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Choose your quick section of our Theta Fuel review below.
A Quick Overview of our Theta Review:
The appeal that Theta has involves the benefits that viewers, content creators, and middlemen get from using the protocol and network.
Theta Fuel Live Price
What is Theta Fuel?
Theta Fuel is one of the two native tokens on the Theta blockchain and should not be mistaken for Theta Token (THETA). Theta Fuel (TFUEL) is the utility token in the delivery of decentralised video and data that also acts as a Gas token.
Key Features and Takeaways of Theta Fuel
Theta Fuel (TFUEL) is one of the most popular cryptocurrencies in the crypto space that has the following key features and takeaways:
Mitch Liu and Jieyi Long co-founded Theta Fuel and the entire Theta Ecosystem in 2017.
Liu has extensive experience in gaming, video, and virtual reality (VR) industries and was involved in co-founding Tapjoy, Gameview Studios, and THETA.tv, which is the live streaming platform that was the first decentralised application (DApp) to be built on the Theta protocol.
Long, the second founder and CTO, has experience in design automation, gaming, VR, and large-scale distribution system. He has also authored many peer-reviewed academic papers and he holds several patents in video streaming, blockchain, and VR.
The main use case for Theta is its decentralised video streaming, data delivery, and edge computing which benefits the protocol by making it efficient, cost-effective, and fair for all industry participants.
The Theta network runs on its own native blockchain and has two native tokens, Theta (THETA), and Theta Fuel (TFUEL), which powers the internal economy.
The appeal that Theta has involves the benefits that viewers, content creators, and middlemen get from using the protocol and network.
Users of Theta are incentivised to watch network content and to share various resources, with their rewards in the form of TFUEL tokens.
Theta is open-source and token holders have governance power.
Theta runs on a Proof of Stake (PoS) consensus mechanism, making staking possible. The amount of THETA that is in circulation is the maximum cap and users are rewarded in TFUEL for staking on the network.
In addition to the PoS, Theta also uses a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism to achieve additional security with a higher transaction throughput.
With the launch of mainnet in 2019, Theta also introduced Guardian Nodes. With these nodes, there is no single entity that can control most of the THETA tokens that are staked at any one time. This helps the Theta network achieve a higher transaction throughput of more than 1 000 transaction per second (TPS).
tv is a video streaming site, like Twitch. However, instead of streaming data from Content Delivery Networks (CDNs), it is shared by the peers that watch the video stream. While users watch these streams, and subsequently share it, they are given TFUEL, which can be used to pay gas fees.
Theta also uses an Aggregated Signature Gossip Scheme, which allows Guardian Nodes to keep combining partially aggregated signatures from neighbours, followed by the gossiping of the aggregated signature.
Resource Orientated Micro-payment Pool is an off-chain payment pool used by Theta, allowing users to create an off-chain payment pool from which other users can withdraw using transactions that are off-chain.
Another feature that keeps Theta fast and efficient, is that there are 10 to 20 validator nodes and more than a thousand Guardian Nodes. Guardian Nodes could take exceptionally long to reach consensus and thus, to keep them compliant with the Validator Committee, they need only agree on the hash of the checkpoint blocks.
Theta Fuel Mining
TFUEL is the second native token in the Theta network, and it works alongside the THETA token. TFUEL cannot be mined as it is the operational token of the Theta Protocol. TFUEL works to power on-chain operations such as payments to Relayers when they share a video stream or when they deploy or interact with smart contracts.
For every video that they share, Relayers earn TFUEL and for this reason, it can be seen as the “gas” of the protocol. TFUEL was created when mainnet launched in 2019 and it is an ERC20 token. Users who want to start earning TFUEL can access THETA.tv or SLIVER.tv.
On these platforms, users can earn TFUEL for each minute that the user watches streams on the platform. As the user watches these streams, Theta accesses the upload bandwidth of the user to share the stream with other viewers and the more the user shares, the more TFUEL they can earn.
Users can have a maximum of 10 peers viewing from the stream that they share, and users must note that their bandwidth will affect their TFUEL earning rate. TFUEL is credited to the user after 10 minutes following the data shared to the user’s peers and opening additional internet tabs will not earn the user any TFUEL.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Theta uses a PoS consensus mechanism that requires less computational power | Theta faces a lot of competition in its specific field |
| Theta has a high transaction throughput as result of PoS | |
| Theta incorporates the use of smart contracts to facilitate the distribution of rewards and collection thereof |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Staking requirement | 1 000 THETA |
| Withdrawal Fees | 10 TFUEL |
Should you buy Theta Fuel?
Investment in Theta Fuel is dependent in the interest that investors have in the Theta platform, along with how many users actively participate in the viewing and sharing of streams. The Theta platform has a lot of points that have drawn in more investors, especially over the past few months.
The Theta protocol is fully decentralised and provides video streaming services that are open-sourced. With an increase in video content creation and people becoming interested in streaming services, Theta has a bright future ahead of it, if it ensures that content featured is relative and that targeted audiences are reached.
How to buy Theta Fuel (TFUEL)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Theta Fuel/TFUEL and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
TFUEL can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading TFUEL.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading TFUEL, select the option from the “Trade” Menu. Enter “TFUEL” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select TFUEL_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair TFUEL/USDT.
Here, you will see that you have the option to buy or sell TFUEL either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy TFUEL through via Limit Order
To buy TFUEL and create a limit order for it, you can enter the amount of TFUEL you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell TFUEL through via Limit Order
To sell TFUEL, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, TFUEL that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Theta Fuel first launched?
Theta Fuel was founded in 2017.
Who founded Theta Fuel?
Mitch Liu and Jieyi Long founded Theta Fuel.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Theta Fuel’s ICO and how much did it raise?
TFUEL did not have an ICO as it is not the main token on the Theta network, but the second native token.
Is Theta Fuel legit?
Yes, TFUEL is legit.
What is Theta Fuel’s total supply?
There is a total supply of 5 000 000 000 TFUEL.
What is the purpose of Theta Fuel?
TFUEL serves as a reward for participants in the video streaming platform for viewing videos and sharing it with peers.
On which blockchain is Theta Fuel based?
TFUEL is an ERC20 token based on the Ethereum blockchain.
Does Theta Fuel work with smart contracts?
The Theta platform supports smart contracts.
Does Theta Fuel have potential to become more valuable?
Yes, in TFUEL, alongside THETA and the Theta platform, has the potential to become more valuable.
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