Theta Fuel TFUEL Price

What is Theta Fuel (TFUEL)?

Theta Fuel (TFUEL) is a utility token that powers the Theta Network, a decentralized video delivery network built on blockchain technology. TFUEL serves multiple purposes within the ecosystem, including transaction fees, staking rewards, and incentivizing users who share their bandwidth and resources to relay video streams. As of early 2024, TFUEL is one of the two native cryptocurrencies of the Theta Network, the other being Theta Token (THETA), which is used primarily for governance and staking.

Who are the Founders of Theta Fuel?

The Theta Network was co-founded by Mitch Liu and Jieyi Long in 2017. Mitch Liu has a background in technology and media, having previously co-founded the video streaming platform SLIVER.tv. Jieyi Long, an engineer by training, has extensive experience in video streaming technology and blockchain development. Their combined expertise has been pivotal in developing the Theta Network and its underlying architecture.

How does Theta Fuel Work?

Theta Fuel is crucial for the operational functionality of the Theta Network. It facilitates transactions and provides incentives for users to contribute their computing resources. The network utilizes a two-token model where THETA is used for staking and governance, while TFUEL acts as the operational token. Key functionalities include:

• Transaction Fees: Users need TFUEL to pay for transaction fees on the network.
• Incentives: Users who share their bandwidth and computing power to relay streams earn TFUEL as a reward.
• Smart Contracts: TFUEL can be used in smart contracts on the Theta blockchain, enabling various decentralized applications.
• Staking: While THETA is primarily used for staking, TFUEL can also be earned through staking processes.

Top Use Cases of Theta Fuel

TFUEL serves several key use cases within the Theta Network, including:

• Video Streaming: TFUEL is used to incentivize users to share their bandwidth and computing power, effectively creating a decentralized video delivery network.
• Decentralized Applications (dApps): TFUEL can be utilized in various dApps built on the Theta blockchain, including gaming and content distribution platforms.
• Microtransactions: TFUEL enables microtransactions, allowing users to reward content creators directly for their work.
• Advertising: TFUEL can be used in advertising solutions within the network, where advertisers pay users for their engagement.

How to Keep your Theta Fuel Safe?

Keeping your Theta Fuel secure is essential to protect your investment. Here are some recommended practices:

• Use Hardware Wallets: For long-term storage, consider using hardware wallets such as Ledger or Trezor, which provide enhanced security against hacking.
• Software Wallets: Use reputable software wallets specifically designed for TFUEL, such as the Theta Wallet or other wallets that support the Theta Network.
• Enable Two-Factor Authentication (2FA): If you are using exchanges or online wallets, always enable 2FA to add an extra layer of security.
• Keep Private Keys Secure: Never share your private keys or recovery phrases. Store them in a safe place.
• Regular Updates: Keep your wallets and any related software updated to protect against vulnerabilities.