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2021-03-23 15:27:27
Tellor (TRB) price, marketcap, chart, and fundamentals info
Tellor is a decentralized oracle on Ethereum where a network of Proof-of-Work (PoW) miners compete to fetch data and place it on-chain for Tellor smart contracts.
Like Chainlink and Band Protocol, Tellor is a decentralized Oracle that brings real-world information into smart contracts. Information may also be returned from the smart contract.
Problems that Tellor addresses
Tellor wants to address this price issue for the DeFi application. They strive to provide data to the DeFi world in a more secure and transparent way.
This Oracle is also a database for miners competing with each other, who will first add a data point.
Thereby, TRB token was created to create a good system. This token is used to pay Tellor Tributes in order to send certain information to their Oracle. This is also the basis of the reward for miners.
Every time a request is made, Oracle guarantees that every 10 minutes the best paid search creates a challenge for the miners.
How does Tellor solve problems?
Tellor Oracle is an onchain data bank where miners compete to add data points. To create a suitable incentive system, Tellor will use a native token, “Tributes” or TRB token. The parties pay Tellor Tributes to send the data request to Oracle.
Based on the assigned reward per request, Oracle chooses the best sponsored query every 10 minutes to create a challenge for miners to solve. Each query collects specific data (for example, BTC / USD price) and provides that data on the chain …
How it works will help you better understand how Tellor solves the problem.
How Tellor works
- The user sends the query to Tellor using Tributes to encourage miners to choose this query over other submissions.
- Other users who want the same data will pay or tip this data series to encourage more choice of miners.
- Every 5 minutes, Tellor’s smart contract picks the best funded queries and provides a new challenge for miners to tackle.
- Miners send their PoW solution and off-chain data points to the Tellor contract. Tellor contract sorts the values as they appear and as soon as they receive 5 values, the official value (average of 5 values) will be selected and stored on the chain. The miners are then allocated their payout (base bonus and tip).
- Holding Tellor Tributes Any disputed fee may be disputed for the validity of the mined value. Holding Tellor Tributes will vote on the validity of the data point.
- On the next day, the parties have a chance to dispute the outcome of the vote by paying higher (double) dispute fees. If the data point is deemed wrong, the miner will lose the stake. However, if correct, the reporting party’s dispute fee will be awarded to the reported miner.
- Each miner address cannot win consecutive blocks. Current waiting time per miner is 15 minutes or about 3 blocks
What is TRB token?
TRB is the native token of Tellor. Released through mining instead of an ICO.
Basic information
| Ticker | TRB |
|---|---|
| Blockchain | Ethereum |
| Contract | 0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5 |
| Token Standard | Governance |
| Token type | ERC-20 |
| Total Supply | 1,745,251 TRB |
| Circulation supply | 1,657,400 HAKKA |
Token distribution and supply
Tellor does not do an ICO, instead TRB will be issued via mining.
Tellor’s total supply is determined by its usage and mining rate. For maximum supply, the supply of Tellor increases at the rate of the base reward * 144 queries per day. The chart below shows Tellor supply and growth rate assuming full capacity:
What is TRB used for?
- Payment: Users use TRB to request specific data they need, and when miners submit data on the chain, they get paid in TRB tokens as rewards.
- 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.
- Staking: Miner needs to send 1,000 TRB into the Tellor network to participate in Mining. This is one way to avoid dangerous situations with the network.
- Dispute fee: TRB is used to resolve disputes over the validity of data points. Opponent, Voter will initiate a dispute and vote on the validity of the data.
How to earn TRB tokens?
You can proceed through mining, How to proceed, you read Tellor’s blog post “How to mine on Tellor“
Or you simply buy TRB on a listed exchange.
What exchange is TRB traded on?
Currently you can register for an account and buy TRB at the following popular exchanges:
TRB coin wallet securely stores
This is an ERC-20 token so it’s pretty easy to find a suitable wallet for example: Trustwallet, Ledger Nano X, MyEtherWallet, MetaMask.. Or you can store it directly on an exchange. Remember to turn on full security.
The Future of Tellor (TRB)
Potential, competitors
Currently, DeFi has become a hot topic in the blockchain space. The number of dApps increased greatly and TVL reached 21.59 billion dollars.
Data is important and if Oracle functions are centralized, this will fail. If the feed is centralized, the DeFi applications are also considered centralized.
Chainlink is the leading project in the industry. It has shown that there is a significant demand for decentralized Oracle solutions. Generates great attention for small projects that focus on decentralized Oracle. Examples are Band Protocol and Tellor
Tellor has started the Mainnet. As DeFi thrives, the sector calls for decentralized Oracle solutions. Tellor has a great chance of becoming a potential project to solve the current Oracle problem.
Roadmap
Partner
Tellor and project products
Tellor wants to extend its oracle across alternate chains, and is currently developing that. The plan is to build a PoS Tellor system on alternate chains using the Tellor Token and the existing Tellor community network to authenticate and deliver data on the replacement chain.
Should you invest in TRB?
When it comes to whether Tellor (TRB) is a good investment for you, it’s important to take the risks and rewards into account.
You can predict the price of TRB both in the short and long term. But the expectation needs to be reasonable for each type. In the long term, I think TRB will appreciate the fundamentals of the Tellor project and the progress the Team is making towards their roadmap goals and milestones.
Hope you guys consider carefully to make a reasonable investment decision.
Community & Social
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