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.
