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About Tellor

Tellor functions as a decentralized oracle system, providing essential data to smart contracts on a blockchain. Its open network architecture invites widespread involvement in the data verification and submission processes. This protocol is versatile, accommodating different data categories like financial market statistics, which are transmitted through the use of the Telliot client tool.

Brief History

In 2019, Brenda Loya and Michael Zemrose embarked on an entrepreneurial journey to create Tellor, a solution born from the challenges they faced while developing their previous venture, Daxia, an oracle system. Their creation, Tellor, emerged as a response to the limitations of existing oracle services. Brenda Loya, at the helm as CEO, brings her extensive expertise in blockchain, data science, and system scalability to the fore. On the other hand, Michael Zemrose, the Chief Strategy Officer, leverages his background in small business consultancy to drive the company’s strategic growth.

The journey of Tellor in the financial landscape is noteworthy, securing approximately $400,000 across three funding rounds. The project has garnered attention and backing from notable entities in the crypto space, including Binance Labs, Makers, and Consensys Grants, showcasing the potential and promise of Tellor’s innovative approach to blockchain-based data services.

What Makes Tellor Unique?

Tellor distinguishes itself in the crowded field of oracle networks by employing a miner-based approach rather than relying on nodes, enhancing its decentralization. This network is supported by an array of tools like the Dispute Center and Tellorscan, which bolster its operational framework.

A noteworthy aspect of Tellor’s process is the enforced pause for miners, who must wait around 15 minutes after a successful submission before they can participate again. This mechanism is part of Tellor’s hybrid protocol, blending Proof-of-Work with a stake requirement: miners must lock up 1,000 TRB tokens to engage in the data submission process. This staking element acts as a safeguard, deterring the submission of inaccurate data by penalizing malicious actors.

How Does Tellor Work?

Tellor operates on the Ethereum blockchain as an oracle network, bridging the gap between Ethereum-based smart contracts and external data sources. It serves as a conduit, eliminating the need for intermediaries and enhancing the system’s decentralization.

Initially, Tellor functioned on a combined Proof-of-Work (PoW) and Proof-of-Stake (PoS) model, with miners staking their tokens to provide Ethereum with reliable, decentralized data. These miners collaborated to solve complex problems, thereby verifying and validating off-chain data.

Transitioning to a purely PoS framework, Tellor evolved its ecosystem, where “miners” are now termed “Reporters.” Unlike the previous competitive model, a designated Reporter is now responsible for gathering and submitting data, streamlining the process.

Tellor safeguards the integrity of the data flow to Ethereum by ensuring that only verified information is transmitted, preventing potential data manipulation. Reporters must stake TRB tokens to contribute data, aligning their interests with the network’s need for accuracy. Inaccurate data submissions risk the forfeiture of their stake.

The Tellor ecosystem is underpinned by the Tellor Tribute (TRB) token, integral to its incentive structure. Reporters stake TRB to participate and receive rewards for correctly fulfilling data requests, fostering a reliable and efficient data verification environment.

Key Features

Tellor integrates features spanning security, dispute resolution, governance, and staking to fortify its oracle network.

  1. Security: Tellor secures data accuracy through a bond/dispute mechanism. Reporters stake TRB tokens to submit data, risking their stake if disputes challenge their submissions as inaccurate.
  2. Dispute Mechanism: Users can dispute data submissions on-chain. Disputed data triggers a governance vote, determining the data’s validity. Correct data unlocks the Reporter’s account and rewards them; incorrect data benefits the challenger.
  3. Governance: Tellor’s governance, primarily driven by TRB stakeholders, handles disputes and votes on platform updates. Voting power varies with stake size and activity level, aiming for a balanced influence among all participants. The system’s design supports multi-chain deployment, adjusting governance to each chain’s specifics.
  4. Staking: Reporters must stake a minimum of 100 TRB to submit data, incentivized by tips and inflationary rewards. They face a cooldown period between submissions, with the option for users to expedite data delivery through increased tips.

These mechanisms ensure that Tellor maintains a reliable, secure, and adaptable oracle service across multiple blockchain environments.

TRB Tokens

TRB, the intrinsic currency of the Tellor ecosystem, facilitates its various operations. With a current circulation of 2.3 million tokens and a market valuation of $40 million, TRB does not have a cap on its total supply. However, to manage inflation, the system burns half of the tokens from each block as the supply expands. The utility of TRB within the platform is multifaceted:

  • Payment: Users spend TRB tokens to request specific data from the network.
  • Mining: To engage in the mining process, participants must contribute 1,000 TRB tokens to the Tellor network.
  • Rewards: Successful miners receive TRB as compensation for solving data-related problems, with a portion (10%) of the mining rewards allocated to the Tellor team.
  • Dispute Resolution: TRB tokens serve as a settlement medium for community members who identify and challenge dubious data submissions.

This tokenomics model underpins the operational integrity and economic incentives within the Tellor network, ensuring a balanced and sustainable ecosystem.

Is Tellor a Good Investment?

Tellor holds significant potential within the cryptocurrency sector by addressing the efficiency and cost concerns commonly associated with oracles. While its future remains open-ended, the rising traction of DeFi applications suggests a promising outlook for Tellor.

The platform is actively gearing up for the evolving landscape of the crypto industry, as demonstrated by the upcoming introduction of the Tellor Layer protocol, aimed at increasing network adaptability.

Furthering its commitment to decentralization, Tellor is enhancing the flexibility of its data request system. This is achieved through an on-chain registry that links query types to documents via hashes on the IPFS, streamlining data specification management and reducing gas costs by storing most of the document off-chain.

These strategic developments not only underscore Tellor’s growing investment appeal, evidenced by its recent price uptick, but also forecast a potential increase in value. However, it’s important to recognize the inherent risks and volatility of the cryptocurrency market, emphasizing the need for comprehensive research prior to investment commitments.


Tellor (TRB) is a decentralized oracle system that allows smart contracts on Ethereum to access real-world data securely. It incentivizes a global network of nodes to submit data points, validate them through economic consensus, and make them available on-chain.

Tellor was founded in 2019 by a team of engineers and academics led by Brenda Loya and Michael Zemrose. The founding team has a background in cryptography, mathematics, and blockchain development.

The Tellor network allows smart contracts to access verified, real-world data including cryptocurrency prices, sports scores, weather, etc. This enables new decentralized applications across finance, insurance, supply chain, and more.

Tellor’s native token (TRB) can be purchased on major exchanges like Binance and FTX. You can also acquire TRB by providing data to the network as a miner. Always research before investing.

Tellor (TRB) is an ERC-20 token, so it’s compatible with most Ethereum wallets. Options include:
  • Hardware wallets: Such as Ledger Nano S or Trezor. These are cold storage devices, offering one of the most secure ways to store cryptocurrencies.
  • Software wallets: Metamask or MyEtherWallet are popular choices.
  • Mobile wallets: Trust Wallet or Coinbase Wallet.
  • Non-custodial mobile wallets: One example is IronWallet, which provides a secure and decentralized way of managing tokens without third-party interference.

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