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TrueBit

TrueBit

TrueBit is a dispute resolution and financial incentive layer enabling blockchain computations to take place off-chain with dispute resolution on-chain. TrueBit is intended to increase the scalability of blockchain networks like Ethereum.

Introduction

TrueBit is a dispute resolution and financial incentive layer enabling blockchain computations to take place off-chain with dispute resolution on-chain. It is written as a smart contract on Ethereum and is intended to increase the scalability of blockchain networks by moving computation off-chain (layer-2).

The TrueBit whitepaper released on March 7, 2017 was written by founder and mathematician Jason Teutsch along with the creator of Ethereum's Solidity smart contract language Christian Reitwießner.

Miners, (also known as 'Solvers' and 'Verifiers') are used in exchange for dedicating computational resources, receive rewards. In contrast to Bitcoin mining, TrueBit mining requires no specialized hardware to participate, however, also unlike Bitcoin, miners in TrueBit cannot switch on their computers and immediately support the network. For security reasons, each TrueBit miner deposits tokens into a smart contract before earning rewards.

The TrueBit protocol uses the TRU token which has the primary function of rewarding Verifiers for correctly performing computational tasks.

TrueBit's network has upfront token costs. The initial jackpot repository requires a deposit to kickstart the system, but so may each successive upgrade. Experimental protocol cryptoeconomics and smart contract codes require calibration and maintenance. In particular, token reserves test the protocol's empirical parameters and security features. The TrueBit protocol runs with "real" money, through a stream of tasks, in order to "prove" its security guarantees. An infusion of new tokens ensures sufficient supply for these purposes and generates value for the network.

In order to decouple utility from rewards, the protocol must assign TRU tokens to a unique role among these two functions. Applying TRU to network rewards incentivizes token holders to maintain their support of the network community even after obtaining tokens. Task Givers, on the other hand, may wish to pay for network services in a variety of different coins. Decentralized exchange platforms, such as 0x or Kyber, offer potential benefits for TrueBit applications.

The TrueBit protocol has potential for enhancements in communication efficiency, speed, versatility, and security. Zack Lawrence recently introduced TrueBit Beta, a protocol proposal which eliminates TrueBit's forced error mechanism.

Timeline

People

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Jason Teutsch

Christian Reitwießner

Further reading

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Truebit whitepaper: A scalable verification solution for blockchains

Jason Teutsch & Christian Reitwießner

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