🔗 ⛓️TRUEBIT PROTOCOL EXPLAINED 🔗 ⛓️

Truebit protocol aims to expand the computational capacity of ethereum blockchain and has been recently launched on uniswap.

The creator of truebit protocol is Jason, who is a PHD in mathematics, along side Christian who was the lead developer on the ethereum coding language solidity. It is backed by Coinbase and Vitalik buterin helped them build it.

Truebit protocol aims is to perform complex computations on the blockchain like machine learning. It can also be used to work as an oracle like chainlink where you can store and run programmes like face recognition, process huge chunks of data like the ones used in tradional finance sectors, hospital datasets, online gaming like fortnite, and many more.

Trubit protocol uses optimistic rollups where the tasks are performed on the second layer or the outer layer and the verified results are then shifted to the main/base layer in bundles. What this does is, it increases the the no. of transactions per block and allows for storing and running heavy functionson the blockchain like the ones we already covered.

Now lets see where all can trubit protocol be implemented.
1. Point of Sale payment system - With instant transfers, fast checkouts and no risk of settlement failure, the network can be used for micro payments and daily transactions. In the future, Using truebit, gas fees will be as low as 1/10th of a cent ($ 0.0000001) which practically makes it free to use the network.

2. Digital Assets - The key for NFTs or digital assets is ownership. Whether the ownership exists on L1 or L2 matters little to the people. Even in gaming industry, Placing the assets in an Optimistic Rollup L2 allows the game to support the instant, free transfers and high throughput that a game demands. Developers can avoid paying minting fees unless the user chooses to withdraw to L1.

3. Decentralised Finance or DeFi as we know it- Micropayments rely on high-throughput and low cost to be viable.

Truebit is like the PolkaDot parachain alternative to Ethereum , connecting all blockchains to ethereum through its platform. Trubit makes Interoperability or cross chain between 2 different blockchains a possibility.

4. Work with IOT devices- Smart devices like your smart fridge or even sensors directly recording on ethereum though truebit as soon as the action takes place.

⛓️ 🔗 Useful Links 🔗 ⛓️
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