About

Theta Network is a Layer-1 network comprised of three main components: Theta Blockchain, Theta Edge Network, and Theta Metachain. The network also includes a dual token model, where THETA is the primary token of the entire protocol and TFUEL is the operational token. THETA is staked to operate Validator or Guardian nodes, which then earn TFUEL that is spent to cover fees incurred by onchain operations. TFUEL can also be earned by Theta Edge Nodes, which do not produce blocks but instead complete tasks, such as relaying videos to endpoints on Theta Edge Network. A few examples of these operations include sending transactions or deploying smart contracts.

History

Theta Network was founded in November 2017 by Mitch Liu and Jieyi Long to serve as a blockchain protocol to improve the process of creating, streaming, and consuming video content online. Theta’s Mainnet 1.0 officially launched in March 2019, which featured THETA and TFUEL tokens. Other key milestones that have been achieved include:

• May 2020 - Mainnet 2.0 was released, and guardian nodes and EdgeCast were introduced, a technology stack that enables live video to be transcoded, cached, and relayed to users.
• June 2021 - Mainnet 3.0 is released and added TFUEL burning and staking to operate an Elite Edge Node.
• December 2022 - Mainnet 4.0 introduced the Theta Metachain.
• January 2023 - The EdgeStore is released in alpha version.

According to Theta Network’s 2024 roadmap, which was released on Jan 27, 2024, the most notable upcoming feature is the Theta EdgeCloud, a hybrid cloud computing platform built on distributed edge architecture. Theta EdgeCloud combines the qualities of Cloud and Edge architectures and is intended to serve new AI uses in video, media, and entertainment. Theta EdgeCloud is scheduled to launch on May 1, 2024.

Other items listed in the 2024 roadmap include a Theta Hackathon, upgrades to the Theta Video API, and adding new, unspecified subchains.