TrueBit / $TRU -- The “Hidden” L2 Solution Backed by $ETH and Coinbase Heavyweights
In this thread, I share why Truebit / $TRU is an easy multi-billion dollar market cap project and a possible top 20 market cap contender.
In this thread, I share why Truebit / $TRU is an easy multi-billion dollar market cap project and a possible top 20 market cap contender.
TLDR:
- $TRU has been in development for 4 years now.
- $TRU has strong $ETH links and its development was extensively influenced and supported by members of the Ethereum team.
- Vitalik Buterin co-authored a whitepaper with $TRU founder Jason Teutsch.
- $TRU has been in development for 4 years now.
- $TRU has strong $ETH links and its development was extensively influenced and supported by members of the Ethereum team.
- Vitalik Buterin co-authored a whitepaper with $TRU founder Jason Teutsch.
TLDR (contd)
- Christian Reitwiessner, creator of the Solidity programming language (used by all major blockchains such as $ETH, #BSC, and soon $ADA) co-wrote the actual $TRU whitepaper with Jason Teutsch.
- TrueBit was developed based on the concepts in these whitepapers.
- Christian Reitwiessner, creator of the Solidity programming language (used by all major blockchains such as $ETH, #BSC, and soon $ADA) co-wrote the actual $TRU whitepaper with Jason Teutsch.
- TrueBit was developed based on the concepts in these whitepapers.
TLDR (contd 2)
- Vitalik Buterin has posted about TrueBit TODAY (details in thread)!
- $TRU has STRONG Coinbase links: Coinbase co-founder Fred Ehrsam is an investor in the project and calls it “a natural solution for scaling computation on Ethereum."
- Vitalik Buterin has posted about TrueBit TODAY (details in thread)!
- $TRU has STRONG Coinbase links: Coinbase co-founder Fred Ehrsam is an investor in the project and calls it “a natural solution for scaling computation on Ethereum."
TLDR (contd 3)
- While Ehrsam “left” Coinbase in 2017, he is on the Coinbase board and owns a HUGE 8.9% of Coinbase stock.
- $TRU’s main financial backer is Polychain Ventures, which is led by Coinbase’s first employee, Olaf Carlson-Wee, and a current investor in Coinbase.
- While Ehrsam “left” Coinbase in 2017, he is on the Coinbase board and owns a HUGE 8.9% of Coinbase stock.
- $TRU’s main financial backer is Polychain Ventures, which is led by Coinbase’s first employee, Olaf Carlson-Wee, and a current investor in Coinbase.
I had to put out the TLDR first since this is kind of a mega thread.
Let’s dive in:
Let’s dive in:
1/ What problem does TrueBit solve?
To understand the problem $TRU solves, we need to first understand how one of the Ethereum blockchain’s biggest strength became its biggest weakness:
GAS LIMITS.
To understand the problem $TRU solves, we need to first understand how one of the Ethereum blockchain’s biggest strength became its biggest weakness:
GAS LIMITS.
2/ Gas limits were introduced to $ETH to prevent denial-of-service attacks, incentivize transaction verification, prevent the Verifiers Dilemma, etc.
The problem with gas limits, however, is that it makes it impossible to perform huge computational tasks on the blockchain.
The problem with gas limits, however, is that it makes it impossible to perform huge computational tasks on the blockchain.
3/ For example, network intensive functions (such as functions that involve machine learning, facial recognition, and big data) will be difficult to run on $ETH due to these gas limits.
4/ This is where $TRU comes in: by taking these huge computational tasks off-chain and only submitting the final transaction outcome to the blockchain it ensures significantly lower gas fees and faster transaction times for these large computational tasks.
5/ Team and backers
$TRU was developed based on a whitepaper by former RAND Corporation Fellow and mathematician Dr. Jason Teutsch and Dr. Christian Reitwiessner -- the creator of the Solidity programming language (used by most major blockchains) and Ethereum's C++ team lead.
$TRU was developed based on a whitepaper by former RAND Corporation Fellow and mathematician Dr. Jason Teutsch and Dr. Christian Reitwiessner -- the creator of the Solidity programming language (used by most major blockchains) and Ethereum's C++ team lead.
6/ TrueBit’s founder Dr. Teutsch also co-wrote a Whitepaper with Ethereum’s co-founder Vitalik Buterin, and Vitalik Buterin has made several references to $TRU in the past such as in this tweet below:
7/ And in this tweet, too:
8/ More importantly, VItalik Buterin made a post about the $TRU launch TODAY!!!
ethresear.ch
ethresear.ch
9/ $TRU gets its main financial backing from Polychain Ventures. It is also backed by Coinbase’s co-founder Fred Ehrsam.
Polychain Ventures backs several major crypto companies that include Coinbase, $LUNA, $XTZ, $MKR, and $COMP -- all multi-billion dollar crypto blue chips.
Polychain Ventures backs several major crypto companies that include Coinbase, $LUNA, $XTZ, $MKR, and $COMP -- all multi-billion dollar crypto blue chips.
10/ In other words, $TRU has a combo of STRONG support from the founder of $ETH Vitalik Buterin, the creator of Solidity (which is the most used blockchain programming language) Christian Reitwiessner, and Coinbase heavyweights.
$TRU screams mass adoption anyhow you look at it!
$TRU screams mass adoption anyhow you look at it!
11/ Token economics
One of the major confusions people have about $TRU right now has to do with its tokenomics.
As at the time of writing this, $TRU has had volume of over $150 million and has seen its holder count grow by at least 10x in the past 24 hours.
One of the major confusions people have about $TRU right now has to do with its tokenomics.
As at the time of writing this, $TRU has had volume of over $150 million and has seen its holder count grow by at least 10x in the past 24 hours.
12/ Yet, the impact of this on the price is minimal as new tokens are being minted rapidly -- with the number of tokens more than doubling in the past 24 hours alone.
13/ This is due to the fact that $TRU uses a bonding curve that mints new tokens as demand increases thereby ensuring a more stable price growth -- this was intentionally introduced to prevent huge price swings and dumps from whale activity.
14/ While many are worried about this, it shouldn’t really matter for a couple of reasons:
Firstly, $TRU uses a mint and burn function that is triggered by cumulative demand: tokens are minted when people buy and burnt when tokens are sold.
Firstly, $TRU uses a mint and burn function that is triggered by cumulative demand: tokens are minted when people buy and burnt when tokens are sold.
15/ Secondly, as adoption for $TRU increases (and it will!), the burn mechanism will be a lot more active. This is because every TrueBit task burns $TRU tokens and essentially reduces tokens in circulation.
16/ Thirdly, Even with the significant minting, $TRU currently only has a market cap of about $60 million. Think about it this way: if $TRU were to do an IDO, it could easily raise $500 million - $1 billion just considering the backing from Vitalik Buterin and the Coinbase guys.
17/ In other words, you are very EARLY in $TRU right now.
18/ That said, the price of $TRU tokens will only really “moon” when more and more people use TrueBit (as usage burns tokens) -- and believe me, people will use this.
Vitalik Buterin has been an advocate for this project for YEARS!
Vitalik Buterin has been an advocate for this project for YEARS!
19/ There are also rumors about the possibility of the bonding curve being turned off soon -- but nothing official from the $TRU team yet.
20/ The future
I’m not a financial advisor and this is purely my opinion, but I see $TRU as one of those projects that come out of nowhere and rocket to a $5 billion+ market cap.
I believe anyone who thinks $TRU has started hasn’t seen anything yet!
I’m not a financial advisor and this is purely my opinion, but I see $TRU as one of those projects that come out of nowhere and rocket to a $5 billion+ market cap.
I believe anyone who thinks $TRU has started hasn’t seen anything yet!
21/ Links and resources:
- Website: truebit.io
- CoinGecko: coingecko.com
- LinkedIn: linkedin.com
- Whitepaper co-authored with Solidity creator: people.cs.uchicago.edu
- Whitepaper co-authored with Vitalik Buterin: people.cs.uchicago.edu
- Website: truebit.io
- CoinGecko: coingecko.com
- LinkedIn: linkedin.com
- Whitepaper co-authored with Solidity creator: people.cs.uchicago.edu
- Whitepaper co-authored with Vitalik Buterin: people.cs.uchicago.edu
22/ Even more links:
- Medium: medium.com
- Unofficial TG group: t.me
- TrueBit overview: smithandcrown.com
- Coindesk 1: coindesk.com
- Coindesk 2: coindesk.com
- Medium: medium.com
- Unofficial TG group: t.me
- TrueBit overview: smithandcrown.com
- Coindesk 1: coindesk.com
- Coindesk 2: coindesk.com
22/ You want to do TWO things right now:
- Follow me and turn on notifications.
- Pay careful attention to my tweets going forward.
The bull run is in full swing and I want to help you make the best of it. I aim to share a gem every day for the rest of May.
Don't miss out!
- Follow me and turn on notifications.
- Pay careful attention to my tweets going forward.
The bull run is in full swing and I want to help you make the best of it. I aim to share a gem every day for the rest of May.
Don't miss out!
23/ $TRU is TRUEBIT (note the name so you don't get scammed buying anything else).
Chart and link to trade on Uniswap via @DEXToolsApp:
dextools.io
You can also trade on @Bilaxy_exchange:
Chart and link to trade on Uniswap via @DEXToolsApp:
dextools.io
You can also trade on @Bilaxy_exchange:
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