Theta is known specifically for its decentralizing video streams, data conveyance, and edge computing features. These features make the network more efficient, less expensive, and equally fair for users. Unlike conventional cryptocurrencies such as Bitcoin, Theta is powered by two native tokens known as Theta (THETA) and Theta Fuel (TFUEL). Users are rewarded with TFUEL coins for watching network content and sharing network resources. Furthermore, users can buy TFUEL from any TFUEL exchange. We will show you how to buy Theta Fuel, where to buy Theta Fuel, and which TFUEL wallet you can use to store your TFUEL crypto.
What is Theta Fuel?
Although TFUEL crypto is one of the native tokens on the Theta blockchain, it does not serve the same purpose as Theta token. TFUEL is a utility token of the network, used in decentralized video and data delivery while acting as a gas token, hence, powering all operations on the Theta network. Ranging from a form of payments to relayers for sharing video streams, deploying and interacting with smart contracts, and transaction fees associated with NFTs and Defi Apps.
Users are also incentivized with TFUEL tokens for sharing their redundant computing power as Edge computer nodes as well as bandwidth resources as Edge Caching nodes for video streams and related data. The entire Theta ecosystem came into existence in 2017 with Mitch Liu co-founding the project.
Theta token on the other hand is a governance token of the theta blockchain. The Theta ecosystem hosts thousands of community-run Guardian nodes and its enterprise validators including Google, Binance, Blockchain ventures, Gumi, and Samsung who support the Theta network.
Like many protocols that are conscious of energy consumption, TFUEL crypto utilizes the Proof-of-Stake consensus algorithm to run its ecosystem. This ensures a significant throughput. Any device can access the consensus algorithm without restrictions.
Increased transaction rate through validator and guardian nodes
There is also the consensus mechanism mapping done through a multi-level Byzantine Tolerance system. In this situation, the Validator and Guardian nodes are very vital. This will allow Theta network to enable a higher transaction throughput and achieve a TPS of 1000+.
In addition, there are three unique features to the Theta ecosystem, which are:
- Viewers are rewarded with better quality streaming service
- Content creators get to improve their earnings
- Middlemen (Video platforms) save money on building framework and increase advertising/subscription revenues
As said earlier, Theta’s main use case circles around decentralizing video streams, data delivery, and edge computing, powered by its two native tokens THETA and TFUEL. There’s also the threefold appeal that makes the network more unique, which has been listed in the introduction.
After the successful launch of the main-net 3.0 with about 40% of Theta Fuel tokens already staked and over 8,000 Elite Edge nodes, Theta blockchain was brought closer towards a complete implementation. Protocol improvements are bound to continue as new features are added. Nevertheless, Theta’s primary focus has now been shifted to building the Theta ecosystem and accelerating the adoption of Theta as the leading media and entertainment network.
With that in mind, Theta is also presenting the new TNT-20 token named “TDROP”. TDROP is to be developed on the Theta blockchain to reward NFT liquidity mining, provide decentralized governance using TDROP staking while rewarding validators and guardians on Theta. TDROP is scheduled to launch on February 1, 2022.
Just as the name suggests, TFUEL Theta is the gas token of the Theta blockchain. This means TFUEL is used to cover gas fees on transactions like setting up caching nodes or smart contracts creations and interactions. You can find similar features on the NEO and Ethereum blockchain.
Furthermore, TFUEL can be earned by either staking THETA tokens or providing caching power to other users. You can also earn TFUEL by interacting with the Theta.tv platform.
As of December 20, 2021, the TFUEL price is at $0.1832 with a daily trading volume of $30,967,324. Currently, it is ranked #89 on CoinMarketCap with a circulating supply is 5.30B TFUEL coins and a live market cap of $972,193,305.
Since Theta runs on the Proof-of-stake algorithm, staking Theta tokens is possible. In addition, the circulating supply of Theta is the max supply. Users need to have the least of 1,000 TFUEL and stake them to a Guardian node or run a personal Guardian Node to earn TFUEL. You can also buy TFUEL crypto on several TFUEL exchanges where the token is listed. To learn where to buy TFUEL, check the next section.
Where to buy Theta Fuel: TFUEL exchange at the best rates.
TFUEL exchange on Swapzone is quite easy – just go to your browser, type Swapzone on the search bar, and click on the first link that opens up. Once here, follow these simple steps:
Step 1: On the left side of the screen, you’ll see the “Select a Pair” heading. Choose the cryptocurrency you wish to exchange TFUEL for, say, BTC, from the dropdown of “Send”.
Step 2: Pick TFUEL and specify the quantity of purchase under the option “Get Up to”.
Step 3: The filter is now active and you’ll see the offers listed on the right side of the screen. Browse through all offers and decide which one works best for you.
Step 4: Click on the “Exchange” button to open up a prompt. Now, go to your cryptocurrency wallet and choose the receive option there. specify the wallet address and click on “Proceed to Exchange” to process your payment.
Step 5: An address is generated here. Send your BTC to this wallet. Once done, wait a while for confirmation on the Swapzone screen. Once confirmed, you’ll see “exchange in progress”. Once done, you’ll be able to see the amount expected vs the amount received based on floating rates if you did not pick fixed rates.
An optional addition to step 4: You can also paste your wallet address in the “address to refund BTC”. In case of errors or transaction failures, this is the wallet where your BTC will be refunded. The default wallet address is set to the one you sent your BTC from.
Tip: Look out for tags like “Best Rate” or “Fixed Rate” on your offers – these come in handy specifically for beginners.
It is easier to store TFUEL coins on exchanges after buying them but it’s also recommendable to store your TFUEL crypto on a dedicated TFUEL wallet for security and long-term storage. Ideally, hardware wallets offer the best of securities but they are costly. Hardware TFUEL wallets like Ledger wallet are advisable for storing an enormous value of TFUEL tokens or long-term storage.