80%

Truebit is a blockchain enhancement that enables smart contracts to securely perform complex computations in standard programming languages at reduced gas costs. Truebit’s simple interface generates publicly verified certificates for data processes and function evaluations.

TrueBit can trustlessly grab data across external sources, including other blockchains and uses a retrofitting oracle to connect to the outside world. While smart contracts can perform small computations correctly, large computation tasks pose security risks for blockchains due to the Verifier’s Dilemma. Truebit counteracts this shortcoming via a trustless, retrofitting oracle which achieves correct computational results. 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’s protocol 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 off-chain architecture and on-chain smart contracts.

Truebit is a net inflationary token, tokens are created and destroyed over time according to cumulative demand. Each Truebit task burns TRU tokens. Users can purchase or retire TRU tokens in exchange for ETH.