Theta Network: Mainnet 2.0, Google signs on as Enterprise Validator, Guardian Node staking will go live today, THETA Smart Contracts Sandbox launching on testnet, MGM Studios brings Hollywood classics to THETA.tv

Published in

Paradigm

18 min readJun 3, 2020

Biweekly update vol. 45, 19th May — 3rd June

Welcome, crypto community to our June update on Theta! It is time for our biweekly summary of all things from the network: development progress, events and all the other stuff that we’ve been up to in May. Let’s dig into what’s new with Paradigm!
On May 27th, 2020 the next phase of the Theta decentralized streaming network, the Theta Mainnet 2.0 launched! Block 5,877,350 has passed without a hitch! Edge Nodes on Theta Network have passed 2,553 active nodes — just a few days ago after first breaking 1,000! These 2,553 nodes are actively relaying video streams over the Theta Network to their nearby peers, creating the global edge network that will power video delivery for platforms around the world. On-chain transactions have more than doubled in the past weeks. And by social reach, Theta is right up there with the most talked about blockchain projects after BTC and ETH!
Another huge news is, the team announced that Google Cloud has joined its Enterprise Validator Program along with Binance, Blockchain Ventures, and gumi. Google Cloud is also now the company’s preferred cloud provider, and users around the world will have the ability to deploy and run Theta nodes directly from Google Cloud Marketplace with just a few clicks. The turn-key cloud solution went live on GCP Marketplace on May 27th, coinciding with the launch of Theta Mainnet 2.0.
The Theta development team has been hard at work on smart contract functionality for Theta blockchain originally slated for the second half of the year. Last week, they announced smart contracts are now ready for release in alpha, on a new Theta testnet created specifically for this — the Theta Smart Contract Sandbox! Smart contracts on Theta are now fully compatible with the Ethereum Virtual Machine, which means that essentially any Ethereum smart contract can be easily ported over to run on Theta blockchain. While this is an early build of Theta smart contract functionality, the team is very excited for this alpha release! For those in the Theta community who know how to program smart contracts, they can’t wait to see what you have in store for Theta development. It’s not too early to get started. On that note, the Theta Hackathon on DevPost will be extended to allow more time for developers given this new release! Smart contracts developed for Theta testnet will be considered if they actively incorporate a use case for Theta.
Moreover, THETA.tv, the next-generation esports video platform powered by Theta blockchain, has finalized a commercial licensing agreement with MGM Studios for rights to stream classic movies from MGM’s venerable film library throughout the summer of 2020. MGM becomes the first major Hollywood studio to stream their content to THETA.tv, making this collaboration a strategic step forward in bringing blockchain adoption to mainstream users. For the first time, the traditional Hollywood media and entertainment business joins forces with the cutting edge blockchain industry!
Theta’s push toward decentralization continues. See you in two weeks!

Development

GitHub metrics:

THETA has public repositories and private repositories. Overall, the Project has frequent commits to the collection of repositories.

Developer activity (from Coinlib.io):

Mainnet 2.0

Theta Guardian Node staking will go live on Theta Mainnet 2.0 today, on Wednesday, June 3rd:

The Theta Network can’t run without a decentralized community of stakeholders all working toward making the network secure, efficient, and useful. This week Theta takes the next step toward that vision, as Guardian Node (GN) staking is enabled on Theta Mainnet 2.0. Theta supporters from more than 50 countries running 509 Guardian Nodes will now transition to Theta Mainnet 2.0, implementing Theta protocol’s Multi-BFT consensus for the first time, and earning TFUEL tokens for their network contributions. The total THETA staked on Theta Mainnet 2.0 is expected to reach more than 450m THETA.

Theta Multi-BFT Consensus

Theta Mainnet 2.0 is a major update to the Theta blockchain, introducing Theta’s novel Multi-BFT Consensus. Community-run Guardian Nodes will now take a direct role in block production, finalizing blocks at regular 100 block intervals and making up a second layer of defense after the Validator Nodes that produce each block. With Guardian Nodes joining the network and staking, no single group or entity will control the majority of THETA staked, marking a significant milestone toward Theta’s decentralization.

Guardian Nodes will join the existing Enterprise Validator Nodes running on Theta Mainnet 2.0, run by Google, Blockchain Ventures, gumi Cryptos, Binance.

Want to get run a Guardian Node and begin staking your THETA? Here are all the details you need to know:

What are the requirements to run a Guardian Node?

Running a Guardian Node is a critical part of Theta blockchain consensus. Starting today, on Wednesday June 3rd, you can participate in running a Guardian Node on Theta Mainnet 2.0 if you meet the following requirements:

Minimum token amount to stake: 10,000 THETA tokens
Internet speed: 5Mbps+ up and down
CPU: 4 cores or more
Memory: 8 GBytes or more

If you meet all these requirements, you can get started with the Guardian Node setup guide.

You can check out the open sourced code for Guardian Nodes on Theta GitHub, or track the new nodes and staking on the Theta block explorer.

How do I get started as new user?

The setup guide for Mainnet Guardian Nodes will be released on today, alongside the new GN app. This will be released on all Theta social channels on today, and this section will be updated with the link then. Like on testnet, there will be options to stake via a Windows/Mac/Linux app, or directly from CLI if you prefer. Users will also have the option of staking via Google Cloud, the launch partner of Theta Mainnet 2.0.

I’m an existing GN user running on Theta testnet, how do I move to Mainnet 2.0?

You can simply stop running your existing GN on testnet, and follow the same instructions as new users to set up your new GN on Theta Mainnet 2.0. It is not necessary to unstake your testnet_sapphire tokens. Your TFUEL rewards from testnet will be paid out to your Theta mainnet wallet by end of week, June 5th.

What is the incentive for running a Guardian Node and staking my THETA?

Guardian Nodes earn a share of all the new Theta Fuel (TFUEL) generated on Theta blockchain, which is 250m annually. The proportion of TFUEL you earn as a GN depends on how much THETA you have staked relative to the total number of THETA. As an example, if you stake 100,000 THETA and the total network has 300m THETA stake, you are staking 0.033% of the THETA total staked to the network. That would translate into your node earning about 0.264 TFUEL per 100 block period, or 6,944 TFUEL monthly.

((100,000 THETA staked / 300,000,000 total THETA stake) x 250,000,000 TFUEL annually / 12 = 6,944 TFUEL

At current prices the staking annual ROI is slightly under 3%, however this figure can adjust continuously as both THETA and TFUEL are traded on exchanges. The current ROI at any given time will depend on the ratio of THETA price to TFUEL price.

For more info on GN earnings, community-run sites like Guardian Monitor are tracking staking on Theta testnet and provide real-time earnings calculations.

How long do I need to stake for / is there a lockup period?

There is no fixed lockup period for staking to your Guardian Node, so you can choose to stop staking your THETA tokens at any time. However, from the point you unstake your tokens, there is a ~60 hour withdrawal period before your tokens will be available back in your wallet.

Can I stake from a hardware wallet? Is it safe to stake my THETA tokens to a node?

You can stake your tokens from any type of Theta wallet, whether on the Theta web wallet, a Theta iOS/Android wallet, or on Ledger/Trezor via web wallet.

It is safe to stake your tokens as long as you keep your existing Theta wallet safe. The way staking is designed on Theta protocol, tokens staked to Guardian Node can only be returned to the wallet that originally staked them, even if a node is compromised. This is by design, so that users can stake from a secure hardware wallet to a Guardian Node they are running on a desktop or cloud environment which is less secure. Even if your computer or cloud instance you are running the Guardian Node on is hacked, the only thing an attacker could do is send your tokens back to your wallet. So as long as you keep your wallet safe, just as you do now, staking is not anymore risky.

What if I don’t have the minimum stake of 10,000 THETA?

The team will continue to evaluate this minimum figure to establish the best balance of network security and maximizing the number of tokens staked. For now, you can also look into options with no minimum for staking, such as the GPool staking pool or Binance staking.

Announcing THETA Smart Contracts Sandbox Launching on Testnet:

As you probably know, the smart contract platform space is very crowded, and building a new developer community from scratch is nearly impossible. So with that in mind, we wanted to make developing on Theta as easy as possible for Ethereum developers, since they number the largest in blockchain by far (according to Consensys, more than 200,000 active developers). To that end, smart contracts on Theta are fully compatible with the Ethereum Virtual Machine. This means that essentially ANY Ethereum smart contract can be easily ported over to run on Theta blockchain, and any blockchain developer that works in Solidity can jump right in developing brand new smart contracts on Theta as well.

The most immediate benefit to adding smart contracts to Theta is that video platforms integrating Theta now have more tools to implement their business models. For example, on THETA.tv when users donate TFUEL to their favorite streamers, it could be stored in a smart contract until a certain threshold is hit and it’s passed through to the streamer — think like reaching a Kickstarter goal, but automatically enforced via smart contract! Or a smart TV operator or mobile handset manufacturer could incentivize users to relay specific content over Theta Network by storing extra TFUEL in a smart contract, which is unlocked when a user relays a certain amount of video over Theta Network. The possibilities are endless! Just as the creators of Ethereum did not conceive of DeFi when Ethereum was first created, we think the most valuable Theta smart contracts and dapps will likely come from emergent development from the Theta community, in use cases perhaps we haven’t even considered yet.

How do I get started?

While this is an alpha release and there are still many tools needed to make contract creation more convenient for devs, in this release there is already a command line and GUI/wallet based smart contract deployment and interaction.

For CLI command info: https://github.com/thetatoken/theta-protocol-ledger#deploy-and-execute-smart-contracts

If you prefer to work with a graphical interface, the beta Theta web wallet now includes a Contracts section where you can deploy and interact with smart contracts: https://wallet-beta.thetatoken.org/

Smart Contract Sandbox block explorer: https://smart-contracts-sandbox-explorer.thetatoken.org/

In this implementation, TFUEL takes the place of ETH in all contracts. Just as you need ETH to deploy or interact with smart contracts on Ethereum, you need TFUEL to do so on Theta blockchain. All TFUEL used to deploy or interact with smart contracts is burned. If you want to try it out, just email your testnet address to support@thetatoken.org and the team will send you 100 TFUEL on the Smart Contract testnet to get started. (A testnet TFUEL faucet is also in the works, so soon users can just get this TFUEL themselves automatically. Or if you are running a GN on testnet already, just ping a Theta team member in Slack!)

A quick smart contract example, deployed using the Theta web wallet

Let’s do a quick walkthrough of how to deploy a smart contract on Theta testnet! The team will make a limited edition token on top of Theta blockchain to denote the early adopters of Theta protocol — the Theta supporters who have run Guardian Nodes on the Theta testnet.

We can start with a basic token smart contract, found here on Theta GitHub.

To compile this Solidity code, we can use the Remix Ethereum compiler. (Another benefit of using an Ethereum-compatible VM for Theta — much of the extensive Ethereum dev tools can be used here as well.)

We’ll walk through this process step by step, but for more in-depth instructions on using Remix, see the documentation here.

Next, create a new file in Remix called “OriginalGN.sol” and copy/paste the code from the example on Theta GitHub. Once the code is entered, click the Solidity Compiler button on the far left.

Next, you’ll want to set the Compiler to “0.4.16+commit.d7661dd9”, and in the Contract field “OriginalGN” is selected. Then click the blue button that says “Compile OriginalGN.sol”.

Your smart contract is now compiled! Now for the moment let’s go over to the beta Theta wallet. From the dropdown menu at the top, select “Smart Contracts Sandbox” to join the appropriate testnet. Then, open your Theta wallet or create a new one.

Once you’re logged in and you’ve received Smart Contracts Sandbox testnet TFUEL (by emailing support@thetatoken.org or asking a Theta team member in Slack), select Contract from the wallet menu.

The Contract screen will ask you for two outputs from your compiled smart contract: the ABI/JSON Interface, and the Byte Code. Go back to Remix, and you can copy both by clicking the buttons “ABI” and “Bytecode” under the “Compilation Details” button. Then, paste each into the Theta wallet and click “Deploy Contract”.

Your contract is now live on the Theta Smart Contracts Sandbox! Make sure to record your contract address.

Now you can try out the different functions for this contract, for example:

totalSupply: returns 433, the max number: one for each of the original tesnet Guardian Node users!

symbol: returns OGN, the token’s symbol

transfer: Allows you to transfer the 433 tokens to other addresses on the Smart Contract testnet.

balanceOf: Once you’ve sent tokens to another address, you can use this function to check that they’ve arrived.

Other users can sign in to the Smart Contracts Sandbox and interact with your smart contract as well. They will need to know both the contract address and the ABI/JSON interface data. That’s a bit unwieldy, but an example of one of the ease-of-use improvements that will come with future versions of the Theta smart contract interface (for example, that ABI data could be made to auto-populate when a given smart contract address is entered).

What’s next?

While this is an early build of Theta smart contract functionality, the team is very excited for this alpha release! For those in the Theta community who know how to program smart contracts, they can’t wait to see what you have in store for Theta development. It’s not too early to get started.

On that note, the Theta Hackathon on DevPost will be extended to allow more time for developers given this new release! Smart contracts developed for Theta testnet WILL be considered if they actively incorporate a use case for Theta.

Awareness and social encounters

Since April 22nd, 2020: Theta hackathon hosted by DevPost

One of the silver linings of pushing Mainnet 2.0 launch to May is that it gives Theta community time to get involved in building tools and applications for the Theta ecosystem. The team has enlisted DevPost, the leading hackathon community (they are currently running hackathons for Facebook, Samsung, and EOS among many other top names), to host the 1st Theta Network virtual hackathon began in early April.

The hackathon will run for 2 months and feature project feedback from Theta team, as well as other marquee advisors and supporters of the Theta Network. Additionally Theta Labs is setting aside a hackathon prize pool of $25,000 in tokens, 100% of which will be awarded to the top 3 community projects at the end of the hackathon. The team has got a few ideas of Theta blockchain tools and apps they’ll propose, but want to also give the Theta community the flexibility to build the projects they want to.

Finance

Live Network Statistics: June 3rd, 2020

You can now see the distribution of Pre-Guardian Nodes, Edge Cachers, and Enterprise Validator Nodes in real-time at thetatoken.org! Scroll down to “Live Network Stats”, which will update each time you refresh the page.

Edge Cachers: 2553

Guardian Nodes: 420

Enterprise Validator Nodes: 12

Information from Theta explorer:

For information on Theta Guardian Nodes and how to join, see the announcement blog.

A step by step video on how to install the PGN/UEC.

Latest PGN client download link for Windows only.

If you want to become a Guardian node click here.

Theta markets

Information from Coinlib.io:

Binance Supported the Theta Network (THETA) Mainnet Upgrade.

Network

Theta.tv, formerly known as Sliver.tv, is an e-sports live streaming site that has already implemented the Theta Network and are now able to offload ~50%+ CDN costs on an ongoing basis. TFuel has been integrated into the site platform and is earned by viewers streaming content to peers, can be donated to streamers, or used to purchase goods in the Theta.tv store.

Theta Live Embed

Theta Live Embed is a new turnkey product that allows 24/7 Theta.tv e-sports live streaming content to be added to almost any website, blog, or social media platform with minimal technical effort. Developers need only add a few lines of JavaScript to their site. Theta developers made their product seamlessly integrate with any site’s infrastructure. Popular games like Fortnite, League of Legends, and CS:GO streamed through Theta Live Embed are fully integrated with the Theta Network blockchain.

You can see THETA Live Embed in action on each site here: G FUEL Sizzle Popcorn Sweeps God Mode Unlocked EasternMediaGG Cruz Ctrl Zetetic News Network Alt Customs JSCO

Roadmap

Theta Roadmap:

Q2 2020

Beta launch of decentralized data storage
Beta launch of decentralized file delivery of any content type, such as game patches, applications, OS updates
Beta launch of Theta protocol adapted to Smart TVs and IoT devices

H2 2020

Release of generalized Turing-complete smart contract support
Beta launch of decentralized encoding protocol
Production release of the end-to-end Universal Edge Cacher

THETA.tv Roadmap:

Partnerships and team members

Theta Labs announces Google Cloud as Enterprise Validator Node and Launch Partner for Theta Mainnet 2.0:

San Jose, CA, May 27th, 2020 — Theta Labs, Inc., announced today that Google Cloud has joined its Enterprise Validator Program along with Binance, Blockchain Ventures, and gumi. Theta’s Enterprise Validator Node program allows enterprises to validate transactions in accordance with Theta’s underlying consensus protocol. Google Cloud is also now the company’s preferred cloud provider, and users around the world will have the ability to deploy and run Theta nodes directly from Google Cloud Marketplace (GCP Marketplace) with just a few clicks. The turn-key cloud solution went live on GCP Marketplace on May 27th, coinciding with the launch of Theta Mainnet 2.0.

Theta Network is quickly advancing towards full decentralization of its security and governance. Google has joined the Theta enterprise validator program by running a validator node, and is providing the stability, reliability and security offered by the Google Cloud Platform to the Theta Network. Theta and its partners in the media & entertainment, telecom, technology and gaming industries thus provide a high-performance decentralized micropayment network that scales to millions of concurrent video viewers.

“Distributed ledger technology enables new business models that potentially transform the global digital economy, including the media & entertainment industry,” said Allen Day, Developer Advocate for Google Cloud. “We’re impressed by Theta’s achievements in blockchain video and data delivery. We look forward to participating as an enterprise validator, and to providing Google Cloud infrastructure in support of Theta’s long-term mission and future growth.”

Theta Mainnet 2.0 and the Theta Guardian network, a unique decentralized layer of security and consensus run by community members, is now available for users to access via Google Cloud Marketplace. As part of the partnership, Google Cloud will also power the cloud infrastructure for THETA.tv video platform, a fast-growing first-party esports streaming site built on the Theta Network.

“We’re thrilled to deepen our partnership with Google Cloud across a number of key strategic areas to accelerate Theta adoption across industries,” said Mitch Liu, co-founder and CEO of Theta Labs. “We welcome Google Cloud as an enterprise validator along with our other global partners to further strengthen the security and decentralization of our protocol. As we continue to build our network and streaming business, Google Cloud is the perfect partner to help us scale globally, with extensive geographical coverage offering ease-of-use, networking advantages and platform performance.”

MGM Studios brings Hollywood classics to THETA.tv powered by Theta Network:

THETA.tv, the next-generation esports video platform powered by Theta blockchain, has finalized a commercial licensing agreement with MGM Studios for rights to stream classic movies from MGM’s venerable film library throughout the summer of 2020. One of the world’s oldest film studios, MGM made history with the launch of talking pictures in 1928–1929 and has created a century’s worth of beloved classics,including The Wizard of Oz, Gone with the Wind and the iconic James Bond franchise. In 1979, it spun off MGM Las Vegas Resorts International, now a global leader in entertainment and gaming. MGM becomes the first major Hollywood studio to stream their content to THETA.tv, making this collaboration a strategic step forward in bringing blockchain adoption to mainstream users. For the first time, the traditional Hollywood media & entertainment business joins forces with the cutting edge blockchain industry.

This partnership enables THETA.tv users throughout North America to ‘stay-at-home’ this June and July and enjoy a series of ‘MGM Movie Night’ events featuring legendary MGM titles, including The Return of the Living Dead, Invasion of the Body Snatchers, The Amityville Horror, and more classics. As always, these MGM movies on THETA.tv are powered by Theta’s innovative blockchain, which lets users earn TFUEL rewards for sharing their video stream with others in the network, peer-to-peer, decentralized.

This is Theta’s first content deal with a major Hollywood studio as it continues to enrich its content offering beyond esports into genres including live poker (World Poker Tour), breathtaking live events (NASA / first SpaceX launch), and live streamed virtual conferences (such as Consensus by CoinDesk, Crypto Asia Summit and Virtual Blockchain Week), and more to come down the road. Now there are even more ways for Theta users to enjoy great content and earn Theta TFUEL rewards in partnership with MGM on THETA.tv!