What happened
Cryptocurrencies TFuel (TFUEL -0.32%) and its related Theta (THETA -0.68%) are up 14.3% and 8.8%, respectively, as of 3:48 p.m. ET Saturday, mostly in response to this morning's news that Bullit Technology will be making its encryption technology available at the Theta Network.
So what
By blockchain standards, it's one of the more practical and easier-to-understand uses of the idea.
Bullit Technology allows users to upload, encrypt, and then deliver a digital file of any sort and size. The tool also allows authorized users to decrypt that file in a variety of ways, including pay-to-open decryption. The service, however, still requires each of these transmissions to be recorded using a blockchain ledger.
Enter Theta Network.
In simplest terms, Theta Network is a content delivery network with a focus on digital video, and built from the ground up for content creators looking to monetize their work. It relies on two distinct but related components, the first of which is the Theta token, which validates transactions completed via the network. The other half of the solution is provided by the cryptocurrency TFuel, which serves as a means of making and taking payments.
Image source: Getty Images.
Bullit Technology and Theta Network should work particularly well together going forward. As Bullit's CTO Anas Madi commented of the partnership "Connecting to a significant blockchain like Theta is an important step for us as we begin to bring online our forthcoming products related to (blockchain-based) NFT utility functions and compliance solutions."
Now what
At least some of today's strength from TFuel and Theta has to be chalked up to how primed it already was for a rebound before Bullit's announcement was made this morning; TFuel was down by more than three-fourths of last June's peak as recently as last month. Would-be buyers should expect plenty of volatility going forward, both bearish and bullish.
As a whole, though, the partnership with Bullit is encouraging. Not only does it demonstrate confidence in the Theta token, but also expands usage of TFuel. It's certainly more bullish than bearish.
Of the two tokens, TFuel's role in collecting transaction fees makes it the more appropriate pick for interested price speculators. The Theta Network token is more of a tool to govern the content delivery system.
