This thread will go over a highly anticipated token that has recently launched, which has special connections to Vitalik Buterin and the founding team of $ETH.
Let’s begin! 🍞
Introducing $TRU
Truebit allows smart contracts to securely perform complex computations in standard programming languages at reduced gas cost
It utilizes unique game theory aspects that were built in collaboration with Vitalik Buterin, & it has proven itself to be a powerhouse
The masterminds behind $TRU consist of:
Christian Reitweissner - team lead at $ETH and founder of Ethereum programming language
Jason Teutsch - Solidity dev and $ETH advocate close to Vitalik Buterin
Fred Ehrsam - founder of Coinbase
To fully understand what I am about to go over, let us first get a basic understanding of what exactly $TRU is trying to solve, & go over its token economics...
Shortly after beginning his work at $ETH, Christian co-discovered the “Verifiers Dilemma” along with Vitalik Buterin.
Vitalik Buterin then put Jason (math wiz and game theory prodigy) in touch w Christian to begin working on $TRU at an aim to solve this dilemma...
The Verifiers dilemma is a security vulnerability in the POW consensus model
When verifying txs across the network, nodes are going through computational “puzzles” to confirm blocks for a reward
This reward is only granted to the first miner to “prove” they did the work.
In some cases, this may mean that miners may use a lot of resources on complex computational tasks, without receiving any reward in the process.
If the nodes aren’t all incentivized to give out correct answers, it can create potential security issues on $ETH
$TRU implements a “verification game” which uses game theory to ensure nodes are giving out the right answer
Essentially, $TRU turns $ETH from a “slow”, distributed world computer, to a massively scalable one
Think of it like a big decentralized, mathematical court for $ETH 👀
You can learn more about the $TRU dispute resolution layer and verification protocol for $ETH here:
Outside of the dispute resolution layer, their main use is for scaling and outsourcing large computations on the ETH networks.
You input “x”, and truebit returns “f(x)”.
Truebit does this by offering a retrofitting oracle which correctly performs computational tasks.
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 tokens are used as payments for tasks on the network and burnt, with some received by the Verifier and Solver
These tokens are both minted and burned over time according to the use of the network.
New $TRU tokens can be minted at a price determined by a smart contract...
Which scales and sets a higher mint price as new tokens continue to be bought.
Because new tokens are minted on the OS, this allows for multiple arbitrage opportunities which we have never seen before.
For reference, just take a look at the graph of $TRU:
The core ideas of these functions were drafted in a paper by Vitalik Buterin & Jason in 2017
They introduced a new type of token sale called an interactive coin offering, which brings about a new type of fairness and predictability to token distribution mechanisms...
Essentially, $TRU uses game theory to outsource large computational tasks (which allows for AI & neural networks on $ETH), & if there’s a dispute...
It goes to their computational marketplace to ensure solvers & verifiers are giving out correct computations
Now that we have a basic understanding of $TRU, I’m sure you can tell the implications of this project for $ETH are quite exciting, and if adopted properly it could become a massive tool for scaling the blockchain.
But it gets even better...
It appears Vitalik Buterin has already taken special interest in the project for its potential to scale $ETH
Take a look at just a few of these references below:
Even more interestingly, Vitalik Buterin actually wrote a paper on the Trubit Protocol just a few days after launch.
In it, he describes how to use $TRU to build an EVM rollup on Optimism.
Right now, there is currently a project sitting under $50M mcap which has been mentioned by the World Economic Forum, & they are also working very closely with both $ETH & $LINK
I will go over this project below... Let’s begin!👇🏻
$DIP is a protocol for decentralized insurance on $ETH
I believe this token is extraordinarily undervalued for its potential
Decentralized insurance will be a game changing industry. Utilizing Chainlink oracles, $DIP can provide automated protections for a variety of use cases.
They have already been recognized by top names in the industry for their unique use cases in the real world.
Etherisc Impact Solution offers a different kind of crop insurance that is fair, transparent, & affordable for farmers
With the violent explosion of Maker DAO recently, I am very surprised that $FLX has not begun to blow up...
What is $FLX?
$FLX is the “ungovernance” token of the new Reflexer ecosystem.
In this thread I will go over why I think this will be a top gainer in the coming weeks!👇🏻
@reflexerfinance was started by Stefan Ionescu, & it is advised by Nikolai Mushegian, the co-founder of Maker DAO
$FLX was what Nikolai had originally envisioned for a significant portion of the MakerDAO ecosystem and is part of why he working with Stefan to realize this vision
There are a few key differences between MakerDAO & Reflexer, which may just give it a particular advantage over many other multi billion dollar stable coin protocols in DeFi.
How? The “Reflex Bond.”
Pioneered by @reflexerfinance, a reflex bond dampens the volatility of an asset
In todays thread, I am going to be sharing a highly anticipated project that is slated for launch this year.
It has been in development since 2016, boasts a massive 180+ member dev team, and is backed by some of the top names in the industry.
You don't want to miss this one.👇
Introducing @dfinity: Created by the Dfinity foundation, a non-profit scientific research organization based in Zurich, Switzerland, The Foundation’s mission is to build, promote, and maintain the Internet Computer.
The Internet Computer promises to be the first blockchain computer running at web speed with unbounded capacity. It achieves this speed through something called Chain Key Technology, which splits calls to smart contracts into two types: update calls and query calls.
I’d like to share with you guys a highly anticipated project that’s been in development for years and is gearing up for mainnet launch on the 16th. Below, I will introduce $MINA protocol, the worlds lightest blockchain.
@MinaProtocol’s #Testworld is officially the largest pos testnet aside from ETH 2.0. The amount of users joining $MINA has been growing rapidly in the final testnet in anticipation of the mainnet launch.
$MINA is a layer one protocol designed to deliver on the original promise of blockchain - true decentralization, scale, and security.
By design, the entire $Mina blockchain is and will always be about 22kb - the size of just a couple of tweets.