Why you should be SUPER BULLISH.
this is copy and pasted from here...
https://threadreaderapp.com/thread/1388642390932664323.htmlIn 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. 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. 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." 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. I had to put out the TLDR first since this is kind of a mega thread.
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. 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. 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. 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!!!
📷EVM optimistic rollup using TruebitThe interactive verification protocol Truebit recently launched. This post will assume that something like Truebit exists as a black box giving delayed results to queries of the form “run some code an…
https://ethresear.ch/t/evm-optimistic-rollup-using-truebit/93189/ $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. 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! 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. 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. 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! 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! 21/ Links and resources:
- Website: truebit.io
- CoinGecko: coingecko.com/en/coins/trueb…
- LinkedIn: linkedin.com/company/truebi…
- Whitepaper co-authored with Solidity creator: people.cs.uchicago.edu/~teutsch/paper…
- Whitepaper co-authored with Vitalik Buterin: people.cs.uchicago.edu/~teutsch/paper…