Blockchain Ventures leads Theta Network enterprise validator node program
Today the Theta blockchain takes a major step toward mainstream adoption and decentralization. Our partner and investor, Blockchain, has completed deployment of the first enterprise validator node on the Theta Network.
With their validator node on the Theta mainnet, Blockchain’s team is participating in consensus by proposing and validating new blocks like this one. Blockchain’s tokens were staked to their validator node in this transaction. By staking 2M of their own Theta Tokens, Blockchain is directly contributing to the Theta blockchain’s network security. In return for staking their Theta Tokens and serving as a validator, Blockchain will earn Theta Fuel (TFUEL) for each block successfully added to Theta blockchain.
We consider it critical that early adoption of the Theta blockchain is done by teams that are experienced and committed to blockchain technology. Blockchain, the world’s premier crypto company and largest crypto wallet provider with over 41 million wallets created, is also fully committed to the success of key blockchain projects and the space as a whole through its main platform and investment fund, Blockchain Ventures.
Aside from being one of the oldest and most trusted names in the blockchain space, they continue to innovate with new product offerings, including their recent launch of The PIT, an institutional-grade crypto exchange. The Blockchain team is best-in-class in the blockchain space, and their participation in Theta governance will be a strong addition to the network.
“The Theta Network is solving problems in the video delivery space, enhancing the user experience and introducing blockchain tech to a new demographic,” said Samuel Harrison, Managing Partner of Blockchain Ventures. “At Blockchain Ventures we take an active role in advancing blockchain development with our portfolio companies. Launching a validator node was a tangible way for us to add value to the Theta blockchain.”
Our ultimate vision for the Theta validator nodes and governance:
- a diverse set made up of Fortune 500 / Global 1,000 enterprises with long-term strategic views of blockchain technology,
- crypto-native entities with a vested interest in blockchain projects succeeding, and
- the broader Theta community, through community-operated guardian nodes that serve as validator nodes on a rotating basis.
While Theta Labs operates the majority of the validator nodes today, that is changing quickly, and ultimately Theta Labs will play a decreasing and non-decisive role in the governance of the Theta protocol. The second enterprise validator node is in the setup process already, with several more additional nodes in the works.
We see it as an absolute necessity that the Theta blockchain continues to decentralize its governance, moving steadily toward a future where video platforms, blockchain companies, Theta community members, Theta Labs, and other stakeholders contribute to network decisions.
With no single entity or group holding a controlling stake, the Theta Network will operate in a trustless, fair, and decentralized way that ensures all users are fairly rewarded for their network contributions.
Theta consensus is becoming more redundant as nodes begin to diversify by economics with staked tokens belonging to 3rd parties, by geography with nodes running across the world, and by incentive structure as partners with differing interests from the project team have their say in governance and oversight.
So what’s next? We’re excited that the 2nd and 3rd enterprise validator nodes are also on the way, which will be run by two publicly-traded global companies. Also, we’ll be working with the Theta community to launch the first batch of guardian nodes. These nodes will be run by the Theta community and form the second layer of security in the Theta Network, and contribute to network consensus by finalizing blocks.
Next week we’ll release an update with more detail on how guardian nodes will operate and their release as part of a larger Theta Mainnet 2.0 initiative. We’re excited to share our ambitious vision for Theta, and how the Mainnet 2.0 plan will take Theta from the top blockchain video project to a leading blockchain protocol overall.
The Theta team