Tellor is an oracle network built on the Ethereum blockchain, and the TRB token is its native cryptocurrency. It aims to provide reliable and secure data feeds for smart contracts. Oracles serve as bridges between blockchain platforms and real-world data, enabling smart contracts to access information from outside the blockchain.
In the case of Tellor, it utilizes a network of miners who compete to provide accurate data. These miners are incentivized to contribute valid data by staking TRB tokens as collateral. They are then rewarded with newly minted TRB tokens for their participation.
The mining process involves solving a proof-of-work challenge to generate a data point. The generated data is stored on-chain in Tellor's data bank, which acts as a historical record of the data provided. This historical data helps ensure transparency and integrity within the network.
TRB (Tellor) was founded by Brenden and Nicholas Hyland. The project was launched in 2019. Brenden Hyland is the CEO of Tellor, while Nicholas Hyland serves as the CTO. They developed Tellor as a decentralized oracle solution for the blockchain industry, aiming to provide reliable and tamper-proof data for smart contracts. Since its inception, Tellor has gained recognition and adoption within the cryptocurrency community.
Tellor's design emphasizes decentralization and security. By relying on a network of independent miners, it aims to prevent single points of failure or manipulation. The system also incorporates a decentralized governance mechanism, allowing TRB token holders to participate in decision-making processes related to the protocol's future development and upgrades.
The primary use case for Tellor is to provide external data inputs for smart contracts, such as price feeds, weather data, sports scores, and more. By utilizing the decentralized oracle network, developers can build more sophisticated and reliable decentralized applications (DApps) that require accurate and up-to-date external data.
TRB stands for "Tellor Tribute". TRB is used within the Tellor ecosystem to incentivize miners and ensure the integrity of the oracle network. Miners stake TRB tokens as collateral to participate in the network, and they are rewarded with newly minted TRB tokens for providing accurate data. The token also has governance functions, allowing holders to participate in decision-making processes related to the Tellor protocol.
When users submit data requests to the Tellor oracle, they need to pay fees in TRB tokens to incentivize miners to respond to their requests. These fees are paid to the miners who fulfill the data requests and contribute accurate data.
TRB token holders may gain access to certain premium data feeds or services provided by the Tellor ecosystem. These additional data services may require holding or spending TRB tokens.
As of May, 2023 the total supply of the TRB tokens is 2,441,539, and the circulating supply is 1,703,442 TRB.
Average Fees on the TRB Network
The average transaction fees may vary depending on the platform, but usually for TRB they don’t go higher than 0,25% of the amount of transaction. The average fees on the Tellor network can vary and depend on various factors, such as network demand, gas prices on the Ethereum blockchain, and the complexity of data requests.
TRB Token Wallets
TRB (Tellor Token) is an ERC-20 token based on the Ethereum blockchain, which means it can be stored in wallets that support ERC-20 tokens, such as MetaMask, MyEtherWallet, Ledger, Trust Wallet, Atomic Wallet, etc.
