TrueBit Ico Review

TrueBit Ico Review – Secure, scalable, decentralized computation

About TrueBit

Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. The system described herein bypasses this bottleneck and brings scale able computation to Ethereum. TrueBit new system consists of a financial incentive layer atop a dispute resolution layer where the latter takes form of a versatile “verification game.”

In addition to secure outsourced computation, immediate applications include decentralized mining pools whose operator is an Ethereum smart contract, a cryptocurrency with scale able transaction throughput, and a trust less means for transferring currency between dis-joint cryptocurrency systems.

TrueBit Key Information

Token NameTrueBit
ICO start25th Sep 2017
ICO end10th Oct 2017
Distributed in ICO60%
Average price0.35 USD
Token SymbolALV
Token TypeERC20
Price in ICO0.3700 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

The Game Change Team Behind TrueBit

TrueBit Ico Review - Secure, scalable, decentralized computation

Smart contracts

TrueBit Smart contracts, introduced in 1994 by Szabo [61] and first realized in the Ethereum [11] cryptocurrency in 2015, are uncensorable programs that live on Ethereum’s blockchain and have their own executable code and internal states, including storage for variable values and ether currency balance. Proposed applications for smart contracts include outsourced computation and storage [13, 28, 50], prediction markets [2], decentralized venture funds [29], and Bitcoin mining pools [27, 51].

Ethereum’s variable gas Limit restricts the number of computation steps that smart contracts can perform. TrueBit itself is an Ethereum smart contract which allows users to call TrueBit contracts for trusted, computationally-intensive applications. Traditional Ethereum smart contracts can call a TrueBit contract as a subroutine, thereby effectively bypassing Ethereum’s gasLimit. In other words, TrueBit increases the per block work that the Ethereum network can process correctly.

How TrueBit works

TrueBit primary purpose is to realize correct, trust less computations despite miners’ limited computation bandwidth. Intuitively, A company wish to reward participants who correctly perform computational tasks, but who decides whether these tasks were done correctly? In absence of a dispute, the party who performs a computational task on behalf of a TrueBit contract simply receives a reward. On the other hand, if a dispute does occur, they must rely on the only trusted resource, the limited network of miners, to resolve it. Dispute resolution occurs as a “verification game” subroutine in TrueBit, and they will discuss its details in Section 3.

Who initiates a dispute in the case of an incorrect computation, and how can TrueBit ensure that such a dispute will actually occur? One option is to assume that each party with some stake in the contract brings their own trusted (although not necessarily mutually trusted) verified, and flags for a challenge if needed. This trusted verified approach suffices for some applications, but in general parties may need to rely on the results of a previously executed TrueBit contract ex post factor even if they themselves did not exist at the time of its creation. Like Ethereum smart contracts, TrueBit contracts must have universal validity.

System Properties

Any outsourced computation system should be fair in the sense that parties who perform computational tasks indeed receive compensation for their work and reliable in the sense that paid computations are performed correctly. In addition to these properties, TrueBit also ensures accessibility through easy joining or exiting of the verification ecosystem. Any anonymous party can play the role of Task Giver, Solver, or Verified, where a Verified is a party who checks solutions and becomes a Challenger whenever she reports an error.

In particular, TrueBit does not trust or rely on the reputation of its participants. Everyone who puts a deposit into the system has a fair chance to be hired for a given computational task. TrueBit offers several novel advantages over traditional cloud computing and verifiable compute able models. Verifiable computing ensures a correct answer for an outsourced computation by forcing the cloud to provide a short proof which witnesses the correctness of its computation.

Incentive layer

TrueBit now discuss the financial incentives which encourage anonymous parties to both contribute CPU cycles and perform requested computational tasks correctly. They use the dispute resolution layer from Section 3 as a subroutine and connect its role to the present construction. A Verified is a potential Challenger, that is, someone who checks submitted solutions and calls for a challenge (see Section 3) if and when she detects an error.

By assumption (ii) in Section 2.2, Versifier must receive adequate payment for verification tasks. As argued in the beginning of Section 2, however, Versifiers can only receive rewards when they actually find bugs. It follows that the reward for discovering errors must encompass amortized payment for all verification tasks checked, including those in which no bugs were found.

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