What is Tellor (TRB)?
Tellor is an oracle network that connects smart contracts on Ethereum with external data. It is secure, simple and designed for decentralized Ethereum applications with a focus on decentralized wallets. Tellor provides valuable data for Ethereum smart contracts, as all data feeds are reliable and stable.
Generally, cryptocurrency users should visit a cryptocurrency exchange to check live market data and related market metrics information, as exchanges have APIs that allow users to track real data flows. Tellor uses Ethereum-based smart contracts in conjunction with Tellor oracle feeds to give consumers access to all the data they require in one location. Oracles get information in real-time and make it dependable, verifiable, and available so consumers may obtain accurate market data without having to visit a cryptocurrency exchange.
On the Ethereum network, smart contracts are typically restricted to the data they contain and do not have access to off-chain data. Tellor, on the other hand, improves this by enabling smart contracts to link to on-chain data banks that are supported and built by staked miners. Tellor oracles establish an environment that makes fact-checked, trustless information available within Ethereum-hosted DeFi Dapps.
How does Teller work?
Hosted on the Ethereum network, Tellor represents an oracle network that feeds off-chain data to Ethereum-based smart contracts. It acts as an intermediary between smart contracts on Ethereum by connecting to off-chain data and creating trustless feeds for users on the network. This is how we eliminate the use of information and reduce the need for third parties.
To provide reliable and secure information, Tellor relies on a network of connected miners who work to solve problems, i.e. mathematical equations, to verify and validate information flows for type of data requested. The protocol underlying this process is the work-in-progress agreement.
This is how Tellor prevents manipulation of data received off-chain, as data streams are updated by Tellor smart contracts every 5 minutes. Miners are encouraged to submit correct answers to questions, partly due to the "tag" attached to the question and partly by sharing a token for the company, which may be lost if the information is given incorrectly. This makes the network trustless, private and secure with affordable prices.
TRB, also known as Tributes, is a utility of the Tellor system and an ERC-20 token based on Ethereum. TRB is used in an incentive system, because it is shared by miners and is used to reward them in the form of "tips" for answering questions correctly.
Who are the founders of Tellor? (History of Tellor)
In the US, Tellor was launched in 2019 and was founded by Brenda Loya and Michael Zemrose. The main idea behind this project is to solve problems with information, which means the speed and cost of feeding data off-chain. Brenda Loya has extensive experience in the areas of blockchain, data science and scaling, and serves as CEO of Tellor.
The same development team that created Tellor also created Daxia, a derivative protocol that runs on the Ethereum network, similar to Tellor.
What makes Tellur unique?
Tellor makes it easy for users of Ethereum smart contracts to access real and reliable information in a decentralized, secure and trustless way. Downloading data from the Tellor chain is more cost effective and less time consuming as the data feeds are updated every 5 minutes if there are a lot of users requesting it. Interest miners process the request and response by taking the requested information and verifying its validity while solving the equation.
Tellor can use the same data by other users of the network and can pay for it to encourage miners. TRB manages the network by allowing users to request and receive requested data through an incentive system and network of miners, game theory and information.
What makes Tellor useful?
The estimated value depends on the technical capability, application and technology used to design and develop the project. All of these elements determine the value of Tellor, which is not the same as the market value of Tellor as reflected by the TRB price. TRB, like many other cryptocurrencies, has many changes in the market, so the price can vary from one form of conversion to another.
Tellor is also important because of the ability to use the Tellor oracle system for off-site data retrieval. The more network users, the higher the value of Tellor and its TRB token. Depending on the activity and the volume of the trade, it is often more expensive to buy from or TRB.
How many Tellor coins (TRB) are in circulation?
There are currently 2,607,124 TRBs in circulation. Tellor does not have a large supply limit as inflation is used to incentivize miners in the form of base payments. But when the supply of TRB increases, the inflation rate decreases. Also, only half of the tokens associated with user requests go to the miners, and the other half is recorded in each block. Therefore, the tipping system prevents inflation when it comes to determining the rate of supply growth.
The number of telor coins in circulation at the current trading price of TRB is equal to the market value of telor. Market value changes when the number of coins in circulation changes and the price fluctuates.
Other technical data
The system is designed to get new data on feeds on demand every 5 minutes. Miners get interest in the application with the highest payout, and then the system issues a challenge for the miners. Once the miners have completed the comparison, they can submit and index the data to the oracle contract. The data must be verified by the Oracle system and then maintained in the chain.
Once the data is stored on the chain, anyone on the network who owns the TRB can challenge the validity of the data. Anyone who wants to file a dispute can do so within 24 hours by paying the dispute fee to TRB