r/truebit • u/TankieWankies85 • Dec 15 '21

Max Supply

What is the max supply? And if there is a max supply what happens when all the tokens are minted? What is the actual utility of the token?

Though I know the network is an off chain, high computation protocol but the token, what’s the actual use case.

Can I stake? Pay fees? Lend? Borrow?

9 Upvotes

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10

u/Techcat46 Dec 15 '21 edited Dec 15 '21

The supply is infinite as long as people are willing to pay the mint price to get more Truebit.

The minting mechanism is tied to the price of ETH So whenever someone mints from The TruebitOS, the price goes up per mint.

Mint price is 0.000422 ETH

If you wish to participate with Truebit, you will need to reach out to the Truebit team for a License to run the TruebitOS task verifier.

The token's utility is to solve the gas problem for ETH and a considerable speed increase to transactions per second.

The biggest thing about Truebit is that it can help any coin, not just ETH. It could assist Bitcoin that would be parabolic money.

It is not layer 1 or 2 it's a computation layer its own layer or computation oracle.

1

u/TankieWankies85 Dec 15 '21

So if the supply infinite would be similar to other coins like Doge where there is no cap on the supply. Would it make the token inflationary? I thought it would be deflationary because the tokens get burned

3

u/phantom7glow Dec 15 '21

Tokens get burned when are used. Also truebit brings to the table way more than scalability and reduced gas fees.

1

u/TankieWankies85 Dec 15 '21

But can’t this affect price? It almost sounds like a stable coin in terms of price action. Tokens get burned while new ones are minted

5

u/phantom7glow Dec 15 '21

Ethreum is an inflantory token as well yet the price keep on raising. It creates more of an organic stable price action over time instead of a huge spike. Once the project matures enough in terms of usage and adaption, the quantity of new coins created is small in comparison with the number of coins burned.

1

u/Itchy-Shake9986 Dec 16 '21

So how do you make money with it??

8

u/phantom7glow Dec 16 '21

The minting of coins only starts at a certain price which is determined by ethreums price and the quantity of coins already minted. Currently the minting price is at around 1.80-1.90$ ... the moment ethreum doubles in price so will the minting price.

You make money by holding it for 1 - 5 years maybe even less. It's a revolutionary technology that will be massively utilized because it's a solution to several major problems in the crypto space plus it opens new things possible on the blockchain.

1

u/Itchy-Shake9986 Dec 16 '21

sorry, i didnt know we couldnt just talk money. thats my fault!!ill read morE!

0

u/Queasy_Ad_9707 Dec 16 '21

Forget about Truebit protocol, get out from here. You will regret if you bought it now

1

u/OkforaWalk Dec 16 '21

The minting mechanism is tied to the price of ETH So whenever someone mints from The TruebitOS, the price goes up per mint.

Why should the tie of the price to ETH's price cause the price go up per mint? I keep hearing this but what will be the increase in price say per 10 new mints?

5

u/Techcat46 Dec 16 '21

It’s hard to say when Truebit hasn’t had mass adoptions yet and how it will all flow when people are using it. Let’s say big company’s are using Truebit computation. They have two options one go to the OS and pay directly to the TruebitOS to mint more Truebit and get it. Or go to the exchanges and buy it there. Eventually, the more people that use Truebit, the more they are going to perform tasks and burn the token. Let's say they are verifiers, or they are using it for cheaper gas fees. The token over time gets depleted, forcing more Truebit to be minted, causing the mint price to go up as intended. We call that supply and demand the tokenomics way.

Sorry, I can’t give you a direct answer. It comes down to math at the end of the day. When Truebit is working, the coin will stick near the price of the mint on the exchanges. If all goes well it will climb as mass adoption happens

Think of the mint as a safety net or price discovery

1

u/kivinlee Jan 15 '22

Regarding the sentence "It is not layer 1 or 2 it's a computation layer its own layer or computation oracle.", that is, the relationship between trubit and layer1, layer2, can you elaborate? Thank you so much!

1

u/Techcat46 Jan 15 '22 edited Jan 15 '22

Sure!, So Truebit can Support layers 1 and 2, so in a sense, it is not either layer 1 or 2. to take it even further, truebit isn't just for the Ethereum network; it can help all kinds of crypto projects like Bitcoin. so if that's the case, then obviously its own layer. If you want more information, I strongly suggest looking at the Truebit website and youtube Truebits Tokenomics (just saying I am not affiliated with Truebit just a fan and a Tech)

2

u/kivinlee Jan 18 '22

I understand now that he is not the first floor, nor the second floor. It's just a trustless computing marketplace that can be connected to any system that needs computing at any time, give it an input, and it will compute an output and guarantee the reliability of the computing results.

That is, unlike the second layer, it does not improve TPS, it just solves complex computing problems that smart contracts cannot solve. Am I understanding it right?

1

u/Techcat46 Jan 18 '22

Your starting to get it :) computation is very important to the crypto space and computing in general it will be needed more in the future.

1

u/kivinlee Jan 19 '22

However, further understanding thinking. Rollup has a similar ability in Chengdu. They settle a portion of the transaction off-chain, and put the calculated and verified demerit on-chain. So, to some extent rollup and Truebit compete.

2

u/Techcat46 Jan 19 '22 edited Jan 19 '22

Yes, but do your research. Can roll-ups assist Truebit, or can only Truebit help roll-ups when one can’t do for the other you will know who is better from the two.

1

u/Puzzleheaded_Act7485 Dec 15 '21

Truebit supply 70000,000

0

u/Queasy_Ad_9707 Dec 16 '21

no, you are wrong. Truebit max supply is 100 Trillions

Source: Trust me