Binance Confirms Theta Network (THETA Token) Mainnet Swap and TFUEL Distribution
According to the latest reports and press releases available in the interwebs, it is now official that Binance will support the upcoming THETA Network mainnet swap. As such, this implies that withdrawals and deposits of THETA are going to be suspended as from 12th March 2019 midnight, which is also the point when the swapping process will commence.
Binance staff will then be tasked with handling an array of technical issues that are likely to crop up in the course of the digital swap.
What's more, Binance are on record saying that they will make an announcement after this mainnet swap is done and dusted as way of notifying users and customers when withdrawals and deposits for the native coin (THETA) will be open to the public.
— Binance (@binance) March 6, 2019
In addition to this, Binance is also tasked in the distribution of TFUEL (Theta Fuel) to all users that are ‘holders' of THETA. In essence, they will do this by taking a snapsot of each user's THETA balances when the block height will be 7,356,258 on the underlying Ethereum blockchain.
This is estimated to go down at around 7:00 PM (UTC) on 12th March 2019. The TFUEL will then be re-distributed to all eligible THETA users after the mainnet swap has gone through. The official sources indicate that this will be done in the ratio of 1 THETA to 5 TFUEL.
There's a catch, however. It seems as if holders of balances below the minimum threshold of 10 THETA (which, of course, includes those held in trade orders) will be ineligible for this airdrop.
Secondly, THETA users are advised to allow enough time for all the deposits to be finalized and fully processed before the official snapshot time and the commencement of the suspension of THETA deposits.
What is a THETA Network?
Theta is essentially a decentralized next-generation video delivery and sharing network that is powered by a combination of the potency of blockchain technology and passionate users.
In other words, it is an open source protocol that is built to power an underlying decentralized streaming network that will then allow for DApps (decentralized apps) to be built upon it.
This DApps will then encompass tenets such as TV/Movies, education, music, enterprise conferencing and peer-to-peer streaming.