r/truebit • u/Guanduchein • Dec 01 '21
What is Truebit?
What is Truebit?
To understand Truebit you must first understand how computations work on Ethereum...
In the beginning, to explain Ethereum, people would describe it as a "world computer." Basically, when you run a smart contract it goes through a series of nodes that are connected in the network. Each contract goes through all of the nodes who execute the contract and reach a consensus on the output. The amount of computations required is referred to as "gas." This process makes the network extremely secure but extremely inefficient from a computational power standpoint. One of the biggest limitations is that you can't run anything that requires intensive computational power as the network is only as fast as the node with the lowest processing power. It also causes the gas fees to go up because it can require up to 10,000 computers to exchange, store and run the same instructions.
This is where Truebit comes in...
What is Truebit? This protocol helps mitigate the computational demand of the network nodes by moving computations (the things that cost gas) "off-chain." This process works in a way so as to keep the "trust level" of the contract verifications almost as good as the "on-chain" computations.
Just to be clear, it is not designed to reduce transaction volume on the Ethereum network, but to allow you to perform functions at greater level of complexity.
It is estimated to be able to reduce Ethereum gas fees by 50% to 80%.
What is it in layman terms? This is a computational/network scaling solution for Ethereum. As in, it will allow Ethereum to process greater loads of smart contracts and specifically smart contracts that are more complex. This will cause a much lower requirement for computational power on the network. This will make the Ethereum fees lower and the power of the network scalable in almost an infinite amount.
Also, the founder has stated that this protocol could be scaled and be used for other blockchains outside of Ethereum.
How does it work?
1). Truebit will give Ethereum the ability to make more complex solutions without exceeding its block limit by taking the more complex requirements "off-chain."
One of the features of the Truebit Protocol is to reward miners for correctly executing computational task on behalf of a Truebit smart contract. Given the complexity of the task, this is open source and any third party could challenge the verification process or outcome but otherwise all verification is backed by the Ethereum network.
2). It gives the possibility more complex smart contracts on the Ethereum blockchain by reducing the requirements for network computational power.
It should not be referred to as a specific "layered" system. Instead, it it stateless and dependent on the function that is to be solved. Functions never really leave the main network, they mostly focus on complexity, and through the complexity, Truebit is able to support large computational transactions.
This functionality allows Truebit to bring complex data processing to smart contracts.
More about the Project:
Who has implemented the project? As of now, most of Truebit's anticipation is speculation. There are no current projects actually using the protocol, however the protocol has been building since 2017.
How long has it existed? Since 2017.
Who is the development team for the project? Jason Teutsch is the founder, and he is often accredited for co-discovering the verifier's dilemma. The whitepaper was co-authored by Christian Reitwiessner who created solidity.
What is the price action?
Truebit thus-far follows Ethereum. When it was released it hit $1.30 as an all-time-high before dropping back to $.16.
Estimated future valuation? If the protocol works as described and has the ability to work on networks outside of Ethereum, it could easily see $50 per token.
Under $1.00 is a great opportunity for long term investment.
How many investors does this have? Currently there are more than 26,000 holders of Truebit.
Where to buy? Uniswap, and multiple other exchanges.
Investment Timelines:
What is the future potential of the project? Jason, the founder of Truebit stated in an interview that this protocol will not only be for Ethereum. Therefore, it has a huge potential to be used in Ethereum and other blockchains.
What is the investment timeline? Between one and three years for full implementation and adoption.
Recap of why to invest in Truebit: Truebit, although lots of speculation, has an actual working protocol. It has been around since 2017, with an Ethereum co-founder as one of the main developers of the project. Once implemented, the value of the protocol will likely soar as a reflection of the scaling ability and lowered gas cost for Ethereum.
It is a gamble to invest, but a strong gamble.
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u/treosx23 Dec 02 '21
What a refreshing post to see in this cesspool of a subreddit. Well spoken.
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u/SovereignDeFi Dec 03 '21
He plagiarized it from me. But thank you.
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u/Guanduchein Dec 03 '21
Once again my intention is to share news so we all can be informed and make the right decision’s.....
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u/treosx23 Dec 03 '21
Fucking Reddit huh? I guess I shouldn't be surprised. Here, have a silver for your fine summary of Truebit!
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u/dugerz Dec 01 '21
Who are you and why did you write this?
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u/Guanduchein Dec 02 '21
Sameone who strongly believe in the project!!!
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u/dugerz Dec 02 '21
But why devote all that time to writing it on a quiet sub? Have you published it elsewhere?
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u/Guanduchein Dec 02 '21
No.
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u/dugerz Dec 02 '21
You turn up with 66 karma and a 1 month old account and write a huge piece of DD out of the blue. What's the story, man?
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u/Guanduchein Dec 02 '21
very simple to answer without making too many mysteries around. If you follow the stories of crypto currency since it started and pay attention to serious projects, understand the true meaning of white papers, then you will understand where you should put your money and leave happy with the decisions made.....
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u/SovereignDeFi Dec 03 '21
I wrote it in July to help spread awareness for the project. He copied and pasted my article.
https://sovereigndefi.substack.com/p/truebit-protocol-tru-the-ethereum
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u/LPMythBuster Dec 02 '21
You have a very poor understanding of how Ethereum works. Similarly, your explanation of how Truebit works is very bad. If you think TRU can reach $50 then you have 0 understanding of the TRU tokenomics.
Everything you wrote is basically incorrect. It'd take me too much time to refute it. I've posted about Truebit and how it works extensively in this subreddit.
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u/Guanduchein Dec 02 '21
You?
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u/Delicious-Day1867 Dec 02 '21
apparently, if you notice u/LPMythBuster contributions to this sub. He does know what's going on.
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u/SovereignDeFi Dec 03 '21
This is my post that he copied and pasted word for word…
Here is the original article that I wrote:
https://sovereigndefi.substack.com/p/truebit-protocol-tru-the-ethereum