditional industries.

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Founders of Theta Fuel

Theta Fuel, along with the entire Theta Ecosystem, was established through the collaborative efforts of Mitch Liu and Jieyi Long. Mitch Liu possesses an extensive background in the gaming, video, and virtual reality industries. He has co-founded notable ventures such as Tapjoy, a video advertising firm, Gameview Studios, a mobile social gaming startup, and THETA.tv, a live streaming platform. Notably, THETA.tv's decentralized application (DApp) was the first to be developed on the Theta protocol.

Jieyi Long, Theta's second co-founder and Chief Technology Officer (CTO), brings a wealth of experience in design automation, gaming, virtual reality, and large-scale distributed systems. He has authored several peer-reviewed academic papers and holds multiple patents in the fields of video streaming, blockchain, and virtual reality.

Theta's official website highlights strategic corporate investors such as Samsung NEXT, Sony Innovation Fund, BDMI Bertelsmann Digital Media Investments, CAA Creative Artists Agency, as well as prominent Silicon Valley venture capital firms including DCM, Sierra Ventures, and the VR Fund.

Reasons for Having Two Native Token

There are two primary reasons for the introduction Theta Fuel:

Firstly, it enables a clear distinction and purpose for each token. THETA is exclusively utilized for staking and securing the network, while TFUEL is employed to power microtransactions and network operations. This separation is necessary because staking inherently reduces the circulating supply of tokens, whereas video relay transactions and smart contracts necessitate a highly liquid token capable of facilitating millions of daily transactions.

Secondly, the implementation of two tokens resolves governance concerns that arise from using a single token for both staking and operations. If the token used for operations also serves as a liquid asset, it could potentially enable malicious actors to accumulate a substantial amount of that frequently traded token on the open market. If such a token is also utilized for staking, these actors could discreetly amass a significant portion of the staking token, posing a potential threat to the security of the Theta Network. By segregating the two functions (staking and operations) into distinct tokens, this risk is significantly reduced.

Theta Fuel Project Development

Theta Wallet for iOS and Android has recently incorporated support for WalletConnect, a significant advancement within the Theta ecosystem. WalletConnect, an open-source protocol, serves the purpose of establishing connections between decentralized applications (DApps) and mobile wallets. It introduces useful features like QR code scanning and deep linking.

With this integration, DApp developers can now break free from relying solely on Metamask. Instead, they can empower their users to conveniently utilize the mobile Theta Wallet for a variety of operations. These operations encompass connecting to DApps, signing messages (logins), and even signing smart contract transactions. Throughout these interactions, the security of the Theta Wallet assets remains intact. Consequently, users no longer need to transfer wTHETA, TFUEL, or TNT20 tokens from the Theta Wallet to engage with DApps.