Even though lacking a physical form and a place among the fiat currencies, cryptocurrencies have never failed to attract the attention and curiosity of the people. Compared to the fiat currencies which took birth nearly hundreds of years ago, Cryptocurrencies, which took shape just more than a decade ago, have gained widespread popularity as the alternative means of currency and the digital counterpart of fiat.
With cryptocurrency, the word Blockchain has also gained widespread popularity as the most advanced, cyber backbone, based on which cryptocurrencies work. Theta Fuel is one such cryptocurrency and is commonly known as Theta.
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What is Theta fuel (TFUEL)?
Theta Fuel / TFUEL is one of the 2 tokens which work on the Theta blockchain technology. The other token which is based on theta blockchain is Theta token / THETA.
Both TFUEL and THETA are often confused as two different names for a single token, which is wrong. The TFUEL runs on a community, supported, contributed and maintained theta blockchain, which also works by the validation by enterprise validators such as Google, Binance, Samsung, Gumi and Blockchain ventures.
Theta fuel is the second token based on Theta Blockchain, which serves as a utility token in video streaming services delivery and data acquisition.
TFUEL is also used as a utility token in Petrol bunks/fuel stations/gas stations as an exchange for fuel or gas. Theta blockchain also works on the smart contracts system which helps the users to securely transact with anyone across the world.
It is also used for paying trading fees in applications like NTFS and DeFi. Tfuelis also used to reward individual users in the theta ecosystem who provide their redundant computing power as edge computing nodes and bandwidth resources like Edge caching nodes to facilitate video streaming and accessing other forms of data.
Who are the founders of Theta fuel (TFUEL)?
TFUEL along with theta tokens and the whole theta ecosystem was started by Mitch Liu and Jieyi Long in 2017. Liu was well versed with domains like gaming, video streaming, VR gaming. With that expertise and passion, Liu has also co-founded a video advertising company called Tapjoy, social media gaming startup Gameview studios and Theta TV.
Theta Tv is the first application to be built on the theta protocol. Jieyi Long from then onwards started working as CTO for the Theta ecosystem. With investments pouring in from tech giants, diversified investment and operations professionals from Samsung NEXT, Sierra Ventures, BDMI, creative artists agency and VR funds have become a part of the company.
What makes Theta Fuel (TFUEL)unique?
The USP / Unique selling proposition of Theta is the video streaming decentralizing use case. Theta has transformed the method of disseminating video content, decreasing the cost of data delivery, video streaming and technology dissemination. Content creators, viewers and other stakeholders are getting a bigger cut, all thanks to theta ecosystem.
The Theta blockchain is an open-source platform and works on the proof of stake mechanism (PoS). Theta also provides services to developers and programmers who are looking to launch applications such as DeFi and NFTs.
How Many Theta Fuel (TFUEL)Coins Are In Circulation?
The creation of theta Fuel happened on March 15th, 2021. Initially, 5 billion TFUEL tokens are injected into the circulation. That means, for every 1 token on the native theta network, there are 5 Theta Fuel tokens. The total circulation or total volume gets increased by 5% every year. The newly added supply is constantly monitored by the community of users and developers.
Members of the community, who are taking care of the operations of the blockchain and the validators will get a part of the new theta fuel tokens corresponding to the amount of Theta they are staking.
How does Theta Fuel (TFUEL) work?
The theta tokens and Theta fuel tokens both rely on the theta blockchain network, which works on the proof-of-stake consensus mechanism. Along with this security layer, there is also additional security imparted to theta blockchain by the multi-level Byzantine fault Tolerance / BFT consensus mechanism, which provides unbreachable security and provides space for safe, easy and fast transactions.
During the launch, the theta network has added guardian nodes to the theta network, these guardian nodes ensure that no singular individual/node has the authority or access to manipulate the network but the overall consent of all the guardian nodes could do that.
These guardian nodes, along with providing security, offer phenomenal transaction speed, which lies around 1000 + transactions per second, according to the claims made by the network. The network also offers rewards to individuals who participate in network governance, in the form of tokens.
Conclusion
Employing the idea that the majority is always right and the cumulative consent of the crowd or the majority is more powerful than the individuals who are a part of the crowd, blockchain has transformed the finances, commerce, investments, payments, governance, supply chain, research and whatnot!
Being based on such a blockchain network, theta fuel and theta tokens are developed keeping the video streaming, data delivery and fuel delivery systems in mind.
Backed by sound security protocols and mechanisms, theta fuel and theta tokens offer a solution to the stakeholders, creators, audience and the people occupying auxiliary positions in the video industry who are looking forward to optimizing the processes and enhancing the industry as a whole.
Fortunately, theta has fueled the vision of the industry leaders and very soon after its inception proved that it indeed is the panacea for the video streaming and video content creation industry.
The efficiency of the theta network is enhanced, if not transformed by the two types of tokens built on the network. The major THETA tokens act as rewards for guardian nodes who are responsible for securing the chain and keeping the chain operational over time.
To fuel the activities of THETA, THETA FUEL / TFUEL helps in propelling the maintenance of the chain, thus making it one of the most successful and efficient cryptocurrencies in the world. With more than 5 billion tokens in supply, THETA is making every crypto enthusiast’s eyes turn towards it.
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