What is Tellor (TRB)?
Tellor token is an Oracle protocol that helps fetch data from the blockchain outliers. As blockchains operate in silos, off-chain data needs an instrument like an oracle to fetch valuable data from third parties. Tellor protocol incentivizes data aggregators on the network. The data can be validated and verified by anyone on the network. Centralized data addition can be vulnerable to attacks and manipulation Tellor aims to maintain a platform that is truly decentralized with respect to data reporting and verification by a network of users.
Who are the founders of Tellor?
Tellor Oracle protocol was founded by Brenda Loya, Nick Fett and Michael Zemrose. The firm was founded in the U.S in 2019. Brenda is the CEO of Tellor and Nick Fett is the CTO and he was the founder of Daxia – a derivatives protocol on Ethereum. Nick holds an array of experience across economics, regulation, derivatives, and machine learning including positions at the U.S. Commodities Futures Trading Commission.
How does Tellor work?
Tellor Oracle protocol is hosted on the Ethereum blockchain. It receives off chain data from various data sources. Trello works on a proof of work consensus mechanism to procure accurate and verified information. The network is fed by a network of miners who validate by solving complex mathematical problems.
Key Attributes of Tellor
Data Sovereignty: Curating data from different sources and filtering them via screeners to host accurate data on chain that can be verified and validated by anyone on the network. With data outside the blockchain, Tellor Oracles delivers data from sources which is further validated by participants on the blockchain. Data sovereignty adds more utility to the blockchain and serves the ecosystem’s community well.
Incentives for community: Tellor is a community driven oracle protocol. Tellor network incentives reporters that add valid data on chain and slashes reporters who add incorrect information. Anyone can become a data reporter on the chain and does not require any verification.
Data for DeFi: Data is essential for DeFi platforms. Tellor offers valuable data to a number of decentralized finance applications. This attribute primarily offers live price data of selected crypto assets. Currently Tellor offers information on Ethereum, Polygon and Algorand.
What sets Tellor apart?
Data on Tellor is routed in bytes which makes the platform more flexible and robust. The native token of Tellor called Tributes (TRB) is used to connect the Tellor network’s participants that connects data reporters with oracle users, and community. Tellor uses governance to solve disputes on data reports by a simple voting mechanism connected to its governance contract. There is no fixed supply of Tribute tokens and the total supply of TRX will increase as per operations.
How to buy Tellor (TRB) in India
Use this three-step process to buy your first Tellor using the CoinDCX crypto investment app.
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy TRB on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy TRB: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!