Theta Token and the introduction of Theta Fuel

Theta Labs (www.thetatoken.org), a subsidiary of SLIVER.tv, a leading VR live streaming company, announced its decentralized streaming network a few years ago, powered by users and a new native blockchain. As with many other blockchain initiatives, Theta’s focus is on offering low-cost delivery of content, regardless of the quality of the video or location. Currently, live video streaming is quite advanced, but there are issues related to low bandwidth, expensive infrastructure, etc. As a solution to these issues, Theta is offering its viewers rewards in the form of Theta tokens.

The company has reportedly urged its users to keep their e-wallet by 10 mainnet, which is slated to take place a few days after March 10, 2019.

For users of Android-supported devices, the theta wallet can be downloaded from the Google Play Store to store their theta tokens. However, Apple users will have to wait a while before the Apple iOS version of the Theta wallet is released. News reports suggest that the Apple iOS version will be released soon after the standard application process is complete.

The theta wallet enables its users to store theta tokens in the upcoming theta mainnet. Plus, it also stores Theta Fuel, which is supposedly the Theta Protocol’s operational token. In other words, on-chain operations such as payments to relayers for sharing a video stream are supported by TFUEL. In addition to storing theta tokens and TFUEL, the wallet can also store Ethereum and ERC20 theta tokens.

Users can follow the instructions below to exchange their existing tokens.
  1. First and foremost, the user has to download the theta wallet to their respective device.
  2. Once the download and installation is complete, the app will prompt the user to follow specific instructions on how to set up the wallet and the user will need to record his / her mnemonic phrase
  3. After completing the above steps, the user can transfer the ERC20 Theta Tokens to the Theta Wallet. However, caution is advised when transferring tokens for the first time and it is advisable to transfer a small amount first for test purposes.

In addition, users are rewarded with 5 Theta Fuel for every Theta token held, and transactions are verified in real time on the Theta Mainnet Block Explorer.

It seems that the developers originally designed the network with the video streaming industry in mind.

The Theta team is excited about the mainnet launch, which will completely decentralize the streaming network industry and not only cover esports games, but also advance into other areas of content and data delivery.

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