Tha_Validator

Crypto and Memes

[TruebitGod @TruebitGod]

I was listening randomly to the Mike Cagney interview on stablecoins (Figure & Provenance Blockchain key person, the latter company being at the forefront of RWA tech) when a thought hit me: what if Truebit's verifiable computation layer could serve as the trust anchor for an ecosystem like this?

Figure is doing around $50B+ in real-world loans on-chain, as well as a publicly registered and interest-bearing stablecoin (YLDS), and plans to wormhole assets to Solana and Ethereum. It’s DeFi-meets-TradFi, I'm unsure of how it scales, but surely every step needs to be verifiable??

1. Are the RWAs real?
2. Is the yield actually coming from short-term treasuries?
3. Does the cross-chain state match the original asset on Provenance?
4. Are transfers happening within compliant parameters?

The more I see this kind of thing, the more I believe in what @Truebitprotocol is bringing to this sector, and the more I believe in 'The Age of Verification' as I once put it.

As a neutral verification layer, Truebit Verify could confirm loan terms, reserve matching, yield logic, cross L1 asset consistency, and even real-time regulatory conditions, and all without relying on trust in intermediaries.

We're looking at a programmable audit trail that speaks the language of both DeFi and regulators. I've said it before and say it again, Truebit Verify is INFRASTRUCTURE GLUE.

[Tha_Validator @ThaValidator]

@Know_More_News @rosarygnoticer1 @captain_goldbug @Apolitical3678 @unbekanntRache What’s your view on Christian Orthodoxy?

[TruebitGod @TruebitGod]

No activity in the last 4 days on any of the beta nodes.

This is what I have seen so far, despite the opacity of the public beta, and the very little detail we have been given on how these closed operations are running.

Thanks to @TrueCryptoPower for pointing out the four node addresses:

0x76a289A0d19A5fA24ad5fA3985241fe80E7f0d71
0x344462d1a0A3A61945aA9Dd4C072df8CaeD1aF86
0xd70C3454aaD1B7ec660a064d8b1FE5708d898d84
0x9e03cAe2e2687D13D72D1178c73f73E6Bd0eFB34

Since, according to the latest docs, "Every Truebit Task is executed in parallel by multiple Truebit Nodes", I dug for clues around coordination, things that would suggest task submission, task solving, verification, and challenges (again, from the docs we know that once the nodes execute, they ping the Truebit Verify Hub with the results). There hasn't been much I'm afraid:

March 31, 13:14 UTC

Three nodes hit address 0x6E7175c46C1e2aC0EEE92C22Fa18Df0D98da72C2 using input data "0x1680b35c", could this be some sort of task round opt-in or task submission to The Verify Hub (assuming 0x6E7....72C2 belongs to the Verify Hub)? Look at the time stamps, within seconds of each other.

See here: https://t.co/v9TutzEi90

0xd70C3454aaD1B7ec660a064d8b1FE5708d898d84 has the most transactions. It interacts a lot with 0x6825142A0e85dDB3cBf872a26eE2beefaedbc465 but it's impossible to work out what address 0x68....c465 is for. Since transactions from the node are going to it, it might be that it's an address in the Verify Hub. I'm just guessing, but the call 0x2aa260a6 which the node address repeatedly sends to 0x68....c465 might be some kind of solution submission.

One other thing to note:

https://t.co/9n2ovurUT6

This transaction shows that node 0xd70C....8d84 created the contract 0x68....c465, so if 0xd70C....8d84 is definitely the node and 0x68....c465 is a contract in the Verify Hub, does that mean that the node creates the contract for its task (a “task-specific" contract in the Verify Hub) and then submits results to it? That may explain the sequential transactions to the contract post-contract creation.

The lack of transactions in the last few days is halting my investigation, in particular the silence from the other three nodes. Looking forward to some more activity, and signs of further coordination.

#JustVerifyIt

[TruebitGod @TruebitGod]

I've received a few DMs asking me my opinion on the post-beta 'Truebit Verify' economy. A lot of you are concerned about the game theory and incentive design, and if the $TRU token is likely to have utility (and value). The $TRU token was referenced extensively in the v1 docs, but the recent https://t.co/MGVCZfSMar publication is tacit at best when it comes to $ETH or $TRU, with the word 'incentives' linking back to a glossary which (perhaps strategically) omits any definition of the word.

Here is a summary of what I understand.

@JasonTeutsch @yes_blane_sims Where you legally can, correct and comment.

Let’s dive in 👇

Right now, in the Open Beta, the Truebit company is running the nodes, covering all on-chain costs. But once it's open to independent node operators, here’s how I believe things will unfold:

Execution Rewards 💻

When you run a node and correctly perform compute tasks, you get paid in fees. This will be in $ETH or $TRU (I hope it's just the latter ).

Security Deposits & Penalties 🛡️

To prevent malicious behavior, node operators will likely have to stake collateral (again, I hope it's just $TRU).

If they cheat by submitting a false result, and get challenged, they lose some or all of their staked $TRU.

Verification Bounties 🥅

Verifiers (also the same nodes) who catch incorrect computations get rewarded from the value accrued through the penalty impositions on cheating nodes. This game theory enforces an honest network, because A) economic penalties are imposed for cheating, and B) there is always someone waiting to "profit" from fixing someone else's corruption.

Reputation & Attestations 🧾

Nodes will obviously build up reputation over time for accurate execution, or lose reputation (and staked value) over time for falsification. I think this will affect how much work they get and how much they’re trusted.

Task Submission ⛏️

This area is ambiguous to me, devs and dApps will undoubtedly pay standard gas fees to submit tasks, but whether the $TRU token has a place in this fee structure remains to be seen. I predict it will have, as you're paying for Verification-as-a-Service, you're paying for trusted compute and verifiable transcripts, it has to cost more than just the associated-blockchain gas fee.

Now that I've put that out of the way, the crux of the matter has to be economic sustainability. Why would anyone want to run a node that costs money to deploy, the costs are obviously 1. Time, 2. Hardware, 3. Software, and 4. Staked $TRU.

There MUST be a viable economic structure, and, dare I say, there even has to be SECONDARY MARKETS in play. This is a core economic reality in any blockchain-based system. Node operators will want potential appreciation of the $TRU token, and/or they will want immediate access to $ETH / $USDC / $USDT to swap their $TRU tokens for in order to cover their initial and ongoing costs. Incentive rewards only make sense if there is a price reference for $TRU.

$TRU therefore has to be liquid, and has to be relatively free from major volatility.

So, imagine you’re a node operator after the beta ends:

You stake 10,000 $TRU to be eligible.

You run a node and earn 2,000 $TRU / month in rewards.

Your costs (infrastructure, time, etc.) = $300/month.

If $TRU is trading at $0.50, you're making $1,000 per month which is decent. If you can’t sell $TRU directly on a secondary market, you're just sitting on "points" (unless you use the Truebit OS), and if $TRU dumps to $0.05, you're earning just $100/month and your staked value is way down.

So running a node only makes sense if there's a reliable and liquid market for $TRU.

The bit I am not entirely clear on, is if the Truebit OS is the only-intended economic component here, is it merely the buy-in and cash-out engine to retrieve $TRU for $ETH, and then later on retrieve $ETH for $TRU? Since the price is pegged to $ETH then the OS can always give a node operator $ETH for their earned $TRU, but this opens the possibility of secondary stable coin markets so node operators can bypass the OS-to-ETH-to-Stables rigmarole.

TL;DR: Yes — if node operators are paid in $TRU, then I believe a real, liquid, and trusted secondary market is absolutely essential. Otherwise, there’s no economic rationale to run nodes at scale.

Ultimately, Truebit's future depends on a growing demand for verified compute, but incentives need to be aligned between task givers, node operators, the Truebit company, and dare I say, speculators.

I believe a secondary market depth for $TRU is a must. Without it, node rewards are meaningless and there is no incentive to operate. $TRU needs deep liquidity and strong utility to avoid becoming a dead reward token.

I've also been asked 'Why $TRU and not just $ETH?'. I will do another post on this later on, to try and gather all of my thoughts. I will tie this with a deeper look into the Truebit OS, as well as the potential for yield on staking.

Feel free to DM me on here if you want further opinions of mine on this very exciting future for the 'Age of Verification'. I'll probably divulge my Telegram at some point too, so I can engage with the community more directly.

#JustVerifyIt

[Noooomeme @Noooo_meme]

Chat, this real? It gets the seal

[G @smokiemahoney]

@SizeChad *listen, it's not a dog in a hat, but it's the 'lady in the sock hat' it's joe rogans favorite meme, and it's f*cking Trump meta*

$NOOOO / @Noooo_meme

4E3CrfKrPWmnE2kFrdeRKyiovpUWpUXHtqXpXzZZsxZ2

[Crypto Green Ranger @CrypGreenRanger]

@BullyEsq $USA is a good one. Today is also the 9 year anniversary of the @Noooo_meme - and there’s 4 more years of content coming. $NOOOO

[Charlie @btc_charlie]

Not as deep as I'd have liked (that's what she said).

But I think $BTC runs from here....

[Noooomeme @Noooo_meme]

@frankdegods $NOOOO is going higher than their worst nightmares.

[Tha_Validator @ThaValidator]

@rndterminal looks interesting

[Cryptic Mang 🗿🧲🍿 @Cryptic_Mang]

@meechie Buy $Noooo.

It’s @joerogan favorite meme.

Don’t believe me…listen to him.

4E3CrfKrPWmnE2kFrdeRKyiovpUWpUXHtqXpXzZZsxZ2

[G @smokiemahoney]

$NOOOO meme the type of meme to really get normies all jacked up. There's no bigger cult out there than Americans that are sick of the woke shit.

$USA $MAGA $TRUMP

[🍿 EnjoyTheShow 🍿 @EnjoyyTheShow]

@Cryptic_Mang @01_a247 @metaversejoji @Noooo_meme …Numbers don’t lie / CT DOES 🤣🤣

CT got a knuckle sandwich to the face today - @Noooo_meme in the green today after majority of coins liquidity sucked nice and dry !!

Stay Tuned….

[Cryptic Mang 🗿🧲🍿 @Cryptic_Mang]

@01_a247 @metaversejoji @Noooo_meme Normies favorite meme to dunk on libs.

$Trump put the moonshot app on the website for a reason… and it wasn’t to appeal to the crypto native audience.

$Noooo holderbase is normie union bros that do not know how to sell.

Numbers don’t lie…CT does.

[Cryptic Mang 🗿🧲🍿 @Cryptic_Mang]

@stoolpresidente @krakenfx Dude. Just buy $Noooo.

OG meme dunking on libs, meme’s 9 year anniversary is on Monday.

11 months old, holderbase is a bunch of union bros from the northeast and other based bros that are sick of the woke shit.

[Cryptic Mang 🗿🧲🍿 @Cryptic_Mang]

@mezoteric Check out $Noooo. OG Trump meme dunking on libs

Memes 9 year anniversary is on Monday.

Retail is going to be piling in over the next few weeks, $Noooo been around for 11 months, with diamond hand holders.

4E3CrfKrPWmnE2kFrdeRKyiovpUWpUXHtqXpXzZZsxZ2

[G @smokiemahoney]

Who's going to be the first $PNUT whale to head for the exit and ape real $TRUMP meta memecoins? wouldn't want to be holding PNUT when it happens.. you'll become the @Noooo_meme

$NOOOO
$DEPORT

@Noooo_meme
@DeportOnSol

[Archie @thatssogwei]

@Moonpl0x Kamala supporters like: $NOOOO

[Crypto Green Ranger @CrypGreenRanger]

Wow!! What a post! $NOOOO

[Crypto Green Ranger @CrypGreenRanger]

@martypartymusic @solana The Presidential Chain has spoken! #politifi is back, and so are meltdowns! @Noooo_meme @martypartymusic