Theta: FAQs for the Theta mainnet launch, token swap and Theta Fuel distribution; Bithumb, Ubit and Gate.io support for Theta mainnet
Biweekly update 14th February — 28th February
This is not financial advice.
The Theta community is getting close the Theta mainnet launch on March 15th, and with it the swap from ERC20 (Ethereum) Theta Tokens to native Theta Tokens on the Theta blockchain. The community continues to grow. There is a stable increase in the number of token-holders and constant slight growth in Theta social media channels. To help keep them up to date on what’s happening with the mainnet launch, token swap, and distribution of Theta Fuel (the operational token of the Theta protocol) the team has compiled all the information in three short articles in their blog. So far, UPbit, Bithumb, and Gate.io have confirmed their support for the mainnet and token swap. Also, the Theta wallet is now available on Apple devices running iOS version 10.0+. Currently, the team is developing options for desktop users and is working with the major hardware wallet manufacturers to support the Theta mainnet, but can’t guarantee this will be completed in time for the token swap. And the last, but not the least — THETA has been one of the best gainers of these weeks.
The Theta mainnet will launch on March 15th, 2019 with the swap from ERC20 (Ethereum) Theta Tokens to native Theta Tokens on the Theta blockchain. To make sure that you receive your Theta Tokens on the mainnet as well as the 1:5 distribution of Theta Fuel, download the new Theta wallet for Android OS or Apple iOS and move your tokens there.
The procedure to swap your existing tokens is simple:
- Download the Theta wallet
- Follow the in-app instructions to set up your wallet and record your mnemonic phrase
- Transfer your ERC20 Theta Tokens to the Theta wallet
On March 15th, after the genesis block of the Theta blockchain is produced, you’ll see all of your ERC20 tokens converted to Theta mainnet tokens. Additionally, you’ll see that your address contains 5 Theta Fuel for each Theta Token you hold. Your address, token balances, and any transactions will be verifiable in real-time on the Theta mainnet block explorer.
To determine the Theta Token holders to receive native Theta tokens and the 1:5 Theta Fuel distribution on the new blockchain, the team will be taking a snapshot of the Ethereum blockchain at approximately March 12th, 12pm (Noon) Pacific Daylight Time (UTC -7). In the week prior to the snapshot, they will announce the exact Ethereum block height at which the snapshot will be taken.
They are also working with the exchanges that currently list Theta and major hardware wallets like Ledger/Trezor to support the Theta mainnet and token swap, including Theta and Theta Fuel tokens. To prepare for the swap, they recommend that all users transfer their Theta Tokens into the Theta wallet by March 10th to be safe.
- When will the Theta mainnet launch?
The Theta mainnet will launch on March 15th, 2019.
- How do I swap my ERC20 Theta Tokens to the mainnet?
3. What exchanges are supporting the Theta mainnet and token swap?
So far, UPbit, Bithumb, and Gate.io have confirmed their support for the mainnet and token swap.
4. Will Nano Ledger or Trezor support the Theta mainnet?
The team is working with the major hardware wallet manufacturers to support the Theta mainnet, but can’t guarantee this will be completed in time for the token swap. They will update the community with any news on this front.
5. Will there be an option for desktop users?
The team is developing options for desktop users. They’d like this to be be ready in time for the token swap, but can’t guarantee this and won’t rush a release that hasn’t undergone proper security testing.
Theta Fuel is a 2nd token in the Theta protocol that works in conjunction with the Theta Token (THETA) that exists today. This is the same operational token the team has been discussing since June, but will be renamed from “Gamma” to “Theta Fuel”.
Theta Fuel (TFUEL): The operational token of the Theta protocol. TFUEL powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network. You can think of Theta Fuel as the “gas” of the protocol. At Mainnet launch on March 15th, TFUEL will be created as a native token on the Theta blockchain.
The genesis distribution of Theta Fuel will happen when then Theta mainnet launches on March 15th. For each THETA that you hold when the Theta Mainnet launches, you will also receive 5 TFUEL to seed the ecosystem.
After the initial distribution of 5 billion TFUEL (5 for each of the 1 billion THETA), the supply will increase at an initial annual target rate of 5%. The new supply rate will be determined at the protocol level, and can be adjusted as needed by protocol consensus to provide the appropriate amount of new supply as demanded by platforms on the Theta Network. Each network participant running a Validator or Guardian node will earn part of that new supply of TFUEL, proportional to the amount of THETA they are staking.
There are two key reasons to introduce a second token:
- First, this allows the utility and purpose of each token to be separated. THETA is used strictly for staking and securing the network, while TFUEL is used to power microtransactions and operations of the network. This is necessary because staking inherently decreases circulating supply, but video relay transactions and smart contracts will require a highly-liquid token that can facilitate millions of daily transactions.
- Second, two tokens are needed to solve governance issues that arise from using the same token for staking and operations. Because the token used for operations must be liquid, it would be easier for a malicious actor to accumulate a significant number of that frequently-traded token on the open market. If that same token is also used for staking, they could potentially threaten the security of the Theta Network by quietly acquiring a large amount of the staking token. By separating the two functions (staking and operations) into different tokens, that risk is greatly decreased.
- Bithumb exchange announces support for the Theta mainnet, token swap, and 1:5 Theta Fuel distribution to all Theta tokenholders.
- UPbit exchange announces support for Theta mainnet swap and Theta Fuel distribution.
- Gate.io exchange will support Theta (THETA) and Theta Fuel distribution.
- Notice on the Theta Token circulating supply:
With Theta Mainnet launch coming soon on March 15th, 2019 the team will be moving some Theta Tokens from their existing Theta Labs addresses to a set of new Theta Labs addresses. The tokens will be separated into multiple addresses to be used for staking by the multiple validator nodes on the Theta Network. Additionally, the team is implementing new security procedures that require them to not hold such large amounts of tokens in a single address.
The information is taken from Similarweb.com.
March 2019 — Mainnet.
Phase 4: Native Theta Blockchain Launch
- Q1 2019 (Planned)
Native Theta network launch on new blockchain
- Q1 2019 (Planned)
Theta ERC-20 tokens exchanged 1:1 for Theta blockchain tokens
- Q3 2019 (Planned)
Theta Network debut of premium on-demand content
Partnerships and team members
- Decentralized Video Delivery Platform Set to Revolutionize Video Streaming Industry on Cryptonewsz.com. “We’ve been on the cutting edge of live streaming technology, and by leveraging blockchain we will truly be able to transform the video and entertainment industry,” said Mitch Liu, Co-Founder, and CEO of Theta Labs, Inc.
- Binance exchange support for the Theta mainnet:
Social media metrics
Official Telegram group — discussions on testnet, price, possible partnerships, etc.
Facebook — 15–25 likes per publication, 1–5 shares.
Twitter — average number of retweets is 35–40 for one post.
Bitcointalk.org — since November 23rd, 2017. Discussion on price, roadmap. Last publication — on February 27th, 2019.
There is a slight growth in Theta community over time. The graph above shows the dynamics of changes in the number of Theta Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com. Twitter stats gone to 0 due to new twitter account.