The quick expansion of the crypto world is responsible for various new crypto projects. The prevailing opinion is that the Blockchain project developers still have a long path to reach, as some problems seem to be more technological than adoption- which has persisted to be on the rise. In this article, we will be discussing one innovative project called Theta Fuel (TFUEL). Let’s take a look at it in more detail.
What is Theta Fuel?
According to its website, there are two native tokens TFUEL and Theta Token (THETA). Theta Fuel (TFUEL) is one of the native tokens that runs on the Theta blockchain. The other token is Theta Token (THETA). TFUEL is the governance token backed by numerous Guardian nodes. It is also backed by guardian nodes’ Business validators such as Google, Binance, and Samsung.
The TFUEL token on the other hand functions as the utility token in a decentralized environment. It also works as a gas coin. This suggests that it is utilized to control all functions on the Theta blockchain. These functions include fees to relayers for transmitting a video stream, for implementing and communicating with smart contracts.
THETA token is utilized to bet as a Validator or Guardian node, taking part in block formation and the protocol management of the Theta Network. By betting and driving a node, users will gain a balanced portion of the new TFUEL created. The pool of THETA is set at 1 billion and will never grow.
How does Theta Fuel work?
The Theta Network uses the Proof-of-Stake blockchain to fulfill the transaction throughput, repository use, and speedy consensus needs of a video streaming platform. The Theta blockchain also presents a Byzantine Fault Tolerance (BFT) instrument that seeks to deliver the exact network security as Bitcoin or Ethereum.
The BFT strategies for a short collection of nodes named a validator panel to create a chain of blocks as quickly as possible while the variety of other network parties, named guardians, can inspect this chain’s fact. Theta Tokens were originally allocated as ERC-20 appreciative tokens on Ethereum but subsequently were traded one-to-one for local Theta Network tokens. The mainnet was launched on March 15, 2019.
How Many Theta Fuel (TFUEL) Coins Are in Circulation?
As earlier said, there are two coins called THETA and TFUEL. Both coins are utilized as the primary tools for exchange on the Theta blockchain, yet perform various procedures.
After the primary allocation of 5 billion TFUEL (5 for each of the 1 billion THETA), the pool will grow at an initial yearly rate of 5%. The latest supply rate will be chosen at the protocol stage and can be modified as required by the protocol agreement to deliver the proper quantity of new pool as mandated by platforms on the Theta Network. Each network member driving a Validator or Guardian node will make parts of that fresh pool of TFUEL, balanced to the quantity of THETA they are staking.
At the time of writing this, there are presently 5,232,675,200 TFUEL coins in circulation, which rises each year as fresh TFUEL is developed for staking dividends. There are 1,000,000,000 theta coins in circulation. In the last seven days, the TFUEL price has risen by nearly +40%, just enough for a spot on our top cryptocurrencies list. At the time of writing this, the TFUEL is sitting at $0.1612. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Gate.io and Binance to buy TFUEL.