Theta Fuel (THETA) is a blockchain designed exclusively for video streaming that was released in March 2019. It is driven by a decentralized network where users share resources and content with one another.
Theta’s major objective is to decentralize video transmission and improve it for industry players by making it more effective, affordable, and fair.
How does Theta Fuel function?
A global network of computers on Theta’s decentralized video streaming platform are encouraged to participate. Users can stream videos on its platform by trading prizes for their extra bandwidth and processing power.
As more people sign up for your network, more bandwidth becomes available, improving the network’s ability to stream videos of higher quality.
Technically, Theta does this in the following manner:
The creator sets his terms of usage in the settings before uploading his film to the site;
Users examine the content that has been published and support the network by giving their computers free electricity; in this way, by expanding capacity, content can be shared with additional users;
Theta tokens are given to all users who assist the network.
As you can see, this concept does away with middlemen and ensures a decentralized network for the delivery of high-speed streaming video.
Three participant groups dominate the Theta network in terms of the platform’s stakeholders:
Nodes that do business validation are those that suggest and create new blocks for the chain. These companies, which wager on THETA tokens for the privilege of processing transactions on the network, include Google, Sony, and Samsung.
Guardian nodes: These are users whose responsibility it is to verify the accuracy of the transaction blocks suggested by the business validation nodes. The guardian nodes provide as a second line of defense against any malevolent attackers and are crucial to maintaining the security of the Theta blockchain by sealing the blocks.
Edge nodes are users who broadcast video over the Theta network or contribute their bandwidth in exchange for TFUEL, one of the platform’s tokens.
Theta also includes a micropayment system that enables users to send and receive THETA through its own wallet.
Theta is an open source program that lets programmers build decentralized applications on its blockchain.
THETA: Theta Fuel network’s native token
Theta features three native tokens that power its internal economy: Theta (THETA), Theta Fuel (TFUEL), and Gamma. These three tokens are used to conduct all transactions on its blockchain.
Theta (THETA): Those who want to run Validator or Guardian nodes can stake THETA, the coin that supports the Theta Network. Nodes may validate transactions, create blocks, cast votes for network modifications, and get TFUEL as payment thanks to THETA.
Theta Fuel (TFUEL) serves a similar purpose to gas in Ethereum and is utilized to carry out transactions on the Theta network (ETH). Additionally, when users pay Edge Nodes to share a video stream, it serves as a form of micropayment currency. There are 5 billion (5,000,000,000,000) tokens in its whole supply.
How is Theta Fuel (THETA) mined?
It is necessary to understand Theta’s consensus protocol before going into detail about how to mine it. Unlike bitcoin and other cryptocurrencies, Theta relies on a multilevel BFT (Byzantine Fault Tolerance) consensus mechanism. This proof-of-stake (PoS) governance system enables thousands of nodes to participate in the consensus process, maintaining the distributed network of computers running Theta Network synchronized.
The THETA coins must be wagered by each node in the network in order to produce blocks, participate in voting, and power the blockchain. The amount of THETA staked determines voting power.
Additionally, although Guardian nodes only need to wager 100,000 THETA, validation nodes are required to wager a minimum of 10,000,000 THETA.
Proof-of-engagement testing, which sheds light on how much time users spend viewing material, is another technique employed by the Theta network.
How is Theta Fuel staking made?
You just need to: if you wish to wager THETA tokens and join the Theta network as a node.
Run a guardian node on the Theta testnet to take part in the block generation process.
2- You must meet the following conditions in order to operate a guardian node:
Place a minimum bet of 10,000 THETA tokens.
5 Mbps plus upstream and downstream for the internet
CPU: four or more cores
Memory: at least 8 GBytes
3. As payment for your network contribution, you receive TFUEL by placing THETA tokens on your guardian node.
Additional ways to get Theta Fuel
TFUEL tokens can also be obtained by watching videos on Theta Network. You must run the Theta Edge Node for Windows or Mac in order to accomplish this. Edge Node streams content via websites like Theta.tv using your unused bandwidth. You will receive TFUEL for each video segment that is streamed.
Watching Theta.tv broadcasts is another way to earn TFUEL tokens, which may subsequently be used to buy goods, traded for goods in the shop, or given as a donation to your favorite broadcasters to help them out.