Tellor (TRB) is a decentralized and secure oracle based on Ethereum for DeFi Dapps. Tellor is an easy-to-implement solution through which DeFi Dapps can receive high-value data for smart contracts.
Their feeds are stable and reliable as they use staking miners to compete via PoW to submit official value for the requested DeFi data.
TRB is mined for every successful data point, but 10% of it is used by the company to grow the ecosystem. This developer share goes to the founder’s coffers to fund the development team’s efforts.
What is TRB Token?
TRB is the official crypto in the Tellor ecosystem, issued through mining instead of conducting an ICO.
Tellor (TRB) was released on August 5, 2019.
What is TRB used for?
TRB is used for payment when someone wants to request data from Tellor.
TRB is used as a reward for miners when they add data to the Tellor system. The Tellor development team will take 10% of the mining rewards.
Stake allows mining
Miners need to deposit 1,000 TRB into the Tellor network to participate in mining. This is a way to avoid dangerous situations with the network.
TRB is used to resolve disputes about the validity of data points. Opponents/Voters will initiate disputes and vote on data validity.
Dispute fee will depend on the number of carriers on the system.
Brenda Boya Co-founder and CEO. She is an Ethereum developer and previously an economist in the US Government. Before that, Brenda was the lead developer and Vice President of Daxia.
Nicholas Fett is the CTO. He is actively designing and developing a system for off-chain data access and validation on Ethereum. Before that, Nicolas was the founder and CEO of Daxia.
Michael Zemrose co-founder. He describes himself as an expert in developing, communicating, implementing and sustaining strategic initiatives. Michael was previously the CSO at Daxia.
Towards the future
The Tellor development team is aiming to increase research in the field of decentralized oracle. Several solutions have been identified as potential ways to increase the security and speed of Tellor Oracle.
Proposed Zero-knowledge proof
Zero-knowledge proof (ZKP) allows parties to demonstrate that they know a value without disclosing it. For Oracle, parties can submit a ZKP for the mining solution along with a hidden query value. After 5 parties are successfully selected as miners, they are required to post a non-hidden value (Oracle query) corresponding to the hidden value sent using ZKP. This can save us gas costs when depositing, prevent duplication and further encourage miners to compete for the average.
Notarized Proof TLS
TLS Notary Proofs ensure that a site was correctly queried and that no errors were sent back. Tellor Oracle plans to use different levels of assurance that can be returned (or cached) with a query to ensure that miners are correctly reporting data from the requested query.
The implementation adds an additional zero oracle mining system that allows any party to send data for data requests. This additional system assumes that the sender of the data has the best intentions. This “optimistic” approach can resolve disputes by claiming PoS and/or possibly based on the sender’s reputation. 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.
Automated reporting and control
Off-chain analysis uncovers flaws and reports these to “win” back “bad” miner stakes. For example, on the value/miner report, say when the mean differs from the mean by a certain amount.
Tellor provides a decentralized option for off-chain data. They recognized the shortcomings of PoW but it has now proven to work, so they implemented a hybrid model. Staking, contention, PoW (randomness), and the selection of the average of the first 5 values sent provide the essentials for a current fully operational high security oracle. .
You can see the TRB price here.
According to AZCoin News
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