One of the biggest challenges for smart contracts is lacking a trustless source of off-chain data. Therefore, many oracle projects have been developed to solve this problem.
Today’s article will explore one of the projects that provide an oracle solution on Ethereum Network – Tellor (TRB). We will include every information you need to know about the project so stay tuned!
What is Tellor?
The Tellor system is a decentralized oracle that allows parties to request values of off-chain data points, such as BTC/USD. Miners then compete in order to add this value to on-chain banks and these banks can be accessed by all Ethereum smart contracts.
The main objective of Tellor is to become a trustless and decentralized alternative provider for off-chain data. In order to achieve this goal, the project incentivizes miners by Tellor token (TRB) for providing accurate data.
How does Tellor work?
The basic flow of adding or retrieving data is as follows:
- Users submit a query to Tellor using the Tributes to incentivize miners for their submissions.
- Other users can pay or tip this data series if they need further information.
- Every 5 minutes, Tellor’s smart contract selects the best-funded queries and provides a new challenge for miners to solve
- Miners can submit their Proof-of-Work solution for off-chain data points to the Tellor contract and after five values are received, the official value is selected and saved on-chain. Payouts will be allocated to miners after the selecting process.
- Tellor’s holders can dispute the validity of the mined data over the next two days.
- If any parties have the opportunity to dispute the result of the vote by paying a higher dispute fee, the voting period will be doubled until there are no more disputes. If the value is false, miners will lose their stake.
- There is a wait time of 15 minutes per miner or approximately 3 blocks after a win.
What makes Tellor unique?
Tellor differs from other popular oracle networks by using miners rather than nodes to operate. The project also provides other tools to support their working model such as Tellorscan, Dispute Center, etc.
Getting data from miners is a unique approach that can improve the decentralization of the project. However, the process of getting data could be slower as the voting period can be indefinite and there is a 15 minutes delay between each vote after a win.
What is TRB Token?
The native token of Tellor is called the Tellor token (TRB). Users can earn these by providing data through base rewards and tips to users. They are also used through various activities in Tellor’s system including:
- Payment: Users use TRB to retrieve the specific data they need. When miners submit data on the blockchain, they are paid with TRB tokens as a reward.
- Reward: When miners add data to the Tellor system, TRB is given as a reward for miners. The Tellor team gets 10% of the mining reward.
- Compete: The miner must send 1,000 TRB to the Tellor network to participate in the mining process. This is a way to avoid dangerous situations with the network.
- Dispute compensation: TRB is used to resolve disputes about the validity of data. Both opponents and supporters will vote on the validity of the data.
Detailed information about TRB token
TRB Token Metrics
- Ticker: TRB
- Contract: 0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5
- Decimal: 18
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token type: Mineable
- Consensus: PoW
- Max Supply : Unlimited
- Total Supply: 1,996,952 TRB
- Circulating Supply: 1,939,414 TRB
TRB Token Allocation
The total supply of Tellor is determined by usage and mining rates. Tellor’s supply will grow at the rate of the base reward for 288 queries per day. The chart below demonstrates the supply and the growth rate of Tellor.
TRB Token Sale
The project does not offer any ICO. Instead, TRB will only be available for mining and their first block was successfully mined on August 1st, 2019.
How to buy TRB Token
You can use Coin98 Exchange to swap other tokens for GT following these simple steps with: exchange.coin98.com
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search TRB.
- If the search does not come up, you can paste the contract of TRB into the search box: 0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5.
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to mine TRB Token
Users can earn TRB by participating in any of the following activities:
- Block Rewards: 15.34 TRB are rewarded to top miners
- Miner Stake: Miners are required to stake 1000 TRBs in order to qualify for block rewards
- Miner Tips: Data requesters can pay or tip miners to provide data.
- Dispute Voting: TRB holders can open a dispute against miners and get rewards in TRB if the data is invalid.
How to store TRB Token
You can store TRB token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search TRB Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send TRB to this address.
Roadmaps and Updates
On September 2nd, 2021, the Telor team sent the code of TellorX to audit. This event is a major milestone for Tellor to be the next generation of Oracle.
TellorX will remove the Proof-of-Work system and replace it with a Proof-of-Stake algorithm. TellorX also expands the cross-chain compatibility and data submission in bytes to improve the project to be much more flexible and robust.
If the external audit and testing are successful, TellorX will launch in Q4, 2021.
Team, Investors, and Partners
Tellor was founded in early 2018 by Nicholas Fett, Brenda Loya, and Michael Zemrose.
- Brenda Boya is the CEO and Co-Founder. She is an Ethereum developer and a former economist in the US Government. Before that, she was the lead developer and Vice President of Daxia.
- Nicholas Fett is the CTO. He is actively designing and developing a system for accessing and validating off-chain data on Ethereum. Before that, he was the founder and CEO of Daxia.
Tellor has raised a total of $400,000 in funding over 3 rounds.
Binance, as one of the most popular and successful companies in the industry, also invested in Tellor from Seed Round for $250,000.
Tellor only has few partners currently. However, the project is promising to increase the number of networks it covers with their new launch called TellorX.
Is Tellor a good investment?
I hope you have captured basic information about Tellor. However, to make an investment decision, you should consider the following key points:
- Tellor has not been very popular due to their number of partners being quite small. However, with the upcoming launch of TellorX, the project can improve its shortcomings and gain more adoption.
- The unique approach of Tellor is using miners to get data. This can lead the project to become more decentralized and reduce token inflation. However, the working process is much slower than other oracle providers.
- DeFi is currently still one of the most successful applications among users, especially this year. Will Tellor capture this opportunity to gain more users?
I hope you have gained all of the important information about TRB including its features and highlights throughout this topic.
If you have any questions about TRB or want to know more about TRB please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.
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