A Secure Way to Bring Off-Chain Data On-Chain: Tellor (TRB)Table of Contents
A Secure Way to Bring Off-Chain Data On-Chain: Tellor (TRB)
By CoinUnited
29 Dec 2022
Tellor is a network that bridges Ethereum and third-party databases. It is safe and decentralized to use a network based on the blockchain. The goal of the platform is to make off-chain information accessible to smart contracts built on Ethereum. The project only makes use of trustworthy and consistent data feeds. Before the Tellor oracle network was created, cryptocurrency traders had to visit a traditional cryptocurrency exchange in order to access real-time data on the cryptocurrency market and information on current market parameters. As a result of the APIs included into modern exchanges, customers may easily keep real-time data streams. Tellor provides a centralized hub where users may get data through either an oracle feed or smart contracts built on Ethereum. Users may rely on the oracle feed for accurate, up-to-the-minute data without ever having to visit an exchange. In most cases, data stored off-chain is inaccessible to smart contracts built on Ethereum. The contract itself is often the only source of information. The Tellor network fixes this problem by streamlining the process through which smart contracts may communicate with any distributed ledger.
The U.S.-based effort aims to address the high bottlenecks of oracles, such as low speeds and expensive off-chain data sources. Loya has done extensive work in data science and blockchain in the years leading up to the project's debut. At Tellor, she now serves as chief executive officer. Daxia, another Loya and Zemrose creation, may be accessed via the Ethereum network.
Tellor is an oracle network that runs directly on Ethereum and supplies off-chain data to smart contracts written in the Ethereum programming language. The platform acts as a medium between Ethereum and the off-chain data source from which Tellor pulls its information for the oracle. Users receive trustworthy feeds after the connections have been established. Using the oracle as a connecting point eliminates the need for intermediaries, leading to more decentralization. Ethereum's safe and trustworthy data is provided by a wide network of staked miners on this platform. Once issues are resolved, off-chain data is verified and confirmed. The platform is founded on the PoW consensus technique, which requires users to perform labor in order to validate transactions. Tellor prevents data tampering from occurring when data is taken from off-chain sources and then sent to Ethereum by verifying the data before it is sent. Every five minutes, the smart contracts on the platform will refresh the data streams. Due to the requirement of staking tokens for participation, miners have an incentive to produce reliable information. Miners risk losing their tokens if they provide data that is incomplete or erroneous. The Tellor token, also known as Tributes (TRB), is an Ethereum-based cryptocurrency used to participate in the platform's incentive system. Tellor allows miners to stake TRB directly, and miners are rewarded with "tips" from Tellor when their questions are successfully answered.
The platform has several tools, such as a governance system and safety features.
Tellor's security relies on its users solving mathematical problems as part of a hybrid proof of work/proof of stake consensus method that is completely decentralized. Tellor has modified their PoW consensus process such that staking is possible. To participate in the network's staking pool and gain rewards, miners need to stake 1,000 Tributes. Meanwhile, they must take part in quarterly proposal voting. An opponent can contest a miner's response for a price. The fee paid by the challenger is given to the miner if the holders verify that the response is correct.
Tellor's design, which uses a bond/dispute process to verify the accuracy of mathematical quantities, manages the platform's security. Staked miners are crucial to the network's security since they handle off-chain data requests. These miners receive compensation for their efforts to strengthen the security of the network as a whole. All participants must stake a total of 500 Tributes to verify the data is legitimate.
Like we indicated before, Tellor employs a novel dispute mechanism that lets users contest a data value in real-time following its placement on-chain. Data that has been on the blockchain for a long time without being challenged is more likely to remain safe. Since users are incentive to dispute erroneous values, Tellor can presume that uncontested data is secure. Once a value is placed on-chain, it may be contested by anybody. However, there is a minor disagreement cost that must be paid by the challenger. After the challenge money has been paid and the challenge has been correctly filed, the staked miner whose data was provided will have their account locked until a vote is cast. Tellor's governance system enables for a vote on the veracity of the data to be cast over the course of two days. If everything checks out, the miner's account is unlocked and the challenger's payment is returned. There is a prize for the person who challenges the data if they are found to be wrong.
Resolution of conflicts is at the heart of Tellor's governance structure. In addition, this method is utilized to vote on any upcoming changes or additions to the Tellor platform. For instance, a vote is required before a change in monetary policy may be implemented. Voting power in the system's governing governance is distributed mostly among its users, holders, and reporters (data providers). The Tellor platform may be implemented on many chains, which is an integral part of Tellor's governance model. Users can start the Tellor platform on nearly any chain, however TRB is an ERC-20token based on the Ethereum network. There has to be a shift in the governance system to change room for this particular chain.
To guarantee the safety of the network as a whole and the speedy processing of requests, Tellor employs a large network of miners. In contrast to other PoW platforms, mining on Tellor is not mechanically identical. Instead, miners must stake 500 TRB to prove they support the data they've supplied and are part of the trustless network. Top miners can claim block rewards totaling somewhat more than 15 TRB, which is intended to incentivise them to continue providing data in exchange for basic rewards and tips from miners making requests.
If a miner wants to validate data and take part in the mining process, they will need to stake some of their coins during the staking phase of the mining process. Staked miners respond to queries by providing the relevant data and assessing the trustworthiness of that data. Then, the prospective miner is requested to prove their identity by completing a mathematical challenge. When Staked miners request and verify off-chain data, they will be rewarded with TRB. Staking a total of 1,000 TRB will make a miner eligible for all available block rewards.
Even though Tellor is an advanced crypto platform designed to connect Ethereum and off-chain information, there are a few advantages to using it that you should be aware of.
With Tellor, users of Ethereum smart contracts may easily acquire trustworthy data in a decentralized and secure manner. The team behind Tellor wants to ensure that their platform is available to everyone.
In addition to Tellor's cutting-edge security measures, the network adds an extra layer of defense by making it such that every block of the platform is attacked costs one thousand TRB. The security mechanism is similar to that of Bitcoin.
Users have encountered the following issues, despite Tellor being a safe and popular method for moving off-chain data on-chain.
Despite Tellor's success, its user base is limited compared to that of other crypto initiatives.
The Tellor token has some use for debit and smart contract transactions, but it has less utility than other tokens because it cannot be used to buy cloud storage, in-game items in crypto games, or even at NFT marketplaces.
Because of its design, the platform isn't optimal for fast, precise values. Despite this, Tellor has a wide variety of applications right now. In the coming months and years, the platform's team hopes to see an even greater expansion of use cases.
Following its 2019 debut, Tellor has undergone extensive platform expansion. For instance, in October 2020, Tellor Improvement Proposals were introduced to the governance system. Polygon also introduced a reduced version of the platform called TellorFlex in January 2022. Oracle information is made available to anyone who utilize the Polygon platform. With its safe and decentralized oracle, the Tellor platform plans to continue enhancing the DeFi business in the future months and years. Their long-term goal is to become the gold standard for data-intensive decentralized apps (DApps).
Network security relies mostly on the Tellor token. It's more costly to launch a direct attack on the network when token prices are high. TRB is now trading at a moment range of $18 to $23. Just over $33 million is the current market cap, whereas $46 million is the completely diluted market cap.
CoinUnited.io is only one of several exchanges that sell the TRB token. There are perpetual contracts for TRB on CoinUnited.io. To bet on the future value of a cryptocurrency, you may use these contracts, which are effectively derivatives. Perpetual contracts do not expire like regular futures contracts, which do so every three months. You may buy TRB perpetual contracts on CoinUnited.io by creating an account there, or signing in if you already have one.
Despite its benefits, Tellor is still a niche network. However, its platform is solid, giving it a promising long-term investment. The Tellor team has relocated to Polygon this year to accommodate their anticipated expansion.
Even if the platform's long-term viability is uncertain, the rising popularity of DeFi apps bodes well for Tellor.
Already, Tellor has shown itself as a safe method of transferring data from off-chain to a blockchain like Ethereum. There is room for development, but miners and investors have solid reason to stick with the platform for the time being. The Tellor token is listed on CoinUnited.io, as well as other cryptocurrency exchanges.
The U.S.-based effort aims to address the high bottlenecks of oracles, such as low speeds and expensive off-chain data sources. Loya has done extensive work in data science and blockchain in the years leading up to the project's debut. At Tellor, she now serves as chief executive officer. Daxia, another Loya and Zemrose creation, may be accessed via the Ethereum network.
Tellor is an oracle network that runs directly on Ethereum and supplies off-chain data to smart contracts written in the Ethereum programming language. The platform acts as a medium between Ethereum and the off-chain data source from which Tellor pulls its information for the oracle. Users receive trustworthy feeds after the connections have been established. Using the oracle as a connecting point eliminates the need for intermediaries, leading to more decentralization. Ethereum's safe and trustworthy data is provided by a wide network of staked miners on this platform. Once issues are resolved, off-chain data is verified and confirmed. The platform is founded on the PoW consensus technique, which requires users to perform labor in order to validate transactions. Tellor prevents data tampering from occurring when data is taken from off-chain sources and then sent to Ethereum by verifying the data before it is sent. Every five minutes, the smart contracts on the platform will refresh the data streams. Due to the requirement of staking tokens for participation, miners have an incentive to produce reliable information. Miners risk losing their tokens if they provide data that is incomplete or erroneous. The Tellor token, also known as Tributes (TRB), is an Ethereum-based cryptocurrency used to participate in the platform's incentive system. Tellor allows miners to stake TRB directly, and miners are rewarded with "tips" from Tellor when their questions are successfully answered.
The platform has several tools, such as a governance system and safety features.
Tellor's security relies on its users solving mathematical problems as part of a hybrid proof of work/proof of stake consensus method that is completely decentralized. Tellor has modified their PoW consensus process such that staking is possible. To participate in the network's staking pool and gain rewards, miners need to stake 1,000 Tributes. Meanwhile, they must take part in quarterly proposal voting. An opponent can contest a miner's response for a price. The fee paid by the challenger is given to the miner if the holders verify that the response is correct.
Tellor's design, which uses a bond/dispute process to verify the accuracy of mathematical quantities, manages the platform's security. Staked miners are crucial to the network's security since they handle off-chain data requests. These miners receive compensation for their efforts to strengthen the security of the network as a whole. All participants must stake a total of 500 Tributes to verify the data is legitimate.
Like we indicated before, Tellor employs a novel dispute mechanism that lets users contest a data value in real-time following its placement on-chain. Data that has been on the blockchain for a long time without being challenged is more likely to remain safe. Since users are incentive to dispute erroneous values, Tellor can presume that uncontested data is secure. Once a value is placed on-chain, it may be contested by anybody. However, there is a minor disagreement cost that must be paid by the challenger. After the challenge money has been paid and the challenge has been correctly filed, the staked miner whose data was provided will have their account locked until a vote is cast. Tellor's governance system enables for a vote on the veracity of the data to be cast over the course of two days. If everything checks out, the miner's account is unlocked and the challenger's payment is returned. There is a prize for the person who challenges the data if they are found to be wrong.
Resolution of conflicts is at the heart of Tellor's governance structure. In addition, this method is utilized to vote on any upcoming changes or additions to the Tellor platform. For instance, a vote is required before a change in monetary policy may be implemented. Voting power in the system's governing governance is distributed mostly among its users, holders, and reporters (data providers). The Tellor platform may be implemented on many chains, which is an integral part of Tellor's governance model. Users can start the Tellor platform on nearly any chain, however TRB is an ERC-20token based on the Ethereum network. There has to be a shift in the governance system to change room for this particular chain.
To guarantee the safety of the network as a whole and the speedy processing of requests, Tellor employs a large network of miners. In contrast to other PoW platforms, mining on Tellor is not mechanically identical. Instead, miners must stake 500 TRB to prove they support the data they've supplied and are part of the trustless network. Top miners can claim block rewards totaling somewhat more than 15 TRB, which is intended to incentivise them to continue providing data in exchange for basic rewards and tips from miners making requests.
If a miner wants to validate data and take part in the mining process, they will need to stake some of their coins during the staking phase of the mining process. Staked miners respond to queries by providing the relevant data and assessing the trustworthiness of that data. Then, the prospective miner is requested to prove their identity by completing a mathematical challenge. When Staked miners request and verify off-chain data, they will be rewarded with TRB. Staking a total of 1,000 TRB will make a miner eligible for all available block rewards.
Even though Tellor is an advanced crypto platform designed to connect Ethereum and off-chain information, there are a few advantages to using it that you should be aware of.
With Tellor, users of Ethereum smart contracts may easily acquire trustworthy data in a decentralized and secure manner. The team behind Tellor wants to ensure that their platform is available to everyone.
In addition to Tellor's cutting-edge security measures, the network adds an extra layer of defense by making it such that every block of the platform is attacked costs one thousand TRB. The security mechanism is similar to that of Bitcoin.
Users have encountered the following issues, despite Tellor being a safe and popular method for moving off-chain data on-chain.
Despite Tellor's success, its user base is limited compared to that of other crypto initiatives.
The Tellor token has some use for debit and smart contract transactions, but it has less utility than other tokens because it cannot be used to buy cloud storage, in-game items in crypto games, or even at NFT marketplaces.
Because of its design, the platform isn't optimal for fast, precise values. Despite this, Tellor has a wide variety of applications right now. In the coming months and years, the platform's team hopes to see an even greater expansion of use cases.
Following its 2019 debut, Tellor has undergone extensive platform expansion. For instance, in October 2020, Tellor Improvement Proposals were introduced to the governance system. Polygon also introduced a reduced version of the platform called TellorFlex in January 2022. Oracle information is made available to anyone who utilize the Polygon platform. With its safe and decentralized oracle, the Tellor platform plans to continue enhancing the DeFi business in the future months and years. Their long-term goal is to become the gold standard for data-intensive decentralized apps (DApps).
Network security relies mostly on the Tellor token. It's more costly to launch a direct attack on the network when token prices are high. TRB is now trading at a moment range of $18 to $23. Just over $33 million is the current market cap, whereas $46 million is the completely diluted market cap.
CoinUnited.io is only one of several exchanges that sell the TRB token. There are perpetual contracts for TRB on CoinUnited.io. To bet on the future value of a cryptocurrency, you may use these contracts, which are effectively derivatives. Perpetual contracts do not expire like regular futures contracts, which do so every three months. You may buy TRB perpetual contracts on CoinUnited.io by creating an account there, or signing in if you already have one.
Despite its benefits, Tellor is still a niche network. However, its platform is solid, giving it a promising long-term investment. The Tellor team has relocated to Polygon this year to accommodate their anticipated expansion.
Even if the platform's long-term viability is uncertain, the rising popularity of DeFi apps bodes well for Tellor.
Already, Tellor has shown itself as a safe method of transferring data from off-chain to a blockchain like Ethereum. There is room for development, but miners and investors have solid reason to stick with the platform for the time being. The Tellor token is listed on CoinUnited.io, as well as other cryptocurrency exchanges.
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