1/25
A thread on why I think Truebit $TRU [@Truebitprotocol] is one of the most undervalued projects in the crypto space and why I think it could follow a similar path to Chainlink or Matic in terms of growth and adoption 👇
2/25
What is Truebit $TRU?
- "Truebit is a blockchain enhancement which enables smart contracts to securely perform complex computations in standard programming languages at reduced gas costs".
3/25
The Protocol
- "While smart contracts can perform small computations correctly, large computation tasks pose security risks for blockchains".
- "Truebit $TRU counteracts this shortcoming via a trustless, retrofitting oracle which correctly performs computational tasks".
4/25
- "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". $TRU
5/25
- "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". $TRU
6/25
- "The components manifest themselves through a mix of novel off-chain architecture & on-chain smart contracts. Instead of relying on external cryptographic proofs of correctness, $TRU uses game theory principles to increase on-chain computation power of existing networks".
7/25
ETH 2.0
- $TRU could have significant role to play in ETH 2.0, acting as a computation layer.
- ETH 2.0 with Truebit would make ETH scalable, while also preserving security and decentralisation which is key.
8/25
- Truebit is also blockchain agnostic which means $TRU can compliment many other chains, not just Ethereum. Making it a feasible and universal scaling solution.
9/25
Truebit Team & people associated:
- Christian Reitwiebner, the lead developer of Solidity co-wrote the $TRU white paper along with Jason Teutsch, who co-discovered Verifiers Dilemma.
- Vitalik Buterin is acknowledged in the whitepaper & has previously mentioned Truebit.
10/25
- Trent McConaghy, founder of BigChain DB, and Fred Ehrsam, founder of Coinbase, backed the project. Ersham is now working at Paradigm. $TRU
11/25
Vitalik Buterin has mentioned $TRU previously in a blog post describing EVM Optimistic rollup using Truebit.
Link - ethresear.ch/t/evm-optimist…
12/25
Vitalik Buterin and Jason Teutsch have previously worked together on “Interactive Coin Offering’s” in 2017. $TRU
Link - arxiv.org/abs/1908.04295
13/25
Andre Cronje previously described Truebit as "Really great code. Great solution. Will allow for decentralized computing that can scale with node participation. Really fantastic idea, concept, and implementation." $TRU
Link - cryptobriefing.com/truebit-code-r…
14/25
Microsoft recently mentioned they are looking to use the ethereum blockchain to prevent piracy. $TRU
Link - markets.businessinsider.com/news/currencie…
15/25
Truebit was mentioned previously by Microsoft in a research paper. $TRU
Link - microsoft.com/en-us/research…
16/25
Truebit $TRU recently transferred ~ $120m worth of ETH from their treasury. This has brought speculation on what the funds could be used for.
New developments and ramping up of operations are speculated.
The team responded saying they'll be making announcements soon.
17/25
Token economics:
- $TRU has a mint and retire price which are tied to ETH. As ETH rises, TRU retire price and minting price rise too. Retire price is 1/8th the mint price.
- The current TRU mint price is roughly 0.00042eth.
18/25
- Some examples of the mint and retire price of $TRU at different ETH prices, provided the mint price stays at 0.00042eth:
e.g 1. ETH @ $10k, TRU mint price approx $4, retire price approx $0.50.
e.g 2. ETH @ $20K, TRU mint price approx $8, retire price approx $1.
19/25
- If the $TRU market price is below the OS minting price, then there's no incentive to mint new tokens, meaning no increase in supply.
- TRU tokens are also burned continuously while solving tasks. Meaning a deflationary supply until market price is above minting price.
20/25
More $TRU Usecases:
Dogethereum:
- "More than just an exchange, a 2-way peg permits transfer of both assets & data across consensus-independent blockchains. One can use Dogethereum to roll DOGE off of Dogecoin onto Ethereum & back via a trustless, retrofitting bridge".
21/25
Oscar Guindzberg the DOGE-ETH bridge developer mentioned on live stream that Truebit $TRU was part of the dogethereum solution.
Look who is alongside him in the call, Vitalik Buterin.
22/25
The Dogecoin foundation has now restarted.
Vitalik is now an advisor for the Dogecoin Foundation. $40bn worth of doge has the potential to be possibly bridged to ETH thanks to Truebit $TRU.
Link - decrypt.co/78772/dogecoin…
23/25
Truebit $TRU in Healthcare:
"Truebit can efficiently harness decentralized data streams and the strengths of decentralized stakeholders to perform many of the data curation & analytic tasks...".
Link - medium.com/truebit/cohesi…
24/25
Truebit $TRU current chart on the 1D.
Sitting along the previous resistance level which it's looking to flip to support.
Double bottom looks to have been printed at ~ $0.20 and rounded bottom now formed.
Expecting a breakout of the triangle soon.
25/25
Additional references, and sources for information:
Truebit website - truebit.io
Whitepaper: people.cs.uchicago.edu/~teutsch/paper…
Truebit LinkedIn: linkedin.com/company/truebit
Article links and other info provided above.
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