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Below is our recent interview with Blane Sims, Head of Product at Truebit:
Q: Could you provide our readers with a brief introduction to Truebit?
A: Truebit is a verified computing platform, paving the way for the next generation of developers to create scalable and interoperable applications to reliably connect Web3 applications. Dr. Jason Teutsch, Founder of Truebit, designed the original Truebit protocol to verify complex computations for smart contracts. Today, Truebit’s next-generation platform continues to use verification games to achieve provable trust: trust in knowing what code executed, that it executed correctly, trust in data and algorithms, and transparency and provenance for data used in AI and other automated processing. This next generation of transparent verification makes Web3 development accessible, reliable, and possible for real-world applications. The Truebit platform provides a secure way for developers to create interoperable Web3 applications beyond the limitations of traditional ledgers.
Q: Tell us about Truebit Verify.
A: Built on a foundation of transparent computation, Truebit Verify is a verified computing platform specializing in enhancing scalability, functionality and interoperability of Web3 applications, extending capabilities beyond traditional ledgers. Truebit Verify provides a new level of transparent authentication with provable, off ledger code execution for the 99% of application logic outside of blockchains while allowing developers to write code in familiar languages and deploy applications iteratively and quickly.
Truebit leverages decentralization to build applications that interact with multiple data sources and verifiably execute even the most complex code. The platform provides a layer of data validation that establishes a traceable record for any offchain data. Developers can read and write code to any API, deploy applications iteratively and quickly, optimize workflow, and
improve security, data integrity and transparency. In addition, Truebit Verify validates application data processed by external sources and provides portable certification.
Q: What is a Web3 application?
A: A Web3 application is a software application that runs on a decentralized network. Unlike traditional Web2 applications that operate on centralized servers controlled by a single entity, Web3 applications are designed to be more transparent, resistant to censorship, and more secure due to the decentralized nature of the underlying network.
Web3 applications often use smart contracts to execute code in a way that is verifiable and tamper-proof. They often integrate with digital wallets and blockchain platforms to handle transactions and ensure the integrity and security of data. Through our research and development of Truebit Verify, we have found that Web3 applications are part of a broader movement toward a decentralized internet that aims to give users more control over their own data and digital interactions. Because of the strong focus on decentralization, these applications often aim to be more interoperable, enabling assets or data to easily move across different platforms and services.
Q: Web3 has traditionally been associated with digital currencies. How is Truebit taking a different approach?
A: While Web3 technology is typically associated with cryptocurrencies and NFTs, it has the potential to revolutionize enterprise computing. To that end, a new generation of infrastructure is emerging that leverages consensus, verification, and transparency to address rapidly evolving challenges in computing. Some of the factors driving a shift to hybrid, multi-cloud infrastructures are the same forces underlying Web3 including security, reliability, risk mitigation, portability, interoperability, and cost control. In fact, according to IDC, within the next 5 years, 80 percent of enterprises will be part of industry ecosystems that rely on decentralized Web3 code.
As organizations continue to leverage cloud environments to accommodate the shift to hybrid and multi-cloud infrastructure, Web3 has emerged as the next evolution of the compute we rely on today — from VMs to containers to serverless functions. We believe that successful enterprise computing begins with harnessing the power of Web3 to build automated, distributed ecosystems beyond the confines of individual organizations.
Q: Which industries will benefit from Truebit’s computing platform?
A: Our mission is to provide a trustless solution for builders and data owners to certify truth so they can prove the integrity of data, systems and organizations to others. The Truebit team of experts works with customers and technologists to build innovative, real-world applications. For example, the Quadrans Foundation provides blockchain technology to trace and digitally authenticate food and textile products, enabling a transparent, safe, and reliable supply chain ecosystem. As part of the TRICK Consortium, Quadrans leverages Truebit to achieve TRICK’s development goals by providing transparent and tamper-proof tracking to reduce fraud and enable interoperability across data systems, including multiple blockchains and accounting systems. Truebit creates a single source of transparent truth with an audit trail of transcripts certifying task execution. In financial services applications, Truebit provides a certified transcript of identity validation services provided by a third party, verified integration with AI/ML-based algorithms that monitor transactions for suspicious activities, including independent verification to ensure smart contracts function as intended and trades settle accurately, and certifies data reported to investors and regulators (e.g. financial statements) are correct.
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