Zach had an interesting discussion with Kendrick Nguyen, a co-founder of Republic, a company that enables non-accredited investors to purchase equity in startups. One of their focuses is crowdfunding …
TrueBit: Scalable Decentralized Computing
Robbie Bent from Truebit got in touch with Zach DeWitt to talk about decentralized computation using off-chain and on-chain solutions with Truebit.
Truebit provides a means to tap beyond the Ethereum gas limits for trustless decentralized computation. It does this by enabling computational problems to be solved and verified off-chain, while only looking to the broader Ethereum network to address disputes about the validity of a particular step of a computational result. Rewards are distributed to both solvers and verifiers.
The solution gets around the Verifier’s Dilemma (poor economic incentives to verify the validity of a computational result on modern public blockchains) while providing for an efficient route to harness the massive computing network behind Ethereum.
Robbie had these insights to offer us:
Blockchains need to be able to meet massive computational needs
Cryptocurrencies are nice, but if blockchain technology is going to revolutionize modern computing, it needs to be able to tackle the same problems that centralized computational service providers can (like Amazon’s EC2). Being able to transcode video or validate online voting can’t be done on blockchains if they’re not cost-effective to use.
Truebit brings cost-effective and secure decentralized computational power to blockchains
By enabling off-chain third-parties to execute computations on-demand, posting the results of their work to the Ethereum network after completion, Truebit turns Ethereum into a “Supreme Court” of sorts. With the need for only one honest actor in the network and the elimination of the requirement to have the entire computation powered by the whole network, Truebit offers an inexpensive solution to decentralized compute power.
New blockchain tech needs to deliver on their white papers
It’s very important to the Truebit team that they complete all the features they mentioned in their white paper. Once they’ve built in everything (like verifying Dogecoin transactions), they’ll be excited to see how people experiment with what their solution has to offer.
- Blockchains need to be able to meet massive computational needs
- Truebit brings cost-effective and secure decentralized computational power to blockchains, and
- New blockchain tech needs to deliver on their white papers