What is Tellor? Tellor (TRB) is an oracle network that provides off-chain data to smart contracts located on the Ethereum Blockchain. In this article, you can find answers to frequently asked questions such as what is Tellor, what it offers, what is TLB coin, how to get it, what is it used for. As Kriptokoin.com, we have compiled it for you. Let’s examine the project together.
What is Tellor?
Launched in August 2019, Tellor is a decentralized oracle network aimed at solving the oracle problem on the Ethereum Blockchain. Oracles are blockchain software that updates valuable off-chain data and makes it available for on-chain smart contracts. Tellor is used to upload valuable off-chain data to the Ethereum network in a transparent and verifiable form. The miners who transfer data on the network are called “data relays”. Data exporters earn incentive rewards by providing data to chains. The native cryptocurrency of the Oracle network is TRB coin.
Tellor operates as a decentralized network of data relays. Users do not need to perform any verification or get permission to become a relay. When a user requests specific off-chain data, relays compete to add that data to an on-chain database. Oracle network-specific data is sent in bytes. The security of the network is ensured by the community consensus mechanism. In this mechanism, relays have to staking TRB coins to add data and earn token incentives. In addition, the network also offers various DeFi services such as lending to its users.
What is TRB coin? What is it used for?
TRB coin is a token that works as the native cryptocurrency of the Tellor network. The token was created with an ERC-20 smart contract on the Ethereum Blockchain and has no maximum supply. Users and data exporters have the advantage of performing various transactions within the network and earning rewards through TRB. The biggest use case of TRB coin is to initiate smart contracts within the network. To become a data exporter, it is necessary to initiate a smart contract. Users must have over 100 TRB tokens to become a data exporter. Recipients must stake the token to earn TRB rewards and add data.
Staking; It means earning additional token rewards at the end of maturity by locking all or a certain part of the assets into smart contracts with a certain maturity. In addition to all these, TRB holders can lend their assets to other users. This means that lenders can earn income on interest. At the time of writing, TRB coin had a market cap of around $45.9 million and was ranked 563rd on the overall cryptocurrency list. In addition, 2.35 million TRBs were in circulation.
What are the advantages?
- Users with over 100 TRBs can mine as a data exporter. Miners can earn additional token rewards by adding data to the blockchain.
- The Tellor network offers low transaction fees to its users. However, the network is quite fast. Users can perform transactions such as crypto transfer or exchange in a few minutes at low cost.
- Users can stake TRB coin. This means that assets can be locked into smart contracts with a specified maturity and additional token rewards can be earned at maturity.
What are the disadvantages?
- Although the Oracle network is built on DeFi and data migration, it does not offer products such as renting and purchasing data storage space that popular web3 platforms offer.
- Keeping TRB coin assets in virtual wallets increases the possibility of cyber attacks. This issue can be resolved by users migrating their assets to a hardware wallet.
How to get TRB coin?
Currently TRB coin; It is listed by crypto exchanges such as Binance, Coinbase, Huobi, and KuCoin. Investors interested in the Tellor project should first become a member of one of these exchanges. Investors who are fully registered members and transfer funds to their wallets can purchase TRB.
