What is Tellor (TRB) | What is TRB token

What is Tellor (TRB) | What is TRB token

Smart contracts on Ethereum are fully self contained and any access to off-chain data is restricted. By creating a system where inputs to a data feed are secured by a network of staked miners, Tellor creates trustless access to off-chain information. This paper highlights the structure of this system and gives an in-depth overview regarding the incentives and assumptions used to ensure an honest input of data to the oracle. Tellor is an oracle system where parties can request the value of an off-chain data point (e.g. BTC/USD) and miners compete to add this value to an on-chain data-bank, accessible by all Ethereum smart contracts. The inputs to this data-bank are secured by a network of staked miners. Tellor utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Tellor’s token, Tributes (TRB) and a dispute mechanism. What is Tellor (TRB) - TRB Token?

Introduction

We believe a "whitepaper" should be easy to read and simply help you understand how the project works. We hope the following information provides that. Let's start with the basics.

Smart contracts on Ethereum are fully self contained and any access to off-chain data is restricted. By creating a system where inputs to a data feed are secured by a network of staked miners, Tellor creates trustless access to off-chain information. This paper highlights the structure of this system and gives an in-depth overview regarding the incentives and assumptions used to ensure an honest input of data to the oracle.

Tellor is an oracle system where parties can request the value of an off-chain data point (e.g. BTC/USD) and miners compete to add this value to an on-chain data-bank, accessible by all Ethereum smart contracts. The inputs to this data-bank are secured by a network of staked miners. Tellor utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Tellor’s token, Tributes (TRB) and a dispute mechanism.

Background

One of the biggest hurdles limiting the potential applicability of smart contracts is a lack of a trustless source of off-chain data. Tellor aims to fill this gap with an on-chain data feed where data is inputted by a permissionless network of crypto-economically incentivized data providers.

Blockchain networks allow for fast, secure, transfer and creation of digital goods in addition to the storage and execution of tamperproof programs that can manage digital assets. These programs, once deployed on-chain, cannot be changed. They are available to everyone with access to the chain, execute based on the defined parameters and interactions (transactions), and are verified by the blockchain’s consensus mechanism. These characteristics allow anonymous parties to enter into binding digital agreements, called smart contracts. However, blockchains are siloed from other networks and have no direct access to real-world data. Unfortunately, for smart contracts to bring true utility, off-chain data is necessary. And for smart contracts to truly be secure and censorship resistant, off-chain data must be trustlessly provided.

The Tellor Oracle provides a trustless and decentralized alternative for off-chain data. It provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.

source: CYT-Crypto

Tellor Token

About Tellor Tributes (TRB)

Tellor Tributes (TRB) are the native token of the Tellor. They are used to incentivize miners to provide data through base rewards and tips via user requests. They are used for governing valid data through disputes, and for system upgrades proposed and voted on by token holders.

Tip Burns

In the Tellor system, 50% of tips go to miners (⅕ to each selected miner) and 50% of the tips are burned each block.

Supply

The total supply of Tellor is determined by usage and mining rates. For the maximum supply, Tellor’s supply will grow at the rate of the base reward * 288 queries per day. The graph below shows the Tellor supply and the growth rate assuming full utilization:

Dev-share

The Tellor Oracle implements a ten percent developers share (dev share). This revenue stream will be managed by the Tellor team and utilized in the following ways:

  • Ensure community participation and accurate voting for disputes
  • Create and distribute efficient mining software
  • Market and Promote Tellor to ensure adoption which leads to greater mining incentives
  • Create developer tools for utilizing Tellor in production deployments
  • Fund research and improvements to our system

Governance

In addition to providing a means of voting on the validity of data submissions, the Tellor token is used to vote on upgrades to the Tellor contracts.

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