Today BlockchainBrad speaks with Tellor CTO once more to deeply explore about the decentralised Oracle for DeFi. So why another interview? Well, Tellor is all about providing a decentralized oracle for the DeFi marketplace. For anyone who subscribes to the value of censorship resistance, decentralisation is the goal of many startups now aligned with the vision of thought leaders such as Vitalik & Satoshi. There is a total lack of authentic DeFi oracles in #crypto atm, and oracles themselves are imperative. Bringing high value off-chain data onto Ethereum & other platforms is a necessity and Tellor’s team now have the code and oracle built of real, pragmatic applications and they are partnering with several startups who share the same vision. They are also backed by some of the powerhouses of crypto, such as Maker, Consensys, Ethereum Foundation and BinanceLabs. Tellor’s system gets rid of those centralized points of failure by using a network of miners to query data for your smart contracts with active dispute systems built for fairness. The Tellor system uses a network of staked miners that compete to solve a PoW challenge, which leads to selected submissions of official value for requested data and it is what assets the strong security and trustlessness of the network. Tokens are mined with every successful Tellor data point and the company takes a 10% dev share to support the development of the ecosystem. The DevShare is the only means of sustained revenue for the Tellor team, which is super cool. They did no ICO, no pre-mine and no IEO or other crowdfunding, so risks of early investor dumping and exchanges doing dodgy deals is eliminated from the equation. For me, there’s so much to like about the team & tech.
check out tellor.fund to
Tellor youtube: https://www.youtube.com/channel/UCJteW6bsm1wn34i2hSAZBiw
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will add this in really soon
If someone wanted to transcribe this as an article, maybe ask Nick and see if he’ll put up a bounty.
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 & other data types 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 now yet invested in Tellor (not much, but I invested a few little in Feb) and I plan to invest more as I can afford to. (Not Financial Advice)
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