BUIDLHub and Tellor Announce Collaboration
Did Tellor and BUIDLHub just achieve peak performance?
We’re happy to announce that Tellor, a decentralized oracle which verifies off-chain data through competing miners, has launched their BUIDLHub Pay-to-Play wallet to mainnet to make their operations more resilient. Miners on the Tellor network will receive requests to update price data based on unverified price feed listeners.
📊 Tellor’s Operations
Tellor’s decentralized oracle network provides high-quality price data for smart contracts. Tellor’s miners are responsible for retrieving market prices for specific price pairs (for instance an ETH-USD pairing on some exchange like Binance). Requests for new data determine which pairs are retrieved and verified. Like 90%+ of DWeb projects, Tellor is a growing project, and until it has a high-volume of customers requesting specific price data, the miners randomly select which price pairs to mine and verify. This means that there are times when the price of high-value price pairs (like ETH-USD for example) are being ignored.
What Tellor needed was a way to ask their miners for specific price pairs based on market conditions. If the price of ETH moved up or down 1%, for example, Tellor wanted to make sure its value was updated by their miners. So they approached BUIDLHub and asked us to automate this process by periodically checking market conditions and submitting data requests to Tellor. If market changes were detected, miners would be requested to investigate that specific price pair.
Tellor identified a perfect use case for BUIDLHub’s tech — off-chain conditions triggering on-chain updates. Since anyone can submit price requests to the Tellor network, our Pay-to-Play automated wallet was a perfect fit.
This integration saved their team an untold number of hours. They get notifications and an easy to use infrastructure manager in just a few clicks. Their use of BUIDLHub is going to make maintenance of their price feeds significantly easier.
The TL;DR of how the Pay-to-Play wallet works is: a BUIDLHub user accesses the wallet and loads it with ETH and/or an ERC-20 compatible token. The user also creates flows that involves on-chain activity, maybe pushing new data to the blockchain or causing an update to some state (e.g. changing access rights). Once the wallet has been loaded and the flow is started, the user need not sign for recurring or new transactions. As the workflow executes according to its trigger conditions, the wallet is used to pay for fees. The user can also set a threshold to receive notifications when wallet funds are running low.
There are limitations to this model, so stay tuned for how we’re introducing alternatives which will match your expectations for convenience, security, and trustless execution.
❤️ We Love our Friends
As a final note, we love our friends at Tellor and thank them for trusting us with this opportunity. Our relationship goes all the way back to late 2017. Nick Fett introduced the precursor to Daxia to Mitchell’s team in DC, when he still worked at CFTC. Both Nick and Michael Coon (CEO/CTO of BUIDLHub) did smart contract work for CryptoPets. Our community in the DC area is close knit, and we’ve repped the community at the 2019 Consensus Grants Hackathon in Brooklyn and ETH Denver 2020. We’re just excited there’s such a stellar opportunity for our teams to work together, since Tellor can offer tremendous value for our entire ecosystem to be self-sustainable.
For BUIDLHub, June has shown the excitement building around our capabilities. We’ll have a new announcement in the next few days. We’ll be announcing the kickoff of our community Q&A and Fireside live-streams coming your way.