In today's article, I will introduce you to the Tellor potential project - Oracle project with a solution to help DeFi grow.
- 1 What is Tellor?
- 2 What problem does Tellor solve?
- 3 How Tellor (TRB) solves problems
- 4 What is Tellor (TRB)?
- 5 Basic information about Tellor copper (TRB)
- 6 Generation Event Token
- 7 Compare Tellor (TRB) with Band and Chainlink?
- 8 What is Tellor (TRB) used for?
- 9 How to tell Tellor (TRB)?
- 10 Tellor storage wallet (TRB)
- 11 Where is Tellor trade (TRB)?
- 12 The Future of Tellor Copper (TRB)
- 13 Should we invest in Tellor (TRB)?
- 14 Summary
What is Tellor?
According to the definition of team dev:
Tellor is a decentralized Oracle network that aims to bring high-value, secure data outside of Ethereum.
Tellor was founded on August 01, 08 and is based in the United States.
According to the definition of Coin98:
Tellor is the bridge that provides information from the real world to Smartcontract data (specifically applications DeFi) on Ethereum.
Maybe you are interested in: DeFi Simplified: Learn DeFi in just 3 minutes
What problem does Tellor solve?
Tellor looks forward to solving Oracle issues on Ethereum. So what is the Oracle problem?
Currently, Smart Contracts themselves do not have the ability to interact with any data source from outside the blockchain. Therefore, Smart Contracts are always dependent on centralized data sources.
Set in a specific context: Tellor wants to address the lack of secure and decentralized data supply for DeFi applications on Ethereum.
Tellor's goal is to help the DeFi industry thrive by providing secure, high-quality data.
How Tellor (TRB) solves problems
To solve the problem, Tellor proposed a solution to become a data bank. Tellor is a data bank where miners compete to add data points to the Tellor platform in exchange for a reward of "Tributes" or TRB.
Tellor ecosystem ecosystem components:
- Data requesters
- Data providers (Miners (data providers)).
- Voters (Voters).
How it works:
Please pay attention:
- The pink section is: Data requesters.
- The blue part is the Miners.
- The red section is the Dispute and Voter.
B1: Data interested parties will send data requests (for example, ETH / BTC or ETH / BTC, etc.) to Oracle and they will have to pay in TRB for that request. High-volume requests are usually prioritized by Miners first.
B2: Miners will be involved in fulfilling those data requests. The condition for participation is to stake 1000 TRBs into the network. Miners will receive 2 main rewards for their efforts: Basic rewards from the network and bonuses from requesters.
B3: Disputers reserves the right to participate in the dispute whether the data from Miners is accurate or not. To participate, it is necessary to pay a fee to make the dispute.
B4: Voters will vote to evaluate the data. If the data from the Miners is false, then the Miner will lose the initial staked 1,000 TRB, which will be divided between Disputers and Voters. If the data is correct, Miners will receive dispute charges.
What is Tellor (TRB)?
Tellor (TRB) is the official cryptocurrency in the Tellor ecosystem that was released through mining rather than conducting an ICO.
Tellor (TRB) was released on August 05, 08.
Basic information about Tellor copper (TRB)
- Ticker: TRB
- Contract: 0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5
- Decimal: 18
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token type: Mineable
- Consensus: PoW
- Max Supply: Infinite
- Total Supply: 1,449,661 TRB
- Circulating Supply: 1,356,350 TRB
Generation Event Token
Tellor does not perform ICO, instead TRB will be mined by mining. Tellor's first block was mined on August 01, 08.
Every 10 minutes, 1 block will be generated, so in a day there will be 144 blocks corresponding to 144 data requests per day. Tellor's total supply will be determined based on utilization and extraction rates. Tellor's supply will increase gradually according to the following formula:
Base reward * total daily queries
"Reward ratio * number of data requests per day"
The chart below shows the Tellor supply and the assumed growth rate fully utilized.
- Decentralized Oracle: Oracle is decentralized.
- Intuitive & Instant Query Processing: handling data requests intuitively and quickly.
- No Third-party Point of Failure: Not dependent on the 3rd party data provider.
- Payment in Native Currency: Allows payment in local currency.
- Support Multiple Data Types: Support multiple data types.
- Dedicated Token for Each Data Type: A separate Token for each data.
- Support Multiple Blockchains: Support multiple Blockchains.
What is Tellor (TRB) used for?
TRB is used to pay when someone wants to request data from Tellor.
TRBs are used as rewards for miners as they add data to the Tellor system. Tellor team will account for 10% of the mining reward.
The reward for Miners is currently at 2.7 TRB per block, current inflation rate is 53.27% for 1 year.
Formula for calculating inflation rate:
Monthly reward = (reward * 5 * 1.1 * 6 * 24 * 30)
Inflation = monthly reward * 12 / totalSupply
You can also go to this project sheet to check the reward, supply as well as the percentage of inflation coming from the project: https://tinyurl.com/y92f2jxy
Below is a graph showing TRB's inflation rate in the near future:
Stake to allow Mining (stake to allow Mining)
Miners need to stake 1,000 TRB in the Tellor network in order to participate in Mining. This is a way to avoid cases of malicious intent with the network.
Disputes Fee (dispute fee)
TRB is used to pay disputes over the validity of data points. Disputers / Voters will initiate disputes and vote for the validity of the data.
Dispute fee will depend on the number of operators on the system (many operators = few disputes, few operators = more disputes).
Dispute fee will not exceed 1,000 TRB. At the time of writing, the fee for making a dispute is 820 TRB.
You can click here to see the recent dispute costs: https://disputes.tellorscan.com/
How to tell Tellor (TRB)?
Tellor uses a hybrid algorithm staked PoW so you can mine TRB through Mining.
To participate in TRB training, you need to do the following
- Download Latest Binary Release on PC.
- Launch the application.
- Stake 1000 TRB into account.
- Start digging for TRB.
If you need TRB mining, the Tellor team has full instructions at: https://tellor.readthedocs.io/en/latest/MinerSetup/
Tellor storage wallet (TRB)
Coin98 Wallet: This is a multi-chan wallet product of Coin98 Finance team. Allows storing most tokens of popular blockchains such as Bitcoin, Ethereum (ERC-20 ...), Tron, Binance Chain (BEP2), TomoChain (TRC-20).
So with TRB tokens in the form of ERC-20, you can store on Coin98 Wallet safely and conveniently.
For brothers or traders of TRB, I recommend that you store TRB on PRESTIGE listed for convenience.
Refer to write: Instructions for using Coin98 Wallet
Where is Tellor trade (TRB)?
After nearly a year of launch, TRB coin is currently ranked 315th on the list Coinmarketcap and traded on many different exchanges such as: Bilaxy, Hotbit, CITEX, IDEX ...
The average total trading volume in the past 30 days reached more than $ 1.65 million. That has to show liquidity The TRB token is quite good at the moment.
Maybe you are interested in: What is liquidity? How to check the liquidity of any coin
The Future of Tellor Copper (TRB)
Tellor addresses the limitations of Smart Contract so that the DeFi industry can flourish. This is an opportunity for Tellor to enter the potential DeFi market.
With a total lock value of up to 3.89 billion dollars. This is a "fertile pie" for any project entering the DeFi market.
Tellor will face competition from projects with the same famous Oracle solution today such as Chainlink, Band Protocol, Augur, UMA.
Should we invest in Tellor (TRB)?
I believe that you have also learned the basic and necessary information about Tellor (TRB) after reading this paragraph.
I will note some main ideas for you to easily make investment decisions.
Tellor's most important event in the last months of 2020 is the V2 upgrade. Some noteworthy upgrades:
- Limit rewards to each miner
- Unlimited time dispute
- Dispute many rounds
- Increasing stake from 1,000 TRB to 2,000 TRB to control malicious individuals
To find out more, go to this link: https://medium.com/tellor/proposed-v2-upgrades-dd3c325ce49a
Later this year, Tellor will launch Alternate Chain (AC) with plans to build a PoS Tellor system on AC.
Tellor has famous big investors such as MAKER, Binance Labs, Consensys.
TRB is a mining token used for the following purposes: Rewards, payments, disputes fee.
Hopefully, my last article helped you have a better overview of the Tellor project as well as the TRB coin.
And you guys, what do you think about the token after reading this article? Please share your opinion in the comment section or inside Coin98 Finance.
Goodbye and see you in the following article.