Up over 75% in 7 days: All you need to know about TrueBit (TRU) crypto

Highlights

• TrueBuit crypto has outperformed many other altcoins in terms of monthly and weekly performance
• TrueBit ensures that complex computations of smart contracts are performed securely
• TrueBit performs computations at reduced cost.

The crypto market is witnessing a pullback on Monday (30 May) with Bitcoin, the bellwether crypto rising over 4% to trade above the US$ 30k mark. Ethereum also gained over 6%. Following the bullish undertone of the crypto market, many altcoins are regaining from the lows seen earlier this month. One such crypto is TrueBit (TRU) crypto, which has rallied over 75% in the last seven days as per CoinGecko.

In the last 24 hours, TrueBit crypto has gained 32%, taking its last 7-day gains to over 77%. At the time of drafting this article, TRU crypto was trading at US$0.253220 per token with 44% jump in its trading volume at US$2.46 million in the last 24 hours. Despite today’s gains, this crypto 80% below its all-time high of US$1.29 hit on 2 May 2021, according to CoinMarketCap, which has ranked this token at 2922th place based its present market capitalisation of US$70.46 million.

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However, we could not ascertain if there is any reason behind today’s gains in TRU crypto prices.  

What is TrueBit (TRU)?

Can Truebit (TRU) crypto sustain its charm?

The whitepaper of TrueBit Protocol describes it as a system that enables trustless smart contracts. In brief, the system empowers the users to perform any computation task securely. Another feature that differentiates TrueBit from other platforms (as the company claims) is that it minimises the redundant network node computation employed in Ethereum smart contracts.

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In the Ethereum network, a miner is required to copy each smart contract action in the whole system. In contrast, TRU outsources the majority of the computation work to a small number of entities.

The protocol of TrueBit ensures correctness in two layers. The first layer is a unanimous consensus layer in which anyone can question the faulty solutions. The second layer is an on-chain mechanism that boosts participation and guarantees fair remuneration.

TrueBit does not rely on cryptographic proofs of correctness; rather, it brought scalable computation to the blockchain by increasing the on-chain computation power of current networks through financial incentives and game theory principles. One of the outcomes of this is a reduction in marginal gas costs. 

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TrueBit needs access to a big data system to perform huge scalable computations. Ethereum’s blockchain is not sufficient to fulfil the requirements of TrueBit. The whitepaper highlighted that the platform could easily and securely access huge data sets if the data is stored permanently and publicly, such as Swarm.

Noteworthy about TrueBit is that its supply may change over time.

The applications of TrueBit are checking proof-of-work, layer-2 settlements, batch verification of cryptographic signatures, operating high computational complexity, insurance, high transaction throughput and decentralised finance settlements and bookkeeping.

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