Tellor is a decentralized oracle network built on the Ethereum blockchain, aimed at securely and reliably providing smart contracts with off-chain data. This is done through a network of miners (known as 'reporters') who supply the required data in exchange for rewards. The TRB token (also known as 'Tributes') is used as an incentive for miners and network users.
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⚙️ How does Tellor work?
1. Data Request: Users submit requests for specific data (such as cryptocurrency prices) through the network.
2. Challenges: The most funded requests are selected and turned into mathematical challenges.
3. Providing Data: Miners (reporters) tackle these challenges and provide the required data.
4. Validation and Reward: The data is validated, and if correct, the miner receives a reward in TRB.
Tellor uses a Proof-of-Work mechanism to ensure data integrity, where miners must provide complex mathematical solutions to submit data.
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📊 Information about TRB
Current price: around $51.31.
Maximum supply: around 2.8 million TRB.
Trading: Available on platforms like Binance and Coinbase.
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🚀 Why is TRB important?
In the world of decentralized finance (DeFi), smart contracts rely on external data to execute their functions. Without a reliable source for this data, contracts may be exposed to risks. Tellor is considered a decentralized solution that provides reliable data, enhancing the security and reliability of DeFi applications.
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📈 Future Projections
Some analyses suggest that the price of TRB could reach $2000 by 2025, especially with the increasing reliance of DeFi on reliable data. However, investors should exercise caution due to market volatility.
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🛠️ How to get started?
1. Buying TRB: You can buy TRB on platforms like Binance or Coinbase.
2. Storing TRB: Use wallets that support ERC-20 like MetaMask or Trust Wallet.
3. Network Participation: If you want to become a miner, you need to stake 1000 TRB and participate in the network.
