Today BlockchainBrad speaks with Tellor CTO about THE decentralised Oracle for DeFi. Why Tellor? Tellor is a decentralized Oracle for bringing high value off-chain data onto Ethereum, hence it’s the apt slogan: ‘decentralised oracle for #DeFi’. Basically, Tellor is an easy to implement solution to get high-value data into your smart contracts. Tellor’s system gets rid of those centralized points of failure by using a network of miners to fetch data for your smart contracts. The Tellor system utilizes a network of staked miners that compete to solve a PoW challenge to submit the official value for requested data. Tokens are mined with every successful Tellor data point and the company takes a 10% dev share to support the development of the ecosystem.
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00:44 About Tellor’s slogan
01:50 About Decentralized Oracles & why they REALLY matter
03:31 The Data connection.
04:48 About the need of a real decentralized oracle
10:03 About using the Ethereum ecosystem/platform
12:30 About oracle solutions
15:29 Why use a decentralized Oracle when we already know centralized Oracles work?
18:50 About the Ethereum connection
22:20 About the Ethereum improvements
27:03 About the need for scalability and security
29:46 About protocol layers and miners
32:38 About the security model
37:06 About miners’ block rewards
40:17 How can people be sure the Tellor team is using devshare revenue to invest back into their ecosystem?
43:58 About the utility token & price talk
47:20 About centralized Oracles
51:55 About TRB: the Tellor Utility token
57:12 About the token design: token modelling
58:40 What exchanges people can access?
01:00:26 About avoiding the price pump: Tellor are avoiding the PUMP DUMP model
01:02:40 About the speculators and the crypto casino
01:08:08 About the roadmap. The long term vision.
01:12:27 About the transparent evidence of the development
01:13:25 About the code
01:14:37 About the marketing strategy
01:17:04 Final statement
What is an oracle?
An oracle provides real-world off-chain data and submits this information to a blockchain to be used by smart contracts. Typically this is a data feed provided by a third party service.
What is “The Oracle Problem?”
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. The issue with this is obvious to anyone who values decentralization.
How does Tellor solve this problem?
Tellor set out to solve the oracle problem in a specific context: a lack of secure and decentralized price feeds for DeFi applications. Tellor aims to enable 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 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. Based upon the reward assigned to each request, the Oracle selects the best funded query every ten minutes to create a challenge for miners to solve. Proof-of-work has proven to be the gold standard for crypto economic consensus mechanisms and Tellor utilizes it within a hybrid model to secure the oracle.
This was 100% free and I received no financial compensation for doing this video; not in fiat, tokens or any form on payment.
I have not yet invested in Tellor, but I am SERIOUSLY considering it. (after Chainlink hype, makes sense to me). So, in the name of complete disclosure, I plan to invest.
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