Tellor is thrilled to announce the launch of our decentralized oracle on the Ethereum Mainnet. It has been a big week for us! First, we had a successful audit from our friends and security partners, Certik, who will be releasing a case-study on us very soon. And now, our mainnet launch! Now we can officially set our sights on enabling the growth of the DeFi industry by providing a secure source of for high quality pricing data.
The Tellor Oracle is an on-chain data bank where staked miners compete to add the data points. To create a properly incentivized system Tellor mints a native token, “Tributes.” Parties pay Tellor Tributes to submit a request for data to the Oracle. Proof-of-work has proven to be the gold standard for consensus mechanisms and Tellor utilizes it within a hybrid model to secure the oracle. In addition to the security provided by the PoW process, we have added an additional layer of security through the deposit of Tributes which miners are required to stake before they are allowed to mine and risk losing their stake if their submitted values are successfully challenged.
Since smart contracts on Ethereum are fully self-contained and any information or access to off-chain data is restricted, certain types of smart contracts are reliant on an outside provider (an oracle) of off-chain data points. The problem is that you now have a decentralized smart contract with a centralized key point of failure. Tellor aims to capture a wide open market for decentralized oracles with a ready now product.
“Our competitors are aiming to allow any smart contract to query any piece of off-chain data, which is still very much open research as to whether or not that is feasible anytime soon. Instead, we aimed for something that would be measurably secure, fully decentralized, and ready right now to provide high value pricing data on-chain.” — Brenda Loya, CEO of Tellor.
This is only the beginning, so now we look onward to the real exciting stuff — bringing truly decentralized off-chain data to Ethereum ecosystem.
If you’d like to use our oracle don’t hesitate to reach out to us at firstname.lastname@example.org and on our official telegram channel: https://t.me/tellor