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Tellor (TRB) is a decentralized oracle network designed for Ethereum-based applications. It connects smart contracts to external data, providing real-time, reliable, and verified information. The network uses a hybrid consensus protocol, combining Proof-of-Work and Proof-of-Stake mechanisms, to ensure trustless and secure data feeds. TRB tokens are used for incentivizing miners, requesting data, and resolving disputes, making Tellor a cost-efficient and secure solution for accessing off-chain data.
Tellor (TRB) is the native token of the Tellor network, a decentralized oracle protocol designed to connect Ethereum smart contracts to external data sources. The token plays a crucial role in various aspects of the network's operations:
Payment: Users submit TRB tokens to request data from the network. This payment incentivizes miners to provide accurate data.
Mining: Miners must stake 1,000 TRB tokens to participate in the mining process. This staking ensures that miners have a vested interest in providing reliable data, as they can lose their staked tokens if they submit false information.
Rewards: TRB tokens are rewarded to miners when they solve mathematical equations and provide accurate data. This reward system motivates miners to participate and maintain the integrity of the network.
Dispute Mechanism: TRB tokens are used to initiate disputes if a user is not satisfied with the validity of a mined value. The dispute fee is paid by the user, and other token holders vote on the validity of the disputed value. If the dispute is supported, the miner loses their staked tokens, and if it is challenged, the miner receives the dispute fee.
Security: The staking of TRB tokens by miners acts as collateral against malicious data submissions. This ensures that miners are economically incentivized to provide accurate data, as they risk losing their staked tokens if they submit false information.
In summary, TRB tokens are used to facilitate data requests, incentivize miners, reward accurate data submissions, and maintain the security and integrity of the Tellor network through its dispute mechanism.
To store Tellor (TRB) tokens, you can use several options:
Hardware Wallets: TRB, being an ERC-20 token, can be stored in hardware wallets that support Ethereum, such as Ledger or Trezor. These wallets provide offline storage and backup, ensuring high security for your tokens.
Software Wallets: You can also use software wallets like Atomic Wallet, which supports over 1,000 coins and tokens, including TRB. Atomic Wallet offers features like instant swaps, buying crypto with bank cards, and staking.
Exchanges: Additionally, you can store TRB on cryptocurrency exchanges like Kriptomat, which allows you to buy, sell, and manage your TRB tokens.
Before choosing a wallet, consider factors such as security, ease of use, and the specific features you need.
To buy Tellor (TRB) tokens, you can follow these steps:
Buying on Coinbase:- Create a Coinbase account: Download the Coinbase app and sign up with a valid ID and proof of address.
- Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
- Search for Tellor: On Coinbase.com, click the Buy panel and search for Tellor. On the mobile app, type "Tellor" into the search bar.
- Enter the amount: Use the number pad to input the amount you want to spend in your local currency.
- Finalize the purchase: Tap "Preview buy" and confirm the details. Click "Buy now" to complete the transaction.
- Create and verify your account: Sign up with Google, Apple, or enter your name and email. Verify your email, phone number, and identity.
- Add funds: Make a bank deposit or use your credit card to add funds.
- Buy Tellor: Click on the Kriptomat icon, select "Buy," choose Tellor from the list, enter the amount, and confirm your purchase.
- Create a Binance account: Register on the Binance website or app and verify your identification.
- Choose a payment method: Select "Card" as the payment method and click "Confirm."
- Buy Tellor: Navigate to the "Buy Crypto" link, select Tellor and USD from the dropdown menu, and complete the purchase.
- Create a Pionex account: Register on the Pionex website or app and pass the KYC verification.
- Choose a payment method: Select from credit card, debit card, bank wire, or ACH transfer.
- Buy Tellor: Enter the amount of Tellor you want to buy and complete the transaction.
- Go to the DEX page: Access the decentralized exchange.
- Download and install a Web3 wallet: Use a wallet like Metamask or Trust Wallet.
- Create and set up a new wallet: Follow the wallet's setup instructions.
- Transfer funds: Transfer the corresponding mainnet cryptocurrency (e.g., ETH) to your wallet.
- Connect to the DEX: Connect your wallet to the DEX and follow the instructions.
- Swap for Tellor: Choose the token you want to trade from the dropdown menu and select Tellor in the "To" section. Enter the amount and confirm the swap.
Remember to always follow the specific instructions for each platform and be cautious of scams.
Tellor (TRB) is a decentralized oracle network designed to connect smart contracts on Ethereum to external data. The project was founded in 2019 by Brenda Loya, Michael Zemrose, and Nick Fett, who aimed to solve the problems faced by blockchain oracles, particularly the lack of a truly decentralized option.
The core team initially got into crypto to create DeFi products, specifically tokenized derivatives. However, they found that existing oracles were either centralized or had dubious security assumptions based on trust. This led them to pivot and build their own decentralized oracle protocol, which is now known as Tellor.
Tellor conducted its initial token offering (ITO) in August 2020, during which the native TRB tokens were sold. The project has since focused on creating a flexible protocol that anyone can build on, with no central party having control. The protocol is secured by crypto-economic incentives leveraging the TRB token.
Tellor's decentralized network allows users to access off-chain data without relying on third-party tools, which can be risky. The network uses a hybrid consensus protocol combining Proof-of-Work and Proof-of-Stake mechanisms to deliver real-time data to users at affordable rates.
Tellor (TRB) is a decentralized oracle network that connects smart contracts on Ethereum to external data. Here's how it works:
Network StructureTellor is built on the Ethereum blockchain, allowing users to interact with the platform using ERC-20 compliant wallets. The network is divided into multiple components to manage oracle data transmission and retrieval efficiently.
Requesting DataWhen a user submits a request for data, they must pay a fee in the form of Tributes (TRB). The network then selects the best-funded query and creates a Proof-of-Work challenge. This challenge is solved by network nodes called reporters, who compete to provide the requested data quickly and accurately.
ReportersReporters are the nodes responsible for monitoring and relaying data from oracles. They compete to add data points and are incentivized by rewards in the form of TRB. To participate, reporters must stake 1000 TRB and run the required software. This inclusive approach allows anyone to become a reporter without needing high-end hardware.
Consensus MechanismTellor uses a Proof-of-Work (PoW) algorithm to ensure the blockchain remains valid. This consensus mechanism supports staking, where miners must stake tokens to participate. Quarterly voting using Tellor Improvement Proposals ensures nodes remain interactive and up to date within the community.
Dispute ResolutionTellor has a built-in dispute mechanism to resolve data errors between oracles. Reporters are charged a small fee for dispute resolution, with 10% of the fee going to a tip for the same data type that was removed. This motivates reporters to replenish the data quickly.
Token and IncentivizationThe TRB token is used for incentivization, staking, and rewarding reporters for providing accurate data. The tipping system helps control the rate of supply growth and prevents inflation.
Data FeedsTellor oracles create an ecosystem where users can access trustless, fact-checked information within DeFi Dapps hosted on Ethereum. Data feeds are updated every 5 minutes if enough users request them, ensuring reliable and timely information.
Security and TransparencyTellor's decentralized structure and multi-layered verification system ensure that all data coming from oracles is correct. The system uses game theory and incentivization to motivate reporters to provide vetted, real-world, off-chain information, making it a secure and transparent network for oracle data reporters in the blockchain economy.
Tellor (TRB) has several strengths that contribute to its value and utility:
Security: Tellor utilizes a special security method that makes the attack cost one thousand TRB per block, which is quite expensive for a hack. This ensures that the information provided by the oracle network is trustworthy and secure.
Simplicity: Tellor makes it simple for users of Ethereum smart contracts to get reliable information in a protected and decentralized way, making it accessible to anyone anywhere.
Decentralized Oracle Network: Tellor operates as a decentralized oracle network, allowing it to provide real-time, reliable, and verified information to Ethereum smart contracts without relying on centralized exchanges.
Hybrid Consensus Protocol: Tellor uses a combination of Proof-of-Work and Proof-of-Stake mechanisms, ensuring that the data provided is accurate and secure.
Dispute Resolution: Tellor has a Dispute Center where users can raise disputes about the validity of mined values. This feature ensures that the data is accurate and trustworthy, as miners are incentivized to provide correct data to avoid losing their staked TRB tokens.
Community Participation: The entire Tellor community participates in making the network secure by voting on the validity of disputed mined values, ensuring that the data is accurate and reliable.
These strengths collectively contribute to Tellor's value and its ability to provide reliable off-chain data to Ethereum smart contracts.
Tellor (TRB) is associated with several risks, including:
Volatility Risk: TRB's price can fluctuate rapidly and unpredictably, making it a high-risk investment. The coin's volatility is measured by its standard deviation, which indicates the daily dispersion of prices around its mean.
Liquidity Risk: There is a risk that investors may not be able to quickly sell their TRB tokens without significantly affecting the market price.
Short History Risk: Tellor has a relatively short history, which can make it difficult to assess its long-term performance and stability.
Demand Risk: The success of TRB depends on the adoption rate of the Tellor network, which is uncertain and subject to market demand.
Forking Risk: There is a risk that the Tellor network could undergo a fork, which could impact the value and functionality of TRB tokens.
Code Defects: Smart contracts, which are integral to the Tellor network, have historically been susceptible to hacks and other security breaches.
Regulatory Risk: Changes in laws and regulations could negatively impact the use, transfer, exchange, or value of TRB tokens.
Electronic Trading Risk: Trading TRB tokens electronically carries risks such as system failures, hacking, and other technical issues.
Cybersecurity Risk: The Tellor network and its users are vulnerable to cybersecurity threats, which could compromise the security and integrity of the network.
Competition Risk: Tellor faces competition from other oracle providers, which could impact its adoption and the value of TRB tokens.
Dispute Resolution Risk: The dispute resolution mechanism in Tellor, while designed to ensure data validity, carries risks of misreporting and disputes among users.
These risks highlight the importance of thorough research and careful consideration before investing in TRB tokens.
- Brenda Loya: Co-founder and CEO of Tellor, with extensive experience in blockchain, data science, and scalability.
- Michael Zemrose: Co-founder and CSO of Tellor, with a background in blockchain and derivatives.
- Core Team: The core team, including Loya and Zemrose, aimed to create DeFi products, particularly tokenized derivatives, and pivoted to build a decentralized oracle protocol after finding no viable decentralized option.