Theta Mainnet 2.0 FAQs
Only 1 week to go until Theta Mainnet 2.0 launches on 5/27/20! With numerous technical improvements and the start of Theta community staking, it’s a huge step forward in our vision of decentralized video streaming! Here are the basics.
What is Theta Mainnet 2.0?
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.
Theta Mainnet 2.0 code is open-source and can be found on the Theta GitHub.
When will Theta Mainnet 2.0 go live?
Theta Mainnet 2.0 will be released on May 27, 2020 at roughly 12pm Noon PST. At that time the Theta blockchain will fork to the new Mainnet 2.0 codebase, as will all exchanges nodes and Enterprise Validator Nodes run by Binance, gumi Cryptos, Blockchain Ventures, and other soon-to-be-unannounced partners. The exact block height for the Mainnet 2.0 fork is 5,877,350.
Is there a token swap? Do I need to do anything on before or on the 27th?
No, there is no token swap and you don’t need to take any action to protect your THETA and TFUEL tokens. You can continue to hold them in your Theta wallet, hardware wallet, or on exchanges during the Mainnet 2.0 launch without any changes.
How can I begin staking / running a Guardian Node on Mainnet 2.0?
After a successful fork to Mainnet 2.0 codebase on May 27, the Theta development team will monitor the chain and ensure no issues with the Enterprise Validator Nodes, exchange operations, and other internal tests. A new Guardian Node app for Mainnet 2.0 will then be released, and Guardian Node staking will be enabled on Theta mainnet on or before Wednesday, June 3, depending on observation of the Mainnet 2.0 code performing as expected. You’ll use this new app to set up your Guardian Node and stake your mainnet THETA tokens to it. Step-by-step instructions on Guardian Node setup and staking will be released alongside this new app.
If you are already running a GN on the testnet and staking, you can continue running doing so until the Mainnet GN app launches. After that, you can stop running the testnet GN app. It’s not necessary to unstake your tokens on testnet. You’ll receive your last TFUEL rewards payout for your testnet staking shortly after the Mainnet app goes live.
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
For more info on GN earnings, community-run sites like Guardian Monitor are tracking staking on Theta testnet and provide real-time earnings calculations.
Any other questions?
You can always contact the Theta support team at support@thetatoken.org with any questions. Thanks for your support, and we’ll look forward to a successful launch on 5/27!
