About Truebit
What Is Truebit (TRU)? Truebit allows software running outside a blockchain environment to provide trusted results to smart contracts and applications running within a blockchain. The platform allows practically unlimited external compute resources to be applied in a trusted way to extend the performance, throughput, and scalability of its host blockchain. Research began in 2015 on this verification solution which today connects blockchains to both on-chain and off-chain data while enabling smart contracts to securely perform complex computations in standard, easy-to-use programming languages at significantly reduced gas costs. Unlike sharding and other methods for distributing high transaction throughput, Truebit processes complex and large transactions via a consensus mechanism involving a minimal number of redundancies, making it a novel solution for Web 3.0 infrastructure. The bulk of computation occurs with off-chain resources. Verifier’s Dilemma - What Makes Truebit Unique? Rather than relying on external, cryptographic proofs of correctness, Truebit brings scalable computation to blockchains by leveraging game theory principles and financial incentives to increase the on-chain computation power of existing networks and reduce marginal gas costs. 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 via a retrofitting oracle that achieves correct computational results. Truebit’s microeconomy ensures trustless verification through a financial incentive layer atop a dispute resolution layer. Who is the founder of Truebit (TRU)? Truebit was founded by mathematician and computer scientist Jason Teutsch who co-authored the whitepaper with Ethereum’s Solidity creator and team lead, Christian Reitwiessner. Jason holds a PhD in Mathematics, was a two-time US Fulbright Fellow, and co-discovered the Verifier’s Dilemma. Applications Applications include: Layer-2 settlements DeFi settlements and bookkeeping Batch verification of cryptographic signatures Checking proof-of-work Performing operation(s) with high computational complexity Any smart contract can issue a computation task to Truebit in standard languages (C, C++, or Rust) without concern for Ethereum’s gas limit. Truebit’s WebAssembly-based architecture can read functions and data from Ethereum bytes, smart contract program code, or IPFS. What kind of token is Truebit (TRU)? The supply of TRU tokens may fluctuate over time. Learn more about Truebit: Getting started with Truebit on Ethereum An Intro to TrueBit: A Scalable, Decentralized Computational Court Learn more about Ethereum: Ethereum
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Trading Insights
Searched
12
Market Stats
Market Cap
Not enough data
FDV
Not enough data
Circ. Supply
Not enough data
Max Supply
Not enough data
Total Supply
188M TRU
Diluted Valuation
$36.56M
Performance
Popularity
Not enough data
Dominance
Not enough data
Volume (24H)
$60.93K
2.98%
Volume (7D)
$394.29K
Volume (30D)
$1.85M
All time high
$1.29
Price Change (1Y)
9.16%
Additional details
Market details
TRU vs markets
↘ 31.44%
TRU vs BTC
↘ 38.87%
TRU vs ETH
↗ 2.54%
Tags
Network & Addresses
Network | Address | |
|---|---|---|
Ethereum | 0xf65B5C5104c4faFD4b709d9D60a185eAE063276c |
Price history
Time | Price | Change |
|---|---|---|
Today | $0.20 | ↘ 2.02% |
1 Day | $0.20 | ↘ 2.06% |
1 Week | $0.16 | ↗ 24.77% |
1 Month | $0.12 | ↗ 63.24% |
1 Year | $0.18 | ↗ 9.16% |
Coinbase insights
Recent trends
The latest TRU price is $0.20. Compared to Truebit's value of $0.20 from 24 hours ago, there's been a -2% decrease, while the current price is 25% up from $0.16 which was recorded one week ago. Truebit's all time high is $1.29, which was reached on May 2, 2021. This is a -85% change from its price today.
FAQ
Truebit is a platform for blockchain enhancement that seeks to allow smart contracts to carry out complicated computations securely.
The whitepaper states that the miners of Ethereum and Bitcoin are likely the world's immensely powerful computational resource, providing no more power of processing and verifying transactions. Truebit system aims to evade this bottleneck and provides scalable computation to Ethereum. Truebit acts as a catalyst for merging the power of autonomous systems such as Ethereum and Bitcoin with machine learning. The primary aim of Truebit is to determine the appropriate and trustless computations even with the inadequate computation bandwidth of miners. Thus, Truebit seeks to dramatically minimize the number of unnecessary network node computations employed in conventional Ethereum smart contracts. The platform also outsources a majority of computation work, thus seeking to make affordable computing securely.
In addition, Truebit seeks to act as a worldwide computation market wherein any person in the world can post a computational activity and get a reward for finishing it. Also, Truebit aims to offer a platform to users where they can create a trustless, efficient, and practical mining pool handled by the Ethereum smart contract.
Furthermore, Truebit intends to provide protected computation for smart contracts that can implement complex processes such as ring signature, bilinear maps, or security code verification. Users can utilize the platform for bookkeeping activities such as batch trading and cumulative yield payments. They can also share videos without depending on any centralized unit or authority. Besides that, the platform can seek to help validate claims, maintain premiums, and automate payouts.
The native token of the Truebit platform is TRU.
Task submitters can use the token to remunerate verifiers and solvers on the platform. After receiving the payment, verifiers and solvers can then release their tasks. TRU tokens are formed and destroyed with time as per the cumulative demand. Users can trade or withdraw TRU in exchange for ETH.
The founders of the Truebit platform are Jason Teutsch, a mathematician and Dr. Christian Reitweissner, a computer scientist. The launch of TRU tokens took place on May 2, 2021.
We update our Truebit to USD currency in real-time. Get the live price of Truebit on Coinbase.
The current market cap of Truebit is $0.00. A high market cap implies that the asset is highly valued by the market.
The all-time high of Truebit is $1.29. This all-time high is highest price paid for Truebit since it was launched.
Over the last 24 hours, the trading volume of Truebit is $60.93K.
Assets that have a similar market cap to Truebit include CRYN, Metafluence, Guacamole, and many others. To see a full list, see our comparable market cap assets.
The current circulating supply of Truebit is 0.
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Terms apply. Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
Social stats
Popularity in posts
#2961
Contributors
94
Posts
132
% About Truebit
0.004%
Hold times
0 days
X (Twitter)
16.42% bullish
Sentiment
4.2 ★
Highlights
94 unique individuals are talking about Truebit and it is ranked #2,961 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Truebit has an average sentiment score of 84 out of 5. Finally, Truebit is becoming less newsworthy, with 0 news articles published about Truebit.
On Twitter, people are mostly neutral about Truebit. There were 16.68% of tweets with bullish sentiment compared to 1.59% of tweets with a bearish sentiment about Truebit. 83.32% of tweets were neutral about Truebit. These sentiments are based on 73 tweets.
On Reddit, Truebit was mentioned in 18 Reddit posts and there were 13 comments about Truebit. On average, there were less upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset.
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