Theta Fuel: The high frequency operational token used in all areas of the Theta Network
As the markets have been volatile, and the amount of projects is dizzying, I wanted to write this post to remind people of the value of TFuel, and Theta Network as a whole. I also want to expand on the recent article from Theta’s official blog @ https://medium.com/@ThetaLabs. I am referring to their Mainnet 2.0 and 2020 Roadmap article.
To take the Theta blockchain to the next level, we must give the Theta community the tools to innovate and build upon our foundation. The community needs to govern the Theta blockchain with Guardian Nodes in addition to our Enterprise Validator Nodes, create new Theta use cases with full smart contract support, and have a robust block explorer with real-time analytics to monitor the blockchain. Altogether, these community-focused updates make up our vision for the next phase of our growth — Theta Mainnet 2.0.
I have been running my PGN since the program started and hope to become one of the first 100 Guardian Nodes. Decentralization is important to network function and security, which are vital for any network. An exciting function about the frontline block validators, enterprise Validator nodes, is that they are strategic corporate partners, and they hold 2million+ Theta Tokens. This prevents whales from stacking Theta tokens only to manipulate the market for their own personal gain, and ensures that Validators have a vested interest and usage in the network. So far we have Blockchain.com which is one of the largest wallet services in the world and has recently opened an institutional grade exchange called The Pit.
There are two Validator nodes that are on the way according to word from the team. Many in the community suspect one of these two to be Samsung, though that is not a rumor, but hope based on initial funding by Samsung NEXT (Samsung’s VC arm) and increased collaboration between the Theta team and different departments within Samsung (Smart TV, VR streaming, and *fingers crossed* wallet support on mobile). Again, all of these exciting developments are all really contingent on the security of the network so it all comes back to network security because all the product development in the world doesn’t fix a compromised network.
On to the roadmap…
Guardian Node selection and launch on testnet
Edge Cacher beta client improvements
Concurrent Video-on-Demand (VoD) support on SLIVER.tv
Theta Explorer upgrades — analytics, visualizations, staking information
- The next coming developments are all super exciting. We get to find out which Guardian Node addresses from the PGN go live on the GN Testnet (for real world computed payouts, as incentive for doing work and being reliable and accountable)!
- Edge Cacher is a hot product in the Theta Network and the community. Also, as far as I’m concerned, it is the Theta app. It’s what I tell the average crypto person as the main selling point for how to “make money” without knowing how to mine or stake. Client improvements encourage usage, engagement, promotion, and onboarding (which is the hardest part: getting someone set up and continuing to use, esp when they see results, *tokens*).
- The team started doing VOD on Sliver Theta Testnet, so it will be really cool to see archived streams and how they value Theta and relaying VOD streams on Theta. This leads to a later point in the 2020 Roadmap, in addition to bandwidth sharing, you can share space on your HD too, and possibly earn more TFuel!
- Right now the explorer is very basic, kind of looks like a text database. There is a ton of room for improvement and it will be a lot of fun for active users and stakers to track, as well as valuable info for the Theta team and corporations who want empirical evidence of the thriving nature of the network!
Theta Mainnet 2.0 goes live with Multi-BFT consensus mechanism and growing number of enterprise validator nodes
Guardian Nodes launch on Theta Mainnet 2.0 Release of specialized smart contract support
Theta streaming protocol supports full Video-on-Demand (VoD)
- This one is somewhat self-explanatory, but the intriguing part is Theta Mainnet 2.0 going live with the full consensus mechanism, and growing number of enterprise validator nodes! That sounds like there are multiple partners behind the scenes who may want to join the party, but after a few people are already drinking and having a good time. There is a lot going on with this project that is public facing, as well as the feeling that we only see the tip of the iceberg. This first item for Q1 2020 indicates that the network will be ready for full activity, with high-level corporate partner/validators actively validating and transacting TFuel on their platform and others.
- The next item confirms the projected confidence that Q1 2020 will feature live Guardian Nodes in addition to multiple live enterprise Validator Nodes! This is really big news for the network as it will be off it’s support and on it’s way to becoming fully decentralized. The greater stability, security, and recognition of a network/token, the better chance it has getting listed on more exchanges. *Hint hint* Coinbase and Kraken.
- I think for Theta VOD to really thrive, it will need users to store the full file on their HDD. The mesh network streaming function will still work, but for the most efficient streaming, it’s similar to BitTorrent, so I wonder if Q1 2020 will allow for VOD streams to DL for as long as there are enough viewers.
Beta launch of decentralized data storage
Beta launch of decentralized file delivery of any content type, such as game patches, applications, OS updates
Beta launch of Theta protocol adapted to Smart TVs and IoT devices
- Decentralized data storage is a priority for the team as they know the value of on-demand data delivery and efficient mesh network activity. This beta launch will be more effective than initial tests as the network will have more active users and there will be a greater base of people willing to test and the team will have been doing analytics between now and then.
- This idea of game patch delivery is brilliant because the mesh network works at scale and gamers are loyal to their games so when patches come out there is a bell curve of people who are quick to download, and then it slowly fades out as the majority of people are already updated. This is an example of where Theta Network thrives and gamers can earn tokens for storing the patch and sharing it with others, aka “free money”.
- Beta launch of Smart TV integration is wild. This is where Theta Network becomes a “household” name. That moment when you turn on your TV and it asks if you want to earn real money for sharing high demand data to your neighbors? It’s encrypted, safe, and as long as you have an unlimited internet connection, you will net gain, and can use your tokens to purchase Netflix, Hulu, Spotify, Amazon, USD fiat exchange, pay your power bill, etc.
Release of generalized Turing-complete smart contract support Beta launch of decentralized encoding protocol
Production release of the end-to-end Universal Edge Cacher
- I believe that smart contracts will allow so many dapps and functions that are hard to imagine at the current moment. First and foremost, I think the ability for a project to have their own branded token within the Theta Network is one example of how these smart contracts can work. Also, with the beta decentralized encoding protocol, these smart contracts will have more importance as they will be accounting for sub-networks/brands, and for all the data encoded, processed, and transmitted, as there will be many more variables than just data shared.
- Finally, the heavily anticipated release of the Universal Edge Cacher will be a big moment for everybody, as anybody, no matter what OS they use, can start streaming and earning TFuel with just the click of a button!
There is no shortage of exciting opportunities in the Theta Network! TFuel seems to be undervalued compared to the Theta token. This is most likely due to lack of brand recognition and utility. This will change over the next 6 months as publicity, adoption, and usage will expand. As Enterprise validators go online and platforms start using Theta, the utility and scarcity may help increase the price of the tokens, along with the hype that big name partners bring to the network. Stay tuned to the official Theta Network Twitter for the latest information https://twitter.com/Theta_Network.
Disclaimer: This is not financial advice.