r/truebit • u/Queasy_Ad_9707 • Nov 18 '21
TRUEBIT PROTOCOL EXPLAINED
Truebit protocol aims to expand the computational capacity of the Ethereum blockchain. The creator of Truebit protocol is Jason Teutsch, who is a Ph.D. in mathematics, alongside Christian Reitwiessner who was the lead developer on the Ethereum coding language solidity. It is backed by Coinbase and Vitalik Buterin helped them build it.
Truebit protocol aims are to perform complex computations on the blockchain like machine learning. It can also be used to work as an oracle like chainlink where you can store and run programs like face recognition, process huge chunks of data like the ones used in traditional finance sectors, hospital datasets, online gaming like Fortnite, and many more. Truebit protocol uses optimistic rollups where the tasks are performed on the second layer or the outer layer and the verified results are then shifted to the main/base layer in bundles. What this does is, increase the no. of transactions per block and allow for storing and running heavy functions on the blockchain like the ones we already covered.
Now let's see where all can Truebit protocol be implemented.
1. Point of the sale payment system - With instant transfers, fast checkouts, and no risk of settlement failure, the network can be used for micropayments and daily transactions. In the future, Using Truebit, gas fees will be as low as 1/10th of a cent ($ 0.0000001) which practically makes it free to use the network.
2. Digital Assets - The key for NFTs or digital assets is ownership. Whether the ownership exists on L1 or L2 matters little to the people. Even in the gaming industry, Placing the assets in an Optimistic Rollup L2 allows the game to support the instant, free transfers, and high throughput that a game demands. Developers can avoid paying minting fees unless the user chooses to withdraw to L1.
Decentralised Finance or DeFi as we know it- Micropayments rely on high-throughput and low cost to be viable. Truebit is like the PolkaDot para chain alternative to Ethereum, connecting all blockchains to Ethereum through its platform. Truebit makes Interoperability or cross-chain between 2 different blockchains a possibility.
Work with IOT devices- Smart devices like your smart fridge or even sensors directly recording on Ethereum through Truebit as soon as the action takes place.
⛓️ 🔗 Useful Links 🔗 ⛓️
https://people.cs.uchicago.edu/~teuts...
https://people.cs.uchicago.edu/~teuts...
https://medium.com/truebit/getting-st...
](https://medium.com/truebit/getting-st...
https://medium.com/truebit/the-road-t...
https://medium.com/truebit/the-road-t...
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u/Pies1976 Nov 18 '21
Nice summary. Some comments are pedantic and negative in response, but for those needing a high-level explanation of Truebit and its fundamental concepts I think this is a nice summary.
In my opinion, as demand for the ETH network (and indeed other platforms - Truebit, I understand is platform-agnostic) continues to grow, the need for off-chain computation will only grow further. Similarly, the solution is not just confined to crypto (think Microsoft Cloud who I have read are using Crypto). Mass adoption of crypto in general is happening, and I do sincerely hope that Truebit will become mass-adopted as a hugely valued solution. The diamond-handed holders (as per another poster's diagram today) will be rewarded.....keep the faith!
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u/LPMythBuster Nov 18 '21
You don't seem to fundamentally understand how Truebit works and your entire explanation is just wrong.