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Why was Tellor Built?
Building a truly decentralized project is impossible without a decentralized source of off-chain data. Data that can be requested, validated and broadcasted on-chain transparently with the appropriate incentives.
Many DeFi projects attempt to solve this problem by choosing centralized data feeds and APIs, or publicly available exchange data that attempts to supplement on-chain data. Or worse, some manually input data with a fallback to the team, creating room for error, outages or a market crash.
Should a new project introduce risk of data corruption for the sake of convenience and control? Blockchain projects shouldn’t - and can’t - leave data security up to a centralized source, or private proprietary APIs that could be subject to manipulation. Today, users demand trustless data from the ground up.
Introducing Tellor, the first unstoppable oracle for finding and validating off-chain data. So users can build unstoppable protocols from the ground up.
The Tellor Oracle Protocol
Tellor proposes a solution to the oracle problem using a permissionless community consensus mechanism for determining what is a “correct” value. 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 refer to these individuals as “staked miners”, because they must lock up a 500 TRB bond as collateral against “bad” or malicious data.
The Tipping Mechanism
The tellor tribute [TRB] is also used to “tip” or “pay tribute” to the oracles (miners) at any time to quickly refresh the database. This gives users a trustless mechanism for getting data updated more quickly when the ethereum network is busy.
The Dispute Mechanism
Tellor uses an innovative dispute mechanism to protect users against malicious miners. Any TRB holder/user may dispute any value if they believe that the submitted value is not correct or malicious. The disputer must pay a dispute fee that is bonded for 48 hours while TRB holders vote on the dispute. If the dispute is supported, the disputer takes the miner’s 500 TRB stake. If the dispute is challenged by the community, the miner receives the dispute fee.
Funding
Tellor had no ICO. Full time development is funded by a 10% Dev Share of mining rewards
Tellor Tributes (TRB) are the native token of the Tellor. They are used to incentivize miners to provide data through base rewards and tips via user requests. They are used for governing valid data through disputes, and for system upgrades proposed and voted on by token holders.
Tip Burns
In the Tellor system, 50% of tips go to miners (⅕ to each selected miner) and 50% of the tips are burned each block.
Supply
The total supply of Tellor is determined by usage and mining rates. For the maximum supply, Tellor’s supply will grow at the rate of the base reward * 288 queries per day. The graph below shows the Tellor supply and the growth rate assuming full utilization:
Dev-share
The Tellor Oracle implements a ten percent developers share (dev share). This revenue stream will be managed by the Tellor team and utilized in the following ways:
- Ensure community participation and accurate voting for disputes
- Create and distribute efficient mining software
- Market and Promote Tellor to ensure adoption which leads to greater mining incentives
- Create developer tools for utilizing Tellor in production deployments
- Fund research and improvements to our system
GovernanceIn addition to providing a means of voting on the validity of data submissions, the Tellor token is used to vote on upgrades to the Tellor contracts.
A decentralized oracle solution for Ethereum-based DeFi & other applications requiring trustworthy data from a trustless source.
On-chain data is generally trustworthy, as it is attested via consensus mechanisms that align the interests of participating nodes to ensure the validity of data before stamping it into immutable blocks forever. But in order for dApps to be of any use, they need to include real world data as triggers, conditions, parameters, whatever. The problem with off-chain data is that it is coming out of centralized sources and via means that can sometimes be tampered with.
If we're ever going to fully rely on a cryptographically secured decentralized immutable trustless automation layer to manage our digital assets, the data we feed it better be accurate. There are plenty of options for feeding smart contracts with data from the outside world, such as manually adding data into the contract, relying on a centralized party to add it, or on a group of trusted known parties, or even by incentivizing end users to provide it. The problem with all of these solutions is that none of them is truly decentralized or trustless.
Tellor wants to build a decentralized oracle solution for Ethereum that relies on a mix of Proof of Work and Proof of Stake mechanisms to ensure that any willing participant can contribute truthful data and get rewarded for it.
Customers ask for data by submitting a request backed by some "Tributes" tokens. The best funded request gets picked up every 10 minutes and assigned to miners. Miners need to stake tokens to be eligible to solve a PoW challenge. The first 5 miners that solve the challenge submit their data and get the reward. The median values are written to the on-chain database, which can the be accessed by any Ethereum smart contract, payment in ETH.
What I like:
- The first truly decentralized & trustless oracle for Ethereum
- The product is already live, the smart contracts are on Ethereum mainnet since 5th of August, audited by CertiK
- The project is initially funded from private rounds and will use a devshare model (10% of mining rewards get allocated to the team) to fund itself moving forward
- Backed by BinanceLabs and Maker. Maker makes intensive use of oracles and will likely switch to Tellor fully – serious adoption
What I dislike:
- The slow data retrieval mechanism is not fit for real time data requirements
- The additional token is not really needed, Tellor could’ve been built with ETH only
- The PoW component could be replaced by a smarter mechanism that ensures fairer distribution of rewards
- Storing data on Ethereum is expensive, inefficient and bloats the chain, meaning it’s unsustainable
Overall, I like it a lot. Projects such as Chainlink have gotten a lot of attention for trying to build similar solutions, as everyone understands the importance of trustworthy “real world” data flowing into fully immutable & unstoppable contracts. But the true scope and goal of Chainlink are extremely ambitious and getting there will require a lot of breakthroughs, hard work and time.
By comparison, Tellor has a solution ready today, with security and reliability surpassing Chainlink’s ambitions, albeit providing data at much lower speeds. There was no pre-mining of tokens, instead only a handful were created and distributed to internal participants for mining and organically minting more tokens. The devshare funding model binds the team to their product’s success in a way that hopefully will become the norm in the space.
