Tellor is a decentralized oracle on Ethereum, where a network of Proof-of-Work (PoW) miners compete to fetch data and place it on-chain for smart contracts.
Tellor’s token, Tributes (TRB), provides crypto-economic incentives to secure this network.
TRB is used for:
Payments: Users utilize TRB to request specific data they need and when a miner submits data on-chain they are paid in TRB tokens as rewards.
Security Deposits: Miners are required to place a deposit of TRB in the Tellor smart contract before they can compete and begin mining. If a bad piece of data is submitted, the community can dispute the value and slash a miner's stake for being malicious.
Dispute Resolution and Governance: i.e. voting for the validity of the data.
A Decentralized Oracle on Ethereum.
Aug 27th, 2020