We are proud to announce that we will be adding Tellor’s Tribute token(TRB) to our exchange. Tellor will not be signing as a Treasury Client but we still managed to organize an AMA for our community on t.me/eterbaseexchange
- AMA Starts: 20/12/2019 3 PM CET
- Deposits open: 19/12/2019 5 PM CET
- Trading starts: 20/12/2019 5 PM CET
- Pairs: TRB/ETH, TRB/USDT
Tellor is a decentralized Oracle for bringing high value off-chain data onto Ethereum. The system utilizes a network of staked miners that compete to solve a PoW challenge to submit the official value for requested data. To properly incentivize the network, Tellor mints a token called Tributes (TRB). They are to be used by miners to stake, they are used to reward miners, by users to request data, and token holders can vote on disputes of data validity.
How does the Tellor Oracle work?
Tellor created a protocol where Proof-of-Work miners compete to provide the data requested in the Tellor smart contract. Users (e.g. financial contracts on Ethereum) read from this on-chain database for use in their trustless applications.
This sounds simple, but to make this model work and have the proper crypto-economic incentives to secure this network, Tellor mints its own token — Tributes (TRB).
Tellor Tributes have a lot of uses in their ecosystem. First, users use TRB to request specific data they need and when a miner submits data on-chain they are paid in our token as a reward. Second, all miners are required to place a deposit of TRB in the Tellor smart contract before they can compete and begin mining. These incentivizes make it so that if a miner tries to submit a bad piece of data, we can dispute their value and then slash them for being malicious. And lastly, you guessed it, TRB is used both to initiate the dispute, and as weighting during the vote on the validity of the data.
For a deeper dive into Tellor
Check out the whitepaper, FAQ, and their medium articles which cover topics like the dev-share and security design.
If you have any questions or would like to become part of Tellor’s community you can hop into their telegram: https://t.me/tellor
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