The public blockchain network has been in the spotlight over the years. One reason for this has been the unprecedented adoption of the system by cryptocurrencies such as Bitcoin and Ethereum. Recently, there has been more focus placed on the improvement of the public blockchain network. One of the leading reason behind this is the need to address the limits that cap Ethereum’s computational ability. This December, it is expected that a new TrueBit protocol will be released.
The purpose of the advanced TrueBit Protocol is to remove the computational limits present in ethereum. With the adoption of this new technology, it is expected that ethereum will be able to handle more computations per second as compared to the computations ethereum can currently process. TrueBit is scheduled to bring Ethereum closer to reach its objective of creating the most powerful computer; this ethereum blockchain running computer is referred to as the World Computer by people who know the ins and out of the blockchain industry.
Other solutions are being formulated to scale up the capabilities of ethereum, some of the resolutions and mechanisms being developed include Raiden, sharding and state channels. In as much as all these tech solutions are aimed at improving Ethereum, it is only TrueBit that focuses on enhancing the overall computational power of Ethereum’s network.
The other mentioned solutions are primarily focused on improving the transaction speeds within the network; this left behind an old resolved issue which is how to improve the computational power of ethereum by removing the current gas limit that restricts the computations the network can process within a given timeframe. TrueBit is mainly being developed to handle massive calculations brought about by the ever-evolving tech industry.
Machine Learning and video broadcasting are examples of the growing sectors of technology that require high computational power. With TrueBit, ethereum will be faster, reliable and much safer. Experts are projecting that TrueBit will significantly increase and probably do away with Ethereum’s limits.
The TrueBit protocol scheduled for release this December is not an entirely new system. According to the founder of 1protocal, Zack Lawrence, who is also the developer of TrueBit, the TrueBit protocol will be an improvement to the one in use currently. There was much speculation that the TrueBit protocol in use might be exploited. Information on this surfaced sometime last month.
Knowing this, Zack Lawrence and his team set to address the vulnerability issue in the current TrueBit Protocol, and this came with a silver lining. While patching the problems found within TrueBit’s existing algorithm, developers decided to enhance the code to provide the blockchain network that ethereum runs on with more computational capabilities.
To be able to tackle the current gas limit present within Ethereum’s blockchain network, the TrueBit protocol being released will be capable of moving a fraction of the computations off the blockchain network. The calculations that will be removed from Ethereum’s system will be outsourced to an external marketplace. Once moved, participants within the foreign market will be able to process these transactions and computations.
Some of the duties of the participants in the external marketplace include solving and verifying Ethereum’s transactions. Once the participants are done with the mentioned duties, they will be able to receive rewards or forms of payments for their services. The external market has been designed to enable task givers to pay the verifiers to solve Ethereum’s computational tasks. After this, the validators are tasked with the duty of verifying that all the computations are of integrity, factual and not compromised in any way.
TrueBit hopes that the new protocol and system they are soon rolling out will efficiently work as it expands the horizons for Ethereum’s technology. Within the marketplace, TrueBit has put in place a system that runs on incentives. The primary reason behind this is to enable the marketplace participants to run efficiently. The system in place by TrueBit is called the “forced errors jackpot.”
The forced errors jackpot works by allowing validators to actively check for the correctness of the data provided to them by the verifiers. For TrueBit to achieve this, verifiers are expected to submit incorrect information to validators on random occasions. When the validator crunching the data to ascertain its correctness unveils forced errors, they are rewarded with a jackpot.
Another feature of the improved TrueBit protocol is its ability to let participants operate openly while also doing away with the limits previously set on the number of tasks that a participant can carry out.
The current solutions being provided to increase the computational power of Ethereum and its blockchain network are not final. For instance, the TrueBit protocol being launched this December is not the last version that ethereum sets to adopt in its quest to increase efficiency and its overall power to compute data.
Both versions of protocols are expected to hit a glass ceiling when dealing with massive computations. That will need to be addressed soon as with the case with any other technology being rolled out. Technology has proved to be growing at a faster rate compared to the past decade; this results in the generation of a lot of data that has to be processed over shorter durations of time.
Even if the current TrueBit protocol manages to address the immediate needs of Ethereum’s blockchain network, there will be the eventual need to enhance further the technology that aids the functioning of the system to match the future arising needs.
It is worth noting that the use of the marketplace verification will be slower when compared to Ethereum’s native audit process. Other than this, marketplace verifications are more expensive as payments or rewards are attached to the validation and verifying of the transactions and computations.
Ethereum acknowledges that security is a continuous journey as each passing day and the development of other technologies present different hurdles. Ethereum is embarking on a mission not only to increase the efficiency of its network but also enhance the security of its blockchain while creating its world computer.