Tellor functions as a decentralized oracle protocol.
Oracles play a vital role in blockchain systems by integrating crucial off-chain information into on-chain smart contracts.
Through Tellor's oracle, data can be requested, verified, and integrated on-chain without needing permission, thanks to data reporters who compete for TRB incentives. These reporters bring essential data to the blockchain, facilitating various DeFi applications.
What Makes Tellor Unique?
Tellor stands out by motivating data reporters to deliver accurate information on-chain and discouraging incorrect submissions through dispute mechanisms and penalties. Becoming a reporter is open to anyone worldwide, requiring no prior verification, setting it apart from other blockchain oracles.
When users of the oracle request specific off-chain data (like BTC/USD), data reporters vie to submit this information to an on-chain database accessible to all smart contracts on networks supported by Tellor, such as Ethereum, Polygon, and Algorand. Data update frequency is determined by the level of TRB token "tips" provided by users.
Additionally, Tellor uses byte-format for data submission, making it adaptable and robust for nearly any blockchain application.
Who Are the Founders of Tellor?
Tellor was introduced in 2019 by a team based in the United States, aiming to solve the oracle problem on the Ethereum blockchain.
The founders of Tellor are Brenda Loya, Nick Fett, and Michael Zemrose.
Brenda Loya, Tellor's CEO and co-founder, previously served as VP and Lead Developer at Daxia, focusing on blockchain, scalability, and data science. Her career also includes roles as an economist and supervisory statistician at the U.S. Department of Labor.
Nick Fett is a co-founder and CTO of Tellor. Before establishing Tellor, he founded Daxia, a derivatives protocol on Ethereum, and has a background in economics, regulation, derivatives, and machine learning, with experience working at the U.S. Commodities Futures Trading Commission.
Michael Zemrose, co-founder and CSO, was involved in business development at Daxia and had been an entrepreneur in media and consulting before venturing into the crypto space.
How Is the Tellor Network Secured?
The native token of Tellor, known as Tributes (TRB), serves to connect data reporters, oracle users, and community governance.
Safety on the network is ensured through Tellor's governance contract, which employs a straightforward dispute system to reach community agreement on data accuracy. Reporters need to stake TRB to submit data and earn rewards. However, if they provide incorrect data, they can be challenged, with their staked TRB potentially awarded to the challenger.
Further details on network security and the theoretical cost of an attack are available here.
Where Can You Buy Tellor (TRB)?
To buy, sell, or trade Tellor (TRB), you can use the following exchanges:
* Binance
* Huobi Global
* OKEx
* HBTC
* Dsdaq
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