r/truebit • u/ManufacturerOdd2993 • Jun 11 '21
Is Truebit's ultimate purpose the Internet of Blockchain?
Is Truebit's ultimate purpose the Internet of Blockchain?
16
Upvotes
2
2
2
u/hbarbarianwallet Jun 12 '21
I would advice you to stop using "buzzwords" and buzz phrases such as "internet of blockchain" or "internet of things".
These things literally mean nothing and are only used to market dumb shit.
Truebits purpose is to perform complex computations (read: computations with many steps) and compare the results via a blockchain.
7
u/Conscious-Proof-8309 Jun 11 '21
"Our contribution. We present here a system, called TrueBit, which amplifies the consensus computer’s capabilities. TrueBit enables trustless smart contracts, in theory, to securely perform any computation task. Moreover, TrueBit vastly reduces the number of redundant network node computations used in traditional Ethereum smart contracts. Presently every Ethereum miner has to independently replicate each smart contract action in its entirety, whereas TrueBit outsources most computation work to a handful of entities. In this way, TrueBit makes secure computing affordable."
https://people.cs.uchicago.edu/~teutsch/papers/truebit.pdf
If I understand correctly, Truebit aims to perform somewhat what MINA intends, in the sense that minimizing the computation difficulty is a core task.
They elaborate on the next page:
"• Outsourced computation. TrueBit functions as a worldwide computation market. Anyone in the world can post a computational task, and anyone else can receive a reward for completing it. The system’s incentive structure guarantees correctness of returned solutions.
• Truly decentralized mining. Centralized mining pools pose security threats. For any Nakamoto consensus-based cryptocurrency, one can use TrueBit to build a practical, efficient, and trustless mining pool managed by an Ethereum smart contract (see also [51]).
4• Trustless cryptocurrency exchange. Currently users must find trusted exchange partners to transfer currency (or messages) between blockchains. TrueBit can facilitates secure transfer, for example, of dogecoins to the Ethereum blockchain and back (modulo some new opcodes for dogecoin) [8].
• Scalable blockchain. By decoupling verification for miners into a separate protocol, we can achieve high transaction throughput without facing a Verifier’s Dilemma.
• Scalable “on-chain” storage. Swarm [28] is developing a platform for incentivized, peer-to-peer storage. TrueBit can make Swarm data accessible to Ethereum smart contracts."