What is Tellor (TRB)?
TRB, also known as Tribute, is the native token of the Tellor platform. It’s an ERC-20 token for utility and governance. Tellor is a decentralized oracle network that allows smart contracts to access off-chain data without compromising their security. The current TRB price performance can be observed on the dynamic chart above.
Who are the Founders of Tellor?
Tellor was established by Nick Fett, Brenda Loya, and Michael Zemrose. Loya is the CEO of Tellor and an economist with prior experience in blockchain and scalable solutions development. Fett is the CTO and has worked with machine learning and Ethereum-based data tools. Zemrose is the CSO at Tellor, an entrepreneur, and a business developer.
The idea to found Tellor came from blockchain issues related to the oracle problem. Smart contracts that are locked in the blockchain are unable to access and process any information that’s located off-chain. Tellor connects designated reporters to user inquiries to facilitate the transfer of off-blockchain data to the smart contract.
The platform officially launched in 2019. Throughout its run, the TRB price has been relatively volatile. Given this, market capitalization can change frequently. The asset has followed some of the general crypto market trends.
What are the Tokenomics and Features of Tellor?
Tellor tokens do not have a fixed supply cap. Therefore, there are no hard deflationary measures that would affect the Tellor price. New tokens are created by miners, and new tokens can only be minted if the community agrees to the decision by voting. TRB acts as the governance token, allowing the network members to participate in the decentralized autonomous organization (DAO).
The purpose of TRB is, first and foremost, to pay for the oracle services. Users pay a deposit to the reporters who then find and submit the required off-chain data in byte-size files for the smart contract to access.
The TRB price for the deposit may vary based on the difficulty of the query. If users believe that certain data entries require updates, they can submit tips to receive the preferred values.
Users that want to participate in the network as reporters must stake TRB. Reporters are responsible for accepting the data inquiries and uploading the valid values on-chain. If the data they submit is valid and remains on the network, the reporters are rewarded for their work as an incentive to continue their contributions.
There is a strong incentive to ensure the validity of data. In other words, it ensures that all data transferred via oracles is correct and secure. The dispute system allows the Tellor community to vote on removing invalid values. If the voters decide that the data was invalid, the malicious reporter must give their deposit to the disputer.
However, if the reporter is found to have been falsely accused, the accuser must pay a portion of the dispute fee to the reporter. The Tellor price for the fees that the disputing parties must pay from the same ID increases with each report, ensuring that the feature is used fairly due to the financial consequences.
