BITSONIC’s Cyrpto School Part 3 — Tellor
Bitsonic’s Crypto School introduces promising overseas projects that investors may want to know about.
Part 3 begins with Tellor.
What is Tellor?
Tellor is a project that started to solve the problem of decentralized oracles for the DeFi project.
What is the Oracle Problem?
It commonly refers to connectivity and time difference when data existing outside the blockchain (off-chain) is brought onto the blockchain.
In particular, in the DeFi project, the difference in certain coins’ prices on other platforms is an important issue, so these Oracle problem-solving projects are essential.
Investors in Tellor
Tellor is a project launched in March 2019 after simple modeling and audit in 2018.
Maker Dao — Binance Labs — Consensys l Grants
In the initial business modeling stage, the project got invested from the Maker Dao Foundation. In April, another investment from Binance Labs operated by Binance and participated in the incubating program. In October 2019, it won approximately $25,000 as a grant from Consensys, drawing attention as the next-generation DeFi (Oracle) project following Chainlink.
TRB token of Tellor project
Unlike the other projects, the Tellor project started only with initial mining volume without conducting ICO or IEO. TRB is a PoW (Proof of Work) coin that miners continue to mine to maintain the network. In the middle of this year, the world’s largest mining pool, f2pool, announced that it would support Tellor for TRB mining.
What is the function of the TRB token?
TRB stands for “tributes” and is used as a commodity within Tellor’s Oracle system. TRB tokens are required to provide the same price as other platforms on Teller’s blockchain (on-chain). In contrast, miners are rewarded with TRB tokens as they contribute a stable and accurate price to the Tellor’s network.
Social Activities?
Tellor has participated in several Hackatons, AMAs, and Meet-ups since the beginning of this year. In August 2020, Tellor participated as a sponsor in Virtual Hackaton held by Gitcoin, together with Chainlink, Luna Terra, and NuCypher. In September, a speech about PoW mining innovation was given in Blockstack and Dystopia Labs’ Future Proof.
Tellor’s V2 Upgrade!
In September 2020, website updates and the evolution of version 2 were successfully completed with more scalability and security after the audit.
As the DeFi projects continue to flourish, what will happen to the Oracle project that keeps it safe?
Want to know more about Tellor?
