Truebit Protocol Coin Price & Market Data
Truebit Protocol price today is $0.366646 with a 24-hour trading volume of $9,131,627. TRU price is up 20.8% in the last 24 hours. It has a circulating supply of 0 TRU coins and a max supply of 280 Million. If you are looking to buy or sell Truebit Protocol, Uniswap (v2) is currently the most active exchange.
What Is Truebit (TRU)?
Founded in 2017, the Truebit protocol brings revolutionary off-chain execution power to the blockchain. Rather than relying on external, cryptographic proofs of correctness, Truebit leverages game theoretic principles to effectively increase the on-chain computation power of existing networks.
Through a novel incentive structure and architecture, the Truebit protocol allows trustless, secure, scalable consensus on large computations orders of magnitude beyond what’s possible on Ethereum today and in easy to use programming languages. TrueBit is more than a scalability solution for Ethereum. It’s a unanimous form of consensus that can trustlessly grab data across external sources, including other blockchains and uses a retrofitting oracle to connect to the outside world.
As one of the critical building blocks for the future of decentralized computing, Truebit's open source community and vision enable a seamless computational scalability solution on the blockchain, making machine learning and AI available to everyone.
While smart contracts can perform small computations correctly, large computation tasks pose security risks for blockchains due to the Verifier's Dilemma. Truebit counteracts this shortcoming via a trustless, retrofitting oracle which achieves correct computational results. Any smart contract can issue a computation task to this oracle in the form of WebAssembly bytecode, while anonymous “miners” receive rewards for correctly solving the task.
The oracle’s protocol guarantees correctness in two layers: a unanimous consensus layer where anyone can object to faulty solutions, and an on-chain mechanism which incentivizes participation and ensures fair remuneration. These components formally manifest themselves through a combination of novel, off-chain architecture and on-chain smart contracts.
Who are the founders of Truebit (TRU)?
Truebit was founded by Jason Teutsch (Truebit Establishment), with significant contributions from Christian Reitweissner (Ethereum Foundation). Jason has a PhD in Mathematics and was a Fulbright Fellow to Israel and Hungary. Christian has a PhD in Computational Complexity and is the creator of the Ethereum smart contract language Solidity, which powers the Ethereum virtual machine behind every smart contract and DApp (decentralized application) running on the Ethereum network.
What makes Truebit (TRU) unique?
Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. Truebit bypasses this bottleneck and brings scalable computation to Ethereum and all blockchains with a financial incentive layer atop a dispute resolution layer where the latter takes form of a versatile “verification game.” In addition to secure outsourced computation, immediate applications include decentralized mining pools whose operator is an Ethereum smart contract, a cryptocurrency with scalable transaction throughput, and a trustless means for transferring currency between disjoint cryptocurrency systems.
What kind of token is Truebit (TRU)?
Truebit is a net inflationary token, which is similar to Ethereum. TRU tokens are created and destroyed over time according to cumulative demand. Each Truebit task burns TRU tokens. Users can purchase or retire TRU tokens in exchange for ETH. Each purchase transaction deposits some ETH into a reserve escrow (the rest goes to the Company), and some ETH is withdrawn from the reserve through each retire transaction.