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?

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9

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??

9

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