No effort, no minimums
Theta Network has been very hot in the cryptocurrency & blockchain space recently. Its two tokens, THETA and TFUEL, both experienced explosive growth in March. THETA went from $3 to an all-time high of $14, earning itself a spot as a top-10 token by market cap. Similarly, TFUEL — the gas token of the Theta blockchain — grew from $0.09 to its peak value, $0.54.
The cool thing about TFUEL is that you can earn it simply by watching Theta.tv, a streaming service that has a similar look & feel to Twitch. TFUEL earned this way can be used to tip streamers, subscribe, and purchase rewards. You can’t withdraw this TFUEL, though, or exchange it for other tokens. If you’re curious about Theta at all, start there. Sign up and give it a shot. (Note that the sign-up link is a referral; it’s okay to work around that if you prefer.)
The Theta Edge Node
If you’re like me, when you earn by streaming, your first thought is, “Oh! I should keep this thing going 24/7 to earn more free TFUEL.” You can definitely do that, but there’s a better way — a way that doesn’t require you to actually stream content, and you’ll earn rewards in a wallet where you can send & receive them as you see fit: the Theta Edge Node.
Here’s Theta’s documentation for setting up an Edge Node: https://docs.thetatoken.org/docs/setup-theta-edge-node.
Getting going is super easy; just download, install, and run. The only configuration is to enter your Theta wallet address, which will probably require you to do the extra step of creating the wallet if you don’t already have one.
Here’s the breakdown of exactly what to do, starting from scratch:
- Create a Theta wallet: https://wallet.thetatoken.org/create
- Download the Windows or macOS client: https://docs.thetatoken.org/docs/setup-theta-edge-node
- Install the client
- Run the client
- Enter your wallet address from step 1
And that, my friends, is it! By default, the client will look for Cache and Compute jobs. Edge Cache works the same as what you experience while earning from Theta.tv by receiving streaming content and re-broadcasting it to other users. Edge Compute is more interesting, in my opinion, and is intended to be a “generic computing platform.” Here’s an excerpt from the Edge Node docs:
Such a platform allows Task Initiators to post tasks for Edge Nodes to download and solve. Task initiators also register the tasks and provide the TFuel rewards for each task on the blockchain through smart contracts. Tasks can be anything ranging from solving a set of equations, finding novel protein structures to help fight COVID-19, transcoding a video, to thousands of other applications that can leverage a network of distributed edge computing devices.
While getting started with Edge Compute, my immediate concern was how many resources it would consume. I was thinking of running the Edge Node on a part-time gaming PC that I use for mining, and I didn’t want Edge competing for GPU resources. The Theta documentation says this about its Folding@Home initiative:
Since bandwidth sharing utilizes minimal CPU and GPU resources, it means that Edge Nodes could also perform compute intensive tasks such as determining which drug designs could be effective COVID-19 antivirals.
So, this validates that Edge Compute is looking to take advantage of both idle CPU and GPU resources. I’m running it on my mining PC, and it hasn’t impacted hash rates so far — but I’m keeping any on it. (It also hasn’t earned very impressively, but that’s ok given that I don’t want it competing for those resources.)
Theta Network and Theta.tv are doing some really cool things. They’ve partnered with big names like Sony and Lionsgate, and they have co-founders from Twitch and YouTube as advisors.
The growth in value of THETA and TFUEL has been incredible, and there’s no reason to expect that they’ll stop growing — although certainly not at the same parabolic rate.
Running a Theta Edge Node gives users an effortless way to start earning TFUEL with idle bandwidth and computing resources, and it will only get better with time. Theta’s Mainnet 3.0 release is right around the corner, and it promises improvements for Edge Node users.
This story was originally published on This Crypto Life on April 7, 2021.