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The Theta Network is a blockchain-based protocol designed to improve the process of creating, broadcasting, and consuming online video content. The network utilizes two tokens, Theta Fuel (TFUEL) and Theta Token (THETA).

TFUEL is the utility token of the network and is used to incentivize users to share their extra compute and bandwidth resources with other peers on the network. This helps to ensure that the network remains decentralized and secure. In addition, TFUEL can also be used for other purposes as the platform expands and adds new features. For example, in June 2021, the Theta Network added support for non-fungible tokens (NFTs) and the prices of these NFTs are denominated in both US dollars and TFUEL.

The Theta Network was first introduced in November 2017 by its founders, Mitch Liu and Jieyi Long. In January 2018, the project launched its initial coin offering (ICO) and distributed its ERC-20 token, THETA, on the Ethereum blockchain. However, due to governance issues that arose from using the same token for staking and operations, the project introduced a second token, TFUEL, in June 2018.

In March 2019, the Theta Network launched its mainnet 1.0 and distributed 5 TFUEL tokens for every THETA token held by users. The total supply of TFUEL was initially set at 5 billion, with a target increase of 5% per year. In May 2020, the network launched its mainnet 2.0, which included support for Guardian nodes and the Theta Edge Node network. This network utilizes peer-to-peer EdgeCast technology to record, convert, cache, and broadcast live-stream video data to users worldwide.

In July 2021, the Theta Network launched its mainnet 3.0, which added support for smart contracts. This allows for a wide range of new possibilities, such as digital object ownership, transparent royalty distributions, and trustless crowdfunding systems. The network also announced plans for its mainnet 4.0, which is set to launch in December 2022 and will include support for Web3 businesses through the introduction of the Theta Metachain.

Overall, Theta Fuel is an essential component of the Theta Network and is used to ensure that the network remains decentralized and secure by incentivizing users to share their resources. As the network continues to expand and add new features, the utility of TFUEL is expected to increase. The Theta Network also has a strong focus on privacy and security, and it is built on the Ethereum ecosystem which provides a high degree of security and efficiency.