Decentralize Exchange (DEX) War intensifies with THETASwap V1

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Avatar for cryptoph
3 years ago

History does not repeat itself but it often rhymes - Mark Twain

In a repeat of the browser wars in the middle of 1990s, there seems to be another kind of war brewing in the horizon.  This time in the area of Decentralize Finance (DeFi), specifically on the Decentralize Exchanges (DEX).  It seems DeFi and DEX will continue to grow in 2021 and beyond and these will be one of the triggers for the diffusion of crypto currency and blockchain technology in society. 

For those who are not yet familiar with crypto terminologies, Decentralized Exchanges (DEX) are a type of cryptocurrency exchange which allows for direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary.  It is similar to your forex exchange where you convert your US Dollar with your local currency.  The only difference is that there is no middle man who will facilitate the exchange.  Decentralize Exchange happens online and peer-to-peer.

The Theta Factor

According to the its website, the Theta Network is the "leading video delivery network powered by blockchain technology. Theta allows users to simultaneously watch video content and earn token rewards for relaying video to other users who are also watching the same content."  The problem Theta Network aims to solve is the poor quality of videos in "last mile" sites. 

In most developing countries, internet access is still very low and those with access are often charged with exorbitant amount for poor quality broadband services. This technology will really be very useful in Asia, Middle East and Africa.

Through its blockchain technology, there will be a reduction of the video delivery cost, deepen viewer engagement, and drive incremental revenues.  If the technology is still confusing, think of it as the Bittorrent in video streaming. For more information about the Theta Network, I have embedded the promotional video from in this blog.

Theta Tokens

The network has issued two coins: Theta and TFuel

1. Theta - This token is the governance token of the Theta protocol. Theta is used to stake as a Validator or Guardian node, contributing to block production and the protocol governance of the Theta Network.  Theta has finite supply of 1 Billion tokens.  

2. TFuel - If Ethereum has gas, TFuel is the blood the powers the Theta Network.  TFuel provides incentive and encourages individual users to share their redundant computing and bandwidth resources as caching or relay nodes for video streams.  To earn TFuel, it is almost zero-effort. Just create an account in Theta.tv and watch streamers or the more efficient way is to install a Theta Edge Node which allows you to earn coins by running the node.

ThetaSwap Version 1

ThetaSwap is the first decentralized exchange built on Theta blockchain, using an open-source smart contract system built based on Automated Market Maker. ThetaSwap allows users to exchange their newly-created TNT20 tokens built on Theta blockchain in a trustless, non-custodial way.  This is a big milestone for Theta because it allows the two tokens to be exchange to other crypto currencies making its usage more prevalent.  I foresee this will further create demand for these tokens of Theta Blockchain. 

This DEX can be found via this site https://swap.thetatoken.org/.

Theta Wallet

To use the ThetaSwap, you need to install also a Theta Wallet.  Chrome has extension for installing it. The extension looks like this:

Once you have installed this to your browser, create a Wallet address and link this address to the ThetaSwap. Another good feature of this wallet is that there is a built-in faucet that you can click to get free TFuel.

Parting Thoughts

Since this is just the Version 1, the functionalities are still very basic.  This Version 1 of ThetaSwap allows trading of TFUEL and user generated tokens, but future versions will add functionality for Theta trading. Several stablecoins issuers have also expressed interest in bringing their assets to Theta blockchain making it even easier to trade on ThetaSwap.

What do you think about this new decentralize exchange? Will it really usher in a new DEX War? Share your thoughts below.

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Avatar for cryptoph
3 years ago

Comments

Thank you for the information. Great Article

$ 0.00
3 years ago

AMAZING news ! The decentralized exchange (DEX) space has seen incredible growth in the past 12 months, Indeed, THETA enjoyed a positive price run in 2020, gaining almost 2,000% throughout the year.

$ 0.00
3 years ago

Thank you for this additional information, I am now starting to collect the 2 Theta coins. I believe blockchains with clear business models will have very good potential for rapid growth.

$ 0.00
3 years ago

You welcome, i believe Theta fuel will raise in the next days, just Hodl and wait.

$ 0.00
3 years ago

I'm here to learn and so much information about your article. Keep up the Good work po <3

$ 0.01
3 years ago

thanks for the visit Grace, take care.

$ 0.00
3 years ago

Thank you po for information, newbie newbie pa lang ako sa mga ganito hehe.

$ 0.01
3 years ago

As you said, I also think that it will create a new DEX War. Although I am not that familiar with the terminologies used in this article but it is informative and pursuasive at the same time. Theta and TFuel are both new to me, thank you for creating this article.

$ 0.00
3 years ago

Thanks for the very nice and honest comment, I will try to explain the concepts on my next blogs as I understand many readers are still new to crypto terminologies.

$ 0.00
3 years ago

That will be wonderful especially for those that are interested to venture the world of cryptocurrencies, that will help and guide them for better understanding what cryptocurrency is.

$ 0.01
3 years ago

thank you for this information ❤

$ 0.00
3 years ago

Thanks also for the comment. It inspires me more to write when I read comments like these.

$ 0.00
3 years ago

Wow I'm amazed by your knowledge about crypto and this decentralize exchange. I'm hoping i can learn alot from your articles because i badly want to know about this kind of stuff.

$ 0.01
3 years ago

thanks Kat, take care, good luck sa raffle.

$ 0.00
3 years ago

I'm still discovering the ins and out of crypto currency so I didn't understand half of what you wrote hahahaha. But I kinda understand the videostreaming chuchu. I hope to learn more of your articles:)) You made me be interested in crypto

$ 0.01
3 years ago

You have to try Theta.tv for your self. If you understand how bittorrent works, the technology of theta is kinda similar. In bittorrent, downloading is faster if there are a lot of seeders right? And the reverse is also true, meaning, downloading is slower with fewer seeders. In video streaming, there is also downloading of data, so with more viewers watching that video in Theta.tv, the video download is faster and offers more smoother watching experience. When you watch, that is the time when you earn TFuel.

$ 0.00
3 years ago

woah so you can also watch kdrama there? That's awesome. Watching while earning. But isn't it that there is like entrance fee on bittorent? HAHAHAHA

$ 0.00
3 years ago

Bittorrent has been and will always be free. I know there is a Japanese drama streamed in Theta.tv, I haven't searched for Kdrama. Also, video streamers also give rewards that can be converted to TFuel. I hope this will become popular in the Philippines because many are hooked in Youtube but they don't realize they are only enriching Google. They are not getting anyhting in return.

$ 0.00
3 years ago

so true mamsh. I think I'll try your recommendation. Though more on anime ako kaya tamaang pirata HAHAHA

$ 0.00
3 years ago

sensible

$ 0.01
3 years ago

literal tlaga hahaha. sure po, thanks sa comment. good luck sa raffle.

$ 0.00
3 years ago

done lods

$ 0.00
3 years ago

Actually, I've been into cryptocurrency since 2017 but up to know I'm still not in the know so much about crypto.

Nice post and I know those who understand the things of crypto world will be educated more of the info you have shared.

Keep on posting good contents like this

$ 0.01
3 years ago

thanks po, comments like these inspire me to write more about crypot because I believe this is the future. Ok lang po na kahit medyo late na tayo ng 4 years, hehehe pero wala naman late sa future.

$ 0.00
3 years ago