Theta Fuel (TFUEL) is the operational token of the Theta decentralized network, serving as the "gas" for on-chain operations such as payments to relay nodes for sharing video streams and deploying or interacting with smart contracts.
Theta Fuel operates on the Theta blockchain, a decentralized network designed specifically for video, AI, and entertainment applications. It functions using a Proof-of-Stake consensus mechanism, allowing users to participate in network operations and earn TFUEL by providing computational resources for video streaming and data delivery. TFUEL acts as the utility token for on-chain operations, including interactions with smart contracts and paying for gas fees.
Theta Fuel has a variety of potential use cases within the Theta ecosystem:
Theta Fuel was launched in March 2019 as part of the Theta network's mainnet. It was co-founded by Mitch Liu and Jieyi Long, with its ICO occurring in 2018, initially on the Ethereum blockchain before transitioning to its own blockchain. Major updates include the introduction of Mainnet 2.0 and 3.0, enhancing the network's capabilities through improvements like EdgeCast technology and NFT integration. TFUEL's presence has been cemented with listings on major exchanges, contributing to its significant market presence and utility within decentralized video streaming and other blockchain-based applications.