Tellor (TRB) is an Ethereum-based secure and decentralized oracle for DeFi Dapps. Tellor is an easy-to-implement solution through which DeFi Dapps can receive high-value data for smart contracts.
Their feed is stable and reliable as they use staking miners to compete through Proof-of-Work to submit the official value for the requested DeFi data.
TRB is mined for each successful data point, but a portion of that, 10%, is used by the company to grow the ecosystem. This developer’s share is passed to the founder’s treasury to fund the team’s effort.
What is TRB token?
TRB is the official cryptocurrency in the Tellor ecosystem, released through mining rather than conducting an ICO.
Tellor (TRB) was released on August 5, 08.
What is Tellor (TRB) used for?
Pay
TRB is used to pay when someone wants to request data from Tellor.
Reward
TRB is used as a reward for miners when they add data to the Tellor system. The Tellor team will account for 10% of the mining reward.
Stake to allow Mining
Miners need to deposit 1,000 TRB into the Tellor network to participate in Mining. This is one way to avoid malicious situations with the network.
Disputes fee
TRB is used to settle disputes over the validity of data points. Opponent / Voter will initiate a dispute and vote on the validity of the data.
The dispute fee will depend on the number of carriers on the system.
Team
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.
Michael Zemrose is a co-founder. He describes himself as an expert in the development, communication, implementation, and maintenance of strategic initiatives. He has served as Chief Strategy Officer at Daxia before.
Future
The Tellor team is aiming to increase research in the area of decentralized Oracles. A number of solutions have been identified as potential ways to increase the security and speed of Tellor Oracle.
Zero-knowledge submissions
ZKP allows parties to demonstrate that they know a value without disclosing the value. For Oracle, parties can submit the ZKP for the mining solution along with a hidden query value. After five parties are successfully selected as miners, they are asked to post a value that is not hidden (query Oracle) corresponding to the hidden value sent with ZKP. This can help us save gas costs on deposits, prevent duplication, and further encourage miners to compete for the average.
TLS Notary Proofs
TLS Notarized Proof guarantees that a web page has been correctly queried and that no errors are returned. Tellor Oracle plans to use different levels of assurance that can be returned (or stored) with a query to ensure that miners are correctly reporting data from the requested query.
Optimistic Implementation
Deploying an additional zero mining oracle system allows any party to submit data for data requests. This complementary system assumes that the sender of the data has the best intentions. This “optimistic” approach can resolve disputes by requiring PoS and/or possibly based on the reputation of the sender. This implementation will be considered less secure and will serve projects / Dapps / users that may not be time-sensitive and can “shop” around for data.
Automatic Reporting and monitoring
The off-chain analysis uncovers outliers and reports these to “acquire” a “bad” miner’s stake. For example, value/ miner report, if the mean is different from the mean by a certain amount.
Conclusion
Tellor provides a decentralized option for off-chain data. We recognize the PoW’s shortcomings, but it’s proven to work, for now, so we’ve rolled out a hybrid model. The staking, dispute mechanism, PoW (randomness), and the selection of the average value of the first five values submitted provide the essentials for a fully functioning high-security prophecy now.
You can check the TRB price here.
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