In 2019, a group in the United States created Tellor, a decentralized oracle protocol designed to facilitate secure and reliable data provision to smart contracts within the Ethereum blockchain, particularly servicing the DeFi and DApp sectors. Tellor’s framework allows DeFi DApps to integrate external data critical for smart contract executions, with stability and authenticity maintained through a proof of work (PoW) system employed by stakeholder miners.
Origins and Mechanisms of Tellor
The same team responsible for Tellor had previously founded Daxia, a derivatives protocol on the Ethereum network, crafting tokens that represented positions on assets which relied on an oracle for functionality. This led to the development of Tellor, designed to be an oracle that is inherently decentralized and tailored for such use cases.
Tellor’s native token, TRB, is an Ethereum-based asset that serves as the fuel for the oracle network. Users submit data requests to the oracle, and TRB tokens incentivize miners to prioritize and answer these queries. Every 10 minutes, the system selects the query with the highest funding, issues a challenge to miners, and rewards them with TRB tokens upon successful data provision and verification within the network.
Purchasing Tellor Tokens
For those looking to acquire TRB tokens, Binance, known as the largest cryptocurrency exchange by trade volume, provides a secure and straightforward method of purchase. On Binance, users must first register and deposit fiat currency, which can then be exchanged for BUSD, BTC, or USDT to trade for TRB.
Moreover, Binance offers flexible trading options, allowing users to place orders at the market rate or specify a lower price through the Limit tab, setting the desired amount and price for their transaction.
