Tellor is a decentralized oracle that solves the problem of transmitting data from the external world to blockchains. This project is used to obtain reliable and verified information for decentralized applications (dApps), especially in the DeFi (decentralized finance) sector. Tellor enables blockchains to access external data that cannot be computed within the network itself, such as market prices, weather conditions, or sports event results.
The Tellor project addresses the issue of data scarcity for blockchains by providing access to real-world data through a decentralized network. All participants in the network who provide accurate data are rewarded with TRB tokens.
How Does Tellor Work?
The Tellor system consists of several key components:
– Oracles: These participants in the network collect and transmit data to the blockchain. Oracles can be any users who provide accurate information.
– TRB Token: The TRB token is used to reward oracles for providing correct data. Additionally, TRB is used for voting and governance within the network.
– Staking and Protection Against Manipulation: Oracles must stake their TRB tokens on the data they provide. If their data turns out to be incorrect, they lose part of their stake.
– Consensus: To ensure data reliability, the network uses a voting and staking system that protects against manipulation.
Tokenomics of TRB
The TRB token serves several functions in the Tellor ecosystem:
– Rewards: Oracles receive TRB for providing accurate data.
– Voting: Token holders can vote on protocol changes and participate in network governance.
– Staking and Penalties: Tokens are used for staking on oracle data. Incorrect data results in penalties.
Applications of Tellor
Tellor is used in various sectors:
– DeFi: Tellor helps DeFi applications obtain accurate data about asset prices, exchange rates, and other parameters.
– Forecasting: The project can be used to create smart contracts that depend on external data, such as weather forecasts or sports results.
– Insurance: It is used to create smart contracts for automated insurance, which require accurate external data.
TRB Price
At the time of writing, the price is trading in the range of $70-$72.
Total supply — 2.7 million tokens
Circulating supply — 2.63 million tokens
Market capitalization of the token — $190 million
This project has good prospects but is more suited for speculative purposes. The tokenomics are not large, and in a bull market, with a flow of money into this asset, one could earn 150-200% from current prices, if not more. Any gains should, of course, be reinvested into more reliable and long-term projects.
