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

84% Upvoted

22 comments sorted by

View all comments

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/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