Jason Teutsch is a mathematician (PhD) and computer scientist whose research focuses on distributed systems, security, game theory, and algorithmic randomness.

Jason is also the founder of TrueBit – a scalable verification solution for Blockchains.


In this episode, Jason and I discuss:

– The computational limitations of Ethereum smart contracts

– The definition of smart contract (hint: it’s not the same as a legal contract), gas, and the gas limit on Ethereum

– The “Verifier’s Dilemma,” a situation whereby Blockchain miners have little to no incentive to verify transactions (which is the problem TrueBit solves)

– Use cases for TrueBit, including LivePeer – a decentralized video streaming platform, AI, “Interactive ICOs,” and much more



[00:56] – Who is Jason Teutsch, and what is Truebit?

[04:51] – Jason’s journey to Bitcoin and Ethereum

[05:10] – Writing the paper on the Verifier’s Dilemma

[08:58] – Gas and the gas limit on the Ethereum Blockchain

[09:28] – What’s a smart contract?

[12:44] – Jason’s more accurate definition of gas and the gas limit

[13:46] – Ethereum’s computational limits

[17:00] – The 6-block Bitcoin fork of July 4th, 2015

[29:48] – Truebit vs. Amazon Cloud

[34:47] – LivePeer – a decentralized video streaming platform

[39:02] – Trent McConaghy, the Art Dao, and genetic algorithms

[44:00] – The Dogecoin Ethereum bridge, courtesy of Truebit

[49:37] – TrueBit and Numerai

[55:50] – Jason goes over his 10-year predictions for Bitcoin and Ethereum

[56:41] – Tragedy of the commons and the expiration of Bitcoin block rewards

[1:00:40] – How to contact the TrueBit team and get involved

[1:02:00] – The various TrueBit projects – Steak Network, SmartPool, Interactive Coin Offering protocol

[1:05:00] – Conclusion



Verifiable Computing

SNARK (Succinct Non-interactive ARgument of Knowledge)

– The “Verifier’s Dilemma” – Demystifying Incentives in the Consensus Computer (why you need a gas limit)

Smart contract

– What is the Ethereum gas limit?

Bitcoin fork on July 4th, 2015

SPV Mining



Trent McConnaughy


– The ArtDAO


BTC Relay


Ocean Protocol

Homomorphic encryption

On the instability of Bitcoin without block rewards

–  Bitcoin Tragedy of the commons

Ethereum Ice Age

Steak Network

Smart Pool

Interactive Coin Offerings



– TrueBit website

– TrueBit GitHub, Reddit, Medium, Twitter, Facebook, and YouTube



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