[ANN] [TRB] Tellor - decentralized oracle built on Ethereum [POW/Staking]
by
firehawk71
on 29/03/2020, 20:13:47 UTC
About project Ethereum smart contracts cannot access off-chain data. If your smart contract relies on off-chain (e.g. internet) data to evaluate or execute a function, you either have to manually feed the data to your contract, incentivize users to do it, or rely on a centralized party to provide the data (Oraclize.it is generally the standard).
The tellor oracle is a decentralized oracle. It provides a decentralized alternative for contracts to interact with and obtain data from off-chain (aka API data).
Tellor implements a hybrid Proof-of-work (PoW)/Staking model where miners have to stake tellor tributes (tellor's native token) to be able to mine and along with the PoW solution they also provide an off-chain data point. The first five miners to provide the PoW and off-chain data point are rewarded, the median becomes the official value and the value is available for on-chain contracts to use. The value can be disputed by anyone holding tellor tributes within 144 blocks(1 day) after being mined for a fee. After the value goes to dispute, anyone holding tributes can vote on it's validity. If the vote determines the value was invalid the reporting party gets awarded the miner's stake, otherwise the wrongly accused miner gets the reporting fee.
Features
Simple Quick and easy to implement into your smart contracts
Decentralized For developers who want a trustless solution and to not rely on third-party oracle solutions
Secure We use a Staked Proof of Work protocol to validate our data
Own algorithm We use our own solution for the implementation of our tasks