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Truebit $TRU
Missed out on the $matic layer 2 pump party? Keep reading. @Truebitprotocol has been in development since 2018 and was set to become one of the core scaling options for $ETH...... and they finally dropped their token $TRU
Missed out on the $matic layer 2 pump party? Keep reading. @Truebitprotocol has been in development since 2018 and was set to become one of the core scaling options for $ETH...... and they finally dropped their token $TRU
In this thread I want to break down exactly what $TRU is and shed some light on why this stealth launch has managed to grow to a 30mil daily trading volume in just two days.
If you were around back then you may remember names such as @VitalikButerin and @AndreCronjeTech talking about it a bunch:
So what is it? Well at its core $TRU is a blockchain enhancement which enables smart contracts to securely perform complex computations in standard programming languages at reduced gas costs.
While smart contracts can perform small computations correctly, large computation tasks pose security risks for blockchains. Truebit counteracts this shortcoming via a trustless, 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.
The oracle 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.
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.
So in short? It’s the underlying concept that lead to the development of optimistic rollups. The best part? $TRU has essentially stealth launched and is sitting at a 15mil mcap. This is an absolute giant of a protocol and there is a serious mis-price going on, but why?
$TRU is being released via a bonding curve. Back in 2018 @VitalikButerin and @JasonTeutsch came up with a plan to even out the #ico space which they called a #iico. It is essentially a way to bring greater token distribution and limit whale centralisation.
This means that $TRU is currently being distributed via a bonding curve where the underlying demand dictates total supply and price.
So how to buy this game changer? Well easy option is uniswap. You will see some crazy wicks but don’t get discouraged there is an arb bot keeping price parity between uniswap markets and the minter. https://www.dextools.io/app/uniswap/pair-explorer/0x80b4d4e9d88d9f78198c56c5a27f3bacb9a685c5
As demand for $TRU grows then so does the price floor.
So metrics well this is the bonding curve comes into play:
$0.25 = 60M tokens = $15M cap
$0.50 = 120M tokens = $60M cap
$1 = 240M tokens = $120M cap
$2 = 480M tokens = $960M cap
$4 = 960M tokens = $3.84B cap
$0.25 = 60M tokens = $15M cap
$0.50 = 120M tokens = $60M cap
$1 = 240M tokens = $120M cap
$2 = 480M tokens = $960M cap
$4 = 960M tokens = $3.84B cap
The bonding curve and distribution method seem to have scarred a lot of people away initially but I don’t expect that to hold for long. With L2 mania hitting this is the perfect storm and I don’t see $tru slowing down any time soon. This is a genuine top 20 player.
If you want more info I’d start here (yes this was written by ‘the’ Andre): https://cryptobriefing.com/truebit-code-review-scalable-blockchain-verification/
