We’re pleased to announce the next-generation Theta blockchain. TFUEL staking and burning will be available on Theta Mainnet 3.0. This will launch in Spring 2021. The full whitepaper for Mainnet 3.0 may be found here.
Background
In the spring of 2019, Theta Labs debuted its native blockchain, which is specifically for peer-to-peer video distribution. We added Guardian nodes, a novel two-layer consensus process. It includes Mainnet 2.0 in May 2020, to supplement Enterprise validators maintained by a select group of global partners, including Google, Samsung, Binance, Blockchain.com, and Gumi.
Following the release of Theta’s peer-to-peer EdgeCast technology after Mainnet 2.0, the Theta Edge Node network’s functionality significantly expanded. Thanks to this new fully decentralized technology stack, Theta’s P2P edge network can now record live video, convert it in a real-time, cache, and transmit live stream video data to users around the world. A central server or service is not in this process.
The Theta Blockchain Mainnet will also acquire its long-awaited Turing-complete smart contract capabilities on December 10, 2020. For DApps created on the Theta network, smart contracts bring up an entirely new range of user experiences and attribution models. Using smart contracts on the Theta network, for example, might enable entirely digital object ownership. It also provides new payment-consumption patterns, transparent royalty distributions, and trustless crowdfunding systems, among other things.
This adds a layer of social and economic participation to the basic video and data delivery capability, boosting platform user engagement and retention.
Mainnet 3.0 Overview
Uptime Mining, which tokenizes Internet bandwidth and availability, is possible by upgrading to Elite Edge Nodes. To upgrade a node to an Elite Edge Node, stake TFuel on it. Elite Edge Nodes can earn TFuel in two ways. First, through staked TFuel. Second, by delivering exceptional performance on video platforms. In addition to the present 5% TFuel rewards for validators and guardians, new TFuel inflation for uptime mining for edge nodes will be offered, ranging from 2% to 4%.
Working with platform partners this year revealed that supporting an existing platform with over 1 billion monthly logged-in users, or even a smaller partner with tens of millions of subscribers, to guarantee premium service levels, uptime, and performance across all devices, a worldwide edge delivery network with tens of thousands of required nodes.
As a counterbalance to the new TFuel supply, the new TFuel burning mechanism will charge a network fee for using the Theta edge network. Since the debut of Theta Network two years ago, we’ve seen tremendous value accrue to video platform partners in the form of content delivery network (CDN) cost savings, higher user engagement, and money generated by moving infrastructure expenses to user rewards. All of these advantages come at no additional expense to the platform partner.
TFuel Payment
A minimum of 25% of each TFuel payment to the edge network will burn at the protocol level with Theta 3.0. Thereby turning the network into a fee to use. In the long run, when Theta’s edge network becomes more extensively adopted, the supply of TFuel may significantly reduce.
More temporary sinks for TFuel could implement at the application level with Turing-complete smart contract support. Such as liquidity pools for Uniswap-like AMM DEXs, asset collaterals for MakerDAO-like stable currencies, and so on. TFuel circulation can dynamically modify to adapt to actual demand with both sources and sinks in place. We believe this will optimize TFuel’s utility value and benefit all Theta ecosystem members.
Updates on Mainnet 3.0 progress will be provided during the protocol upgrade process in Spring 2021. At the same time, the campaign progresses toward launch. We hope that the Theta community will participate in the protocol’s development and provide valuable input and assistance.
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