What is Tellor (TRB)?
Tellor is a decentralized oracle protocol that provides a secure and reliable way to bring off-chain data onto on-chain smart contracts. It aims to solve the oracle problem by incentivizing a global network of data reporters to submit accurate data to the blockchain.
Tellor’s native cryptocurrency token, Tributes (TRB), plays a crucial role in securing the network and incentivizing honest data reporting. TRB is used by data reporters to stake on the accuracy of their submitted data and by users to request and access data from the oracle.
Tellor’s Permissionless Oracle Network
One of the key features of Tellor is its permissionless oracle network. This means that anyone can become a data reporter using Tellor’s open source software, regardless of their location or background. This decentralized approach ensures that the oracle remains censorship-resistant and reliable.
Data reporters in the Tellor network compete to provide accurate data by staking their TRB tokens. They are rewarded with TRB for submitting valid data, while inaccurate submissions can result in the slashing of their staked tokens. This incentive mechanism encourages data reporters to act honestly and maintains the integrity of the oracle.
Tellor’s Governance and Security Model
Tellor’s security is maintained through a governance contract and a dispute mechanism. If a data point submitted by a reporter is challenged by another party, the dispute is resolved through community consensus. The governance contract allows TRB token holders to vote on network upgrades and parameter changes, ensuring that the oracle adapts to the needs of its users.
The dispute mechanism and community governance work together to create a robust and secure oracle network. By requiring data reporters to stake TRB and face potential slashing for inaccurate submissions, Tellor creates a strong incentive for honest behavior and maintains the trustworthiness of the data provided to smart contracts.
Tellor’s Founders and Team
Tellor was founded in 2019 by a team of experienced professionals with backgrounds in blockchain, economics, and business development. The three co-founders, Brenda Loya, Nick Fett, and Michael Zemrose, bring a diverse set of skills and expertise to the project.
Brenda Loya – CEO and Co-Founder
Brenda Loya serves as the CEO and co-founder of Tellor. With a background in blockchain, scalability, and data science, she brings valuable insights to the development and growth of the project. Prior to Tellor, Brenda held positions as a VP and Lead Developer at Daxia and as an economist and supervisory statistician at the U.S. Department of Labor.
Nick Fett – CTO and Co-Founder
Nick Fett is the CTO and co-founder of Tellor, responsible for the technical direction and development of the platform. His experience in economics, regulation, and derivatives provides a solid foundation for understanding the needs of decentralized finance applications. Before co-founding Tellor, Nick founded Daxia and held positions at the U.S. Commodities Futures Trading Commission.
Michael Zemrose – CSO and Co-Founder
Michael Zemrose serves as the CSO and co-founder of Tellor, focusing on business development and strategic partnerships. With a background in business development and media consulting, Michael brings valuable experience in growing and expanding the reach of the project. Prior to Tellor, he worked in business development at Daxia and as an entrepreneur in media and consulting.
How Tellor’s Oracle Works
Tellor’s oracle operates through a network of data reporters who stake TRB tokens to submit data to the blockchain. These reporters are incentivized to provide accurate data through rewards and face the risk of losing their staked tokens if their submissions are disputed and found to be inaccurate.
The process of data submission and access on Tellor can be broken down into the following steps:
- Oracle users request specific data points by creating a query and paying a fee in TRB.
- Data reporters compete to submit the requested data by staking TRB and providing an off-chain data value.
- The submitted data is stored in an on-chain data-bank, which can be accessed by smart contracts on supported networks like Ethereum, Polygon, and Algorand.
- If a data submission is challenged and found to be inaccurate through community consensus, the reporter’s staked TRB is slashed, and the disputed data is removed from the data-bank.
Requesting and Submitting Data on Tellor
Oracle users, such as decentralized applications (dApps) or individuals, can request off-chain data by creating a query on the Tellor network. They specify the desired data point and pay a fee in TRB to incentivize data reporters to provide the information.
Data reporters, who are individuals or entities running Tellor’s open source software, compete to submit the requested data. They do this by staking a certain amount of TRB and providing the off-chain data value. The reporter who submits the data first is rewarded with the query fee and additional TRB from the network’s inflation.
Flexible Data Submission in Bytes
One of the advantages of Tellor’s oracle is its flexibility in handling various types of data. Data reporters can submit data in bytes, allowing for the inclusion of different data types and structures. This flexibility makes Tellor suitable for a wide range of blockchain applications that require robust and reliable data.
For example, a dApp might request the current price of a specific cryptocurrency, the result of a sports match, or the weather conditions in a particular location. Tellor’s oracle can handle these diverse data points, ensuring that smart contracts can access and utilize the information they need to function properly.
Tellor (TRB) Price and Market Stats
As of September 2021, Tellor’s native token, TRB, has the following market statistics:
- Tellor price: $90.89 USD
- Market cap: $235,780,739 USD
- 24-hour trading volume: $45,929,433 USD
- CoinMarketCap ranking: #254
Tellor’s Current Circulating and Total Supply
Tellor has a circulating supply of 2,594,253 TRB coins and a total supply of 2,650,720 TRB. The fully diluted market cap, which takes into account the total supply of TRB, is $240,912,787 USD.
| Circulating Supply | Total Supply | Fully Diluted Market Cap |
|---|---|---|
| 2,594,253 TRB | 2,650,720 TRB | $240,912,787 USD |
Where to Buy, Sell or Trade Tellor (TRB)
Tellor (TRB) can be bought, sold, or traded on various cryptocurrency exchanges, including:
- Binance
- BTCC
- LBank
- BYDFi
- OKX
These exchanges offer TRB trading pairs with other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT) or USD Coin (USDC). Before trading TRB, it is essential to research and compare the fees, security, and reputation of each exchange to ensure a safe and efficient trading experience.
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