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Theta extending development compatibility with Ethereum with a new RPC API suite, Web3 tools…

3y ago
bullish:

40

bearish:

3

Theta extending development compatibility with Ethereum with a new RPC API suite, Web3 tools, Metamask integration and more

Theta Mainnet 3.0 is launching in less than 2 weeks, and much of the community’s focus is on the introduction of Elite Edge Nodes and TFuel staking and burning. These are critical components to expand the Edge Network’s global coverage for decentralized data delivery and improve Theta cryptoeconomics, but it’s also important to ensure Theta is well-placed in the broader crypto ecosystem. To do that developers must see Theta as a viable blockchain to create new Dapps and integrations for, and since the largest crypto developer community by far is that of Ethereum, the way to accomplish this is compatibility with Ethereum development environments and tools.

Over the last few years we saw many new blockchains branded as “Ethereum-killers”, smart contract platforms that could displace Ethereum with their superior technology and feature sets. That narrative has started to fall away as competitors failed to gain traction, and the Ethereum development community proved to be a stronger factor than simply whoever had the fastest blockchain. At Theta we’ve always viewed Ethereum as a positive force in the crypto space rather than a rival to disrupt, and that’s why from the start we’ve focused on Ethereum interoperability, including the EVM-compatible smart contract environment Theta added in December of 2020.

Theta’s vision for 2021 and beyond builds on this with the addition of a suite of tools:

  1. Ethereum-compatible RPC API suite,
  2. Smart contract development tools,
  3. Truffle Suite and Remix integration,
  4. Metamask integration, and
  5. Other components like Web3.js, Ether.js.

This will enable any Ethereum application to be ported over and run seamlessly on Theta blockchain easily and with no or only minor changes, and more broadly it means that any Ethereum developer doesn’t have to see Theta as a rival development ecosystem they need to learn, but an alternative they can easily jump into and start building on.

You can already see this concept playing out in the crypto space. Blockchains like EOS and Cardano have raised massive amounts of funds, but have been unable to build large development communities despite offering huge financial incentives. A major reason is that blockchain developers have spent years building experience on Ethereum, and are reluctant to start over with a non-compatible development environment. Meanwhile, projects that aimed to be largely dev-compatible with Ethereum like Polygon (Matic) and Binance Smart Chain have thriving development communities that overlap and complement the Ethereum community. Similarly, our goal is for Theta development to grow alongside Ethereum and other dev communities, not compete with them. Theta blockchain will offer a widely-used dev environment and compatibility with Ethereum, while being faster and greener than Ethereum by virtue of Theta’s Multi-BFT proof-of-stake consensus — the best of both worlds. With lower fees and higher transaction throughput than Ethereum, Theta is then a more attractive platform for NFT creation and trading, DeFi applications, or any other smart contract use case. With these new tools available, developers have what they need to create an interoperable Theta ecosystem of dapps and protocols to support decentralized video and data delivery.

This initiative starts with the initial GitHub release available now for the Theta ETH RPC adapter software, which translates the Theta RPC endpoints into the Ethereum RPC APIs. In our internal testing, through the adapter we were able to get Metamask send and receive TFUEL on a private testnet. As the adapter software becomes more feature-complete in Q3, Theta blockchain will become fully interoperable with Metamask. In the second half of 2020, we project the full release of the adapter which supports the entire Etherum DApp dev stack, for example, Ether.js, Web3.js, and Truffle. Potentially, Ethereum DApps like Uniswap, Compound, AAVE etc can then be deployed to Theta without any modifications. Furthermore, the ETH RPC adaptor could greatly simplify the implementation of a cross-chain bridge connecting the Theta and Ethereum ecosystem. With that, crypto assets like ERC20 tokens, NFTs can freely flow between the two chains.

As these new tools increase development activity, combined with increased TFUEL burning resulting from Mainnet 3.0, value will accrue to tokenholders in a way that will incentivize further usage and adoption of Theta protocol. We look forward to a growing and thriving Theta development community working to decentralize media and entertainment!


Theta extending development compatibility with Ethereum with a new RPC API suite, Web3 tools… was originally published in Theta Network on Medium, where people are continuing the conversation by highlighting and responding to this story.

3y ago
bullish:

40

bearish:

3

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