Tellor (TRB) is a decentralized oracle network that allows smart contracts to securely connect to external data sources. The Tellor ecosystem consists of three components:
* A decentralized oracle network
* A token, used as payment for the services of the oracle network
* Communities powered by different tokens that want to share data with one another.
The first component, decentralized oracle network, runs on the P2P platform with its own protocol. It enables smart contracts and developers to seamlessly talk with external data sources and be rewarded in TRB token.
The second component, TRB token, is required for the network maintenance — such as consistency and security of data in the network, and rewarding nodes that store data. To ensure its own value, the TRB token will be used to monetize community-specific data feeds.
The third component is a community with different digital tokens that want to share data with each other. Since these communities often use their own blockchain platforms and tokens, they need an easy way to access each other’s information without switching chains.
The Tellor network is secure and easy to implement because it utilizes a network of staked miners who compete to retrieve off-chain pricing data. This ensures that anyone can provide the data on its platform, and the data provided can be accessed by everyone.
The utility token used on Tellor ecosystem is called Tribute (TRB).
Who are the Founders of Tellor (TRB)?
Tellor was founded in 2019 by three Americans: Brenda Loya, Michael Zemrose, and Nick Fett. The protocol was created to address the Oracle problem on the Ethereum network.
Brenda Loya is Tellor’s co-founder and Chief Executive Officer. She formerly served as the chief developer and Vice President of Daxia, with a primary focus on blockchain, data science, and scalability.Prior to the VP role at Daxia, Brenda was the supervisory statistician and economist at the United States Department of Labor.
Michael Zemrose is Tellor’s co-founder and Chief Security Officer. He formerly worked at Daxia as a business development representative and a media consultant and entrepreneur before venturing into the realm of blockchain.
Nick Fett is the co-founder and Chief Technology Officer of Tellor. Prior to this, Nick was the founder of the crypto-based company Daxia, a derivatives protocol on Ethereum. Nick is an individual with a vast knowledge base. He has extensive knowledge in regulation, derivatives, machine learning, and economics.
Nick has also held positions at the United States Commodities Futures Trading Commission.
What is Tellor (TRB) Used for?
Tellor delivers trustless and secure information by utilizing a network of connecting staked miners that cooperate on issue solutions. The protocol functions as a bridge between Ethereum smart contracts and off-chain data, as well as enabling trustless feeds for network participants. This decentralization eliminates the need for third parties completely.
Tellor prohibits unauthorized parties from misusing data that is supplied off-chain, and the data feeds are refreshed every 5 minutes by Tellor’s smart contracts.
The utility token used on the Tellor system is Tribute (TRB). It is an ERC-20 token built on Ethereum utilized in the miner incentivization scheme. The currency is also used to reward miners who correctly answer questions.
What is the Unique Point of Tellor (TRB)?
Tellor’s distinguishing feature is that data on the protocol is submitted in bytes. This means that Oracle is suitable for almost all blockchain applications.
Tellor makes it makes it simple for Ethereum smart contract users to obtain trustworthy, authentic, and reliable information in a safe, decentralized, and trustless manner.
Its oracle works by motivating data reporters to post legitimate data on-chain while discouraging bad reporters through slicing and disputes, i.e., by making it permissionless.
Using open-source software, any individual in any part of the world can be a reporter. This is one of the characteristics that make Tellor stand out.
When people who use oracle request for the value of crypto, which is the off-chain data point (BTC/USD), the data reporters fight to add this value to an on-chain data bank, accessible by all smart contracts on the networks powered by Tellor.
The frequency by which the data can be updated is dependent on two factors. The first is how often users tip the feed with the Tribute (TRB) token. The second is how much users tip the feed with the Tribute (TRB) token.
How Many Tellor (TRB) Tokens are in Circulation?
Tellor (TRB) tokens run on the Ethereum blockchain and have a circulating supply of 1,703,442 TRB coins.
Is the Tellor Network Secured?
The Tellor network is secure because the Tribute token connects data reporters, community governance, and Oracle users.
Tellor’s governance contract ensures the network’s security. To obtain community consensus on the data and information being presented, the contract employs a basic dispute process.
To earn rewards and provide data, data reporters must make use of Tribute (TRB). If the network determines that a submission is inaccurate, it can be sliced and contested.
Participants must stake 500 TRB tokens as a guarantee to demonstrate their trustworthiness if they wish to validate the legitimacy of given data.
How do I buy Tellor Token (TRB)?
You can purchase TRB on Binance, Huobi Global, HBTC, and Dsdaq.
Which Cryptocurrency Wallet Supports Tellor Token (TRB)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Tellor token (TRB). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their TRB wallet because it offers a simple and interactive interface making it easy for people to navigate its system.
