Tellor

Tellor TRB

$24.87
Market Cap $ 36.636 MM (#242)
24h Volume $ 30.213 MM
Chg. 24h: 7.72%
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Tellor project purpose and description

Tellor clarity of purpose

Tellor purpose and aspects

Tellor is a decentralized oracle that provides an on-chain data bank where staked miners compete to add the data points.

Tellor categories

Database servicesData storagePlatform

Short description

Tellor is a decentralized Oracle for bringing high value off-chain data onto Ethereum. The system utilizes a network of staked miners that compete to solve a PoW challenge to submit the official value for requested data. Tokens are mined with every successful Tellor data point and the company takes a 10% dev share to support the development of the ecosystem.

Abstract

Smart contracts on Ethereum are fully self contained and any information or access to off-chain data is restricted. Tellor solves this problem by creating a system where parties can request the value of an off-chain data point (e.g. ETH/USD) and miners compete to add this value to an on-chain data bank, accessible by all Ethereum smart contracts. Inputs to a data series are secured by a network of staked miners. The main Tellor smart contract creates a time series of each requested data series and aims to become the standard source of high value data for decentralized applications. This oracle, “Tellor”, utilizes similar incentive mechanisms to other cryptocurrency systems through the issuance of Tellor’s token, Tributes, that are used to request a particular data series from miners.

Link to Roadmap: n/a
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