Theta Fuel is rocking the house. The crypto market is a sea of red today but there is one coin that stands out amidst the carnage, and that’s Theta or to be more precise its gas coin Theta Fuel.
Theta Fuel is up 20% today while all around tens of billions of dollars is being wiped off market valuations.
Why? It’s because the mainnet goes live on 30 June and the price (of both coins) has been rising in anticipation of that event.
Theta is the native token of the network, which is a blockchain protocol for streaming video content, with the aim of improving both the delivery and quality of video.
Theta is powering video streaming with blockchain
It includes a clever approach, although it is not unique, as users of BitTorrent will tell you. Chief among its features is to incentivise network users to share unused or redundant computing resource and bandwidth peer to peer.
In addition, the other main feature of the network is in enabling a peer to download from another peer, and not just from the original distributor of video content.
But unlike BitTorrent, which has made its name as the go-to tool for piracy, Theta is about optimising efficient content distribution that lowers cost of delivery.
And also, unlike BitTorrent, Theta actually fully operates on the blockchain. Justin Sun‘s Tron bought BitTorrent back in 2019 and created the BTT token, which naturally runs on the Tron blockchain and is used for incentivising activity but is very far from a video delivery system running on distributed ledger technology.
Theta Fuel (TFUEL) up 20% today at $0.568
Today Theta is actually down, but is still outperforming the rest of the market, showing a decline of -4% to $8.9 compared to bitcoin’s -8% to $33,196, at time of writing.
But it is the Gas token of the network that has got us excited today. Theta Fuel (TFUEL) is up an astonishing 20% at $0.568, up 3% since I started writing this story.
As with Gas on Ethereum, Theta Fuel is used to pay for on-chain computations in smart contracts and for their deployment, and in the case of the Theta network, used for the remuneration of the relayers of streamed video content.
Market participants began to sit up and take notice of Theta when talent agency the Creative Artists Agency (CAA)joined the network by becoming the operator of one of its validator nodes.
Theta has a super fast dPoS blockchain
Unlike Ethereum, Theta operates on a Proof of Stake protocol of the delegated variety (dPoS), which makes it a super-fast and cheap network.
In June last year Binance Research estimated that Theta network on-chain transactions per second (tps) would be around 500 and 10,000-plus for bandwidth sharing.
In addition to the validator nodes run by the likes of CAA, the network also has community-run ‘Guardian’ nodes and these also got some love a couple of days ago when the devs announced another successful milestone in Theta’s journey, with the launch of 1-click delegated staking through its wallet.
We rate Theta Fuel a strong buy as well as the Theta token itself. Down days are good for accumulation but you may want to dollar cost average into the market at this point by buying a manageable amount on a regular basis, as there is always the risk of a ‘buy the new, sell the rumour’ moment after the mainnet goes live (30 June), with traders looking to book profits.
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