Buy Tellor (TRB)

Tellor is a decentralized oracle network that provides off-chain data to applications and protocols on the blockchain. It acts as a bridge between blockchain applications and the outside world, giving developers access to relevant information such as prices, weather data, financial data, and more.

Because blockchains are inherently decentralized, there is no central authority that can verify off-chain data. However, without reliable off-chain data, smart contracts cannot function effectively. Tellor offers a solution to this problem.

Tellor uses a network of decentralized reporters, also called miners, who compete to provide accurate data on time. These reporters are rewarded with the native token TRB. Incorrect or delayed data is penalized by withholding a portion of their collateral. This reward system ensures that the data provided is reliable and accurate.

A key feature of Tellor is the use of a unique hash function called "Tributes". This function combines the block hash, the reporter address and the request ID, resulting in a unique identifier for each data request. This prevents collusion between reporters and ensures fair processing of each data request.

The TRB token plays a crucial role in the Tellor ecosystem. It is used to reward reporters and serves as collateral for participation in the network. In this way, Tellor creates a self-sufficient system for obtaining off-chain data in a decentralized and secure way.

Who founded Tellor?

Tellor was founded in 2018 by Brenda Loya and Nick Fett, two experienced blockchain and crypto developers. Brenda Loya has a strong technical background and experience in the financial sector, while Nick Fett has expertise in econometrics and blockchain technology. The company behind Tellor is currently managed by a diverse team of developers and business experts.

Tellor offers several features and applications that are valuable to both users and developers:

• Price feeds: Developers can use Tellor to integrate real-time price information into their dApps, which is essential for financial applications and trading strategies.
• Prediction markets: Users can use reliable data from Tellor to make predictions and place bets on future events.
• Asset connection: Users can deploy Tellor to connect different blockchain assets, allowing for smooth interaction between different networks.
• L2 security: Developers can use Tellor to enhance the security of Layer 2 networks by ensuring data validation and availability.
• Data for insurance: Insurers can integrate accurate and reliable off-chain data into their smart contracts for claims and premium processing.

Tellor uses a decentralized network of reporters to deliver off-chain data to the blockchain world. When a smart contract makes a request for data, miners compete to deliver the correct data first. This data is then verified by the network before being stored securely on the blockchain.

Tellor's decentralized model prevents single points of failure and potential manipulation of data as it moves to the blockchain.

Reward and punishment mechanisms

To incentivize accurate and timely data, Tellor uses a reward system where the TRB token plays a central role. Reporters must stake a certain amount of TRB tokens to participate in answering data requests. They are rewarded with more TRB for providing accurate data, while (part of) their stake is taken away when they provide incorrect or late data.

Tributes hash function

Tellor uses a unique hash function called Tributes. This function combines the block hash, reporter address, and request ID to create a unique identifier for each data request. This prevents collusion between miners to provide false data and ensures that each data request is processed fairly.

On-chain data storage

Another important aspect of Tellor's security is the use of on-chain storage. This means that once stored, the data cannot be modified or deleted, preventing potential manipulation. This further strengthens the integrity and reliability of the data.

Dispute mechanism

Tellor has a unique dispute mechanism that allows users to dispute data immediately after it is published to the blockchain. If data is not disputed for a certain period of time, it is considered accurate and secure.

Users are incentivized to challenge incorrect data, which requires them to pay TRB tokens. The original reporter’s account is blocked until a vote on the accuracy of the data has taken place. If the data is found to be incorrect, the user who challenged the data receives a reward and the reporter is penalized. If the data is found to be correct, the user’s TRB tokens are taken away. In this way, Tellor prevents users from challenging any data without reason.

Staking TRB tokens is essential for participation in the Tellor network. To stake, reporters must stake a minimum of 100 TRB (or $1,500 in TRB, whichever is higher in USD value). This collateral serves as assurance for the accuracy and reliability of the data they provide.

Reporters earn rewards in the form of tips and rewards for each successful and accurate data submission. After TRB ceases, reporters must wait for a minimum of 12 hours (configurable) before submitting data again. This process ensures that data remains consistent and reliable, and increases the security and integrity of the Tellor network.

Tellor has a unique focus and distinguishes itself from other projects in several ways:

• Decentralized oracle network: Tellor uses a decentralized network of miners competing against each other to quickly deliver accurate data. This reduces the risk of manipulation and single points of failure.
• Tributes hash function: Tellor uses a unique hash function that prevents collusion between miners by giving each data query a unique identifier. This ensures fair and secure transaction processing.
• On-chain data storage: By storing off-chain data on the blockchain, blockchain applications can use the data and it is safe from manipulation or deletion.
• Dispute mechanism: A special system allows users to dispute incorrect data, ensuring the reliability and accuracy of the data.
• Multiple data sources: Tellor uses multiple data sources to reduce the risk of incorrect or unreliable data.

Buy Tellor (TRB) at Bitvavo. Our platform is suitable for both novice and experienced traders. Follow these steps to buy Tellor (TRB) via our website and app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking "Deposit".
3. Go to the Tellor (TRB) buy page.
4. Enter the amount in euros you want to spend or the number of TRB tokens you wish to buy and click "Buy".

The current market value determines how expensive the Tellor tokens are. After purchase, your TRB tokens are automatically deposited into your Bitvavo account, where you can easily manage and trade them. Selling Tellor tokens is just as easy from your Bitvavo account, so you can quickly respond to market and price changes.

Within your Bitvavo account, you can safely store your Tellor tokens. Bitvavo stores the majority of assets in cold storage, which is managed offline. We recommend enabling two-factor authentication (2FA) as an additional layer of security for your account.

It is also possible to manage your TRB tokens yourself, as most software and hardware wallets support TRB. After purchasing, you can easily transfer the Tellor tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your TRB tokens and other cryptocurrencies.