What is Tellor
What Is Tellor (TRB)?
Tellor was launched in 2019 by a U.S.-based team with the aim to address the oracle problem on the Ethereum (ETH) blockchain. Tellor is an Ethereum-based, decentralized, secure oracle for decentralized finance (DeFi) decentralized applications (DApps).
To learn more about this project, check out our deep dive of Tellor.
Tellor allows DeFi DApps to receive high-value data for smart contracts. The data feed’s stability and reliability are ensured by staked miners who participate in proof-of-work (PoW) consensus.
The team behind Tellor also built Daxia, which is a derivatives protocol on Ethereum. Daxia created tokens that represented long or short sides of a trading pair, and an oracle was needed in order to execute these smart contracts. As a result, the team created Tellor, which is a decentralized, purpose-built oracle solution.
Who Are the Founders of Tellor?
Tellor was co-founded by Brenda Loya and Michael Zemrose.
Brenda Loya is the CEO and co-founder of Tellor and in the past worked as the VP and lead developer at Daxia in the field of blockchain, scalability and data science. She was also the supervisory statistician in employment and training administration at the U.S. Department of Labor.
Michael Zemrose is a co-founder of Tellor and used to work as the chief strategy officer at Daxia. He was also a coach for small business owners at Real Elevation.
What Makes Tellor Unique?
The TRB utility token is an Ethereum-based token that powers the Tellor system. Tellor works by allowing users to send queries to the oracle network, where TRB tokens are used as an incentive for miners to choose a particular query.
Later on, other users that want the same data can pay for it more to further incentivize miners. Approximately every 10 minutes the oracle selects the best-funded query and provides a challenge for the miners who have opted towards solving it.
Miners can then submit their PoW solution and off-chain data point within the oracle contract. The oracle then validates the input and saves it on the chain. Once this happens, the miners are finally rewarded for their mining efforts. Anyone that has TRB tokens can dispute the validity of a mined value, however, this needs to be done in a 24-hour interval by paying a dispute fee.
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How Many Tellor (TRB) Coins Are There in Circulation?
Tellor (TRB) has a circulating supply of 1,703,442 tokens and a maximum supply of 1,707,842 tokens as of February 2021.
How Is the Tellor Network Secured?
Tellor takes advantage of the proof-of-work consensus algorithm in order to provide a high level of security to the network through decentralization. Alongside the PoW solution, miners need to provide an off-chain data point. Participants of the network also have to deposit a minimum sum of 1000 tokens as a stake, which acts as a guarantee of the correctness of data inputs.
Where Can You Buy Tellor (TRB)?
If you want to buy, sell or trade Tellor (TRB), you can do so on the following exchanges:
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