TrueBit (TRU)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 26-4-2021
• From Rekt (5-5-2021):

"According to the Substack post released on April 20th, the purpose of TrueBit is to “enable smart contracts to securely perform complex computations in standard programming languages at reduced gas costs.”"

History

• From Rekt (5-5-2021):

"What made people so skeptical?

1: Many were concerned that there had been little recent development considering the protocol was suddenly live, but it turned out that the project has two Github accounts - TruebitProtocol and the more developed TrueBitFoundation.

2: TrueBit's official Medium didn’t clearly state a token contract, which led some to believe that the launch contract could be an imposter. However, the contract address can be found in the FAQ section of their website.

3: The most recent communication from TrueBit was their announcement that the mainnet went live on April 26th. Leading up to this there had been no Twitter activity from the team since Jan 25th.

4: The absence of any official Telegram or Discord for the project.

Considering all the above points, plus the extreme level of hype and shilling during the token sale, it’s understandable that people would become suspicious. Unless the TrueBit team address the matter in their Q&A, we may never know for certain if this launch went according to plan.

Perhaps the lack of marketing and promotion was deliberate, as the founders have said in the past that they prefer to focus on development rather than feed the speculators. However, the lack of communication only increased the amount of speculation, and this could have been avoided with just one tweet."

Token

Launch

• From Rekt (5-5-2021):

"The scant information available on the token sale led many to believe that a bonding curve was used, and that it failed to maintain the price. However, the team made no mention of any bonding curve, and this was simply a misunderstanding of the mint/burn process used by TrueOS in the sale.

Users can interact with the TrueOS smart contract to mint new TRU tokens from their ETH, however, as more tokens are brought into circulation, minting becomes more expensive. TRU tokens can also be sold back to TrueOS, which buys the tokens at 12.5% of the highest minting price and then burns them.

All was going well until the hype turned to fear on May 2nd when the token price suddenly crashed after 24 hours of consecutive green candles."

Technology

• Whitepaper can be found here (2017) co-authored by Jason Teutsch and Christian Reitwießner.
• Code can be viewed [insert here].

Implementations

• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

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