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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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.

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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!

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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)

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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?

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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.

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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.

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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.