In Q4 2021 Tellor will become Tellor X. Proof of Work is being removed from the Tellor protocol. Anyone with a computer anywhere on earth is welcome to join us as a Tellor oracle reporter!

Tellor is a permissionless community consensus mechanism for determining what is a “correct” value on the Tellor oracle network. The system incentivizes Tellor data providers to compete for Tellor Tribute Tokens [TRB] that can be earned by successfully recording oracle data on the Ethereum blockchain. With the current implementation of the protocol (Tellor 3), data providers are required to solve a proof of work challenge. We currently refer to these individuals as “staked miners”, because they must lock up a 500 TRB bond as collateral against “bad” or malicious data. This bond can be lost in a dispute if bad data is submitted on-chain.

Tellor X continues to work with simple crypto-economic incentives to secure data through staking and dispute mechanisms, and builds a more secure Tellor through novel uses of the system’s monetary policy and the introduction of a more equitable governance system.

Changes coming with Tellor X
For Miners:

• The proof of work component is being removed. Tellor “Miners” will now be referred to as “Reporters”.
• The stake required to be a reporter has been reduced to 100 TRB (down from 500 TRB to be a miner)
• A reporter may submit for as many or as few request IDs as they like. It is not required that all reporters maintain a dataserver for all data points.
• Time based rewards are reduced from 1 TRB every 1 Minute to 0.5 TRB every 5 minutes.
• The minimum time between submissions is being increased from 15 Minutes to 12 hours*.

*After a reporter submits a value, they must wait a certain time period (a configurable variable, starting at 12 hours), before submitting again. This is both to allow time for disputes as well as to increase the number of reporters in the system.

For Users:

• ID’s can be updated as frequently as they are tipped. There is no more 5 minute speed limit. The Tellor network will be as fast as needed.
• Data will be submitted as bytes, meaning any data type or number of variables can be pulled in a single query.

Links
Tellor X whitepaper: https://tellor.io/static/media/tellorX-whitepaper.27e7cb8e.pdf
Website: https://tellor.io/
The code: https://github.com/tellor-io/tellorX

Social Media
Twitter: @WeAreTellor
Telegram: https://t.me/tellor
Discord: https://discord.gg/5gaEvKW6
YouTube Channel with weekly updates from the team: https://www.youtube.com/channel/UCJteW6bsm1wn34i2hSAZBiw
Check out our Medium for some great content ! https://tellor.medium.com/