Article Summary, Automatically Generated By AI
About Tellor
Key Points
- Tellor is a decentralized oracle protocol.
- It supplies data that can be requested, validated, and put on-chain permissionlessly with data reporters competing for incentives of TRB.
- Tellor’s oracle works by incentivizing data reporters to put valid data on-chain while disincentivizing bad reports via disputes and slashing.
- Anyone can become a reporter without verification, using open-source software.
- Data is submitted in bytes, making the oracle flexible and robust for nearly any blockchain application.
Founders
- Brenda Loya (CEO and co-founder)
- Nick Fett (
About Tellor: Unlocking the Power of Decentralized Oracles
Introducing Tellor (TRB): A Decentralized Oracle Network
Tellor is a decentralized oracle protocol, facilitating seamless interactions between smart contracts and external data sources.
Oracles play a pivotal role in blockchain infrastructure, serving as a vital conduit that bridges the gap between off-chain data and on-chain smart contracts, thereby facilitating the seamless integration of valuable external information.
Tellor’s oracle provides a decentralized data feed that can be requested, validated, and seamlessly integrated on-chain without permission, with data reporters competing for TRB incentives. By doing so, these reporters bring valuable, real-time information on-chain, catering to a diverse array of DeFi applications.
Unveiling the Unparalleled Attributes of Tellor
Tellor’s oracle operates by incentivizing data reporters to upload valid on-chain data, while concurrently disincentivizing inaccurate reports through a dispute resolution mechanism and slashing. Notably, becoming a reporter does not require any verification process, thereby ensuring a permissionless system. This unique characteristic, unparalleled among blockchain oracles, enables anyone, anywhere in the world, to assume the role of a reporter, leveraging open-source software.
When oracle users request the value of an off-chain data point (e.g., the BTC/USD exchange rate), data reporters engage in a competitive process to update this value in an on-chain data repository, accessible to all smart contracts across the networks supported by Tellor (including Ethereum, Polygon, and Algorand, among others). The frequency of data updates is solely contingent upon the frequency and magnitude of user-provided “tips” in TRB, which fuel the feed.
Notably, Tellor stands out with its distinctive approach of submitting data in bytes, thereby rendering the oracle remarkably flexible and robust, capable of seamlessly integrating with a wide range of blockchain applications.
The Visionaries Behind Tellor: Meet the Founders
In 2019, a U.S.-based team introduced Tellor, a pioneering initiative designed to tackle the longstanding oracle problem plaguing the Ethereum blockchain.
Tellor was co-founded by Brenda Loya, Nick Fett, and Michael Zemrose, a triumvirate of visionaries who shared a common goal.
Brenda Loya, CEO and co-founder of Tellor, boasts an impressive professional pedigree. Prior to her current role, she served as VP and Lead Developer at Daxia, where she specialized in blockchain, scalability, and data science. Her diverse background also includes stints as an economist and supervisory statistician at the U.S. Department of Labor.
Nick Fett, co-founder and Chief Technology Officer of Tellor, boasts an impressive background. Prior to his current role, he founded Daxia, a pioneering derivatives protocol built on Ethereum. His extensive expertise spans economics, regulation, derivatives, and machine learning, with notable stints at the U.S. Commodities Futures Trading Commission.
Michael Zemrose, co-founder and Chief Strategy Officer of Tellor, boasts a diverse professional background, having previously driven business development at Daxia. Prior to venturing into the realm of cryptocurrency, he successfully navigated entrepreneurial pursuits in media and consulting for several years.
The Tellor Network’s Security Mechanisms: A Robust Framework
The native token of Tellor, Tributes (TRB), serves as a linchpin, fostering synergy among data reporters, oracle users, and community governance, thereby ensuring a harmonious and aligned ecosystem.
Security is ensured through Tellor’s governance contract, which employs a straightforward dispute resolution mechanism to achieve community consensus on the reported data. This mechanism operates by requiring data reporters to stake TRB in order to submit data and earn rewards. However, they are susceptible to disputes and penalties, with their stake being forfeited to the disputer if they submit data deemed inaccurate by the network.
For a more in-depth exploration of network security and the theoretical cost of a potential attack, please refer to this resource.
Acquiring Tellor (TRB): A Comprehensive Guide to Exchanges and Marketplaces
For those seeking to acquire, divest, or exchange Tellor (TRB), the following esteemed exchanges provide a platform for such transactions: * Binance * Huobi Global * OKEx * HBTC * Dsdaq
If you’re unfamiliar with the process of acquiring Bitcoin, we’ve crafted a comprehensive guide specifically designed for newcomers, guaranteed to get you started in no time.