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What is Tellor (TRB)?

Tellor basic info

Name:Tellor
Ticker:
Introduction:

What Is Tellor?

Tellor is a decentralized oracle protocol that bridges the gap between on-chain and off-chain worlds. It plays a pivotal role in the decentralized economy by enabling blockchain networks to interact seamlessly with other systems. Tellor acts as a conduit, allowing blockchain-based applications to access real-time data such as prices, weather information, and more. This connection is vital because, despite the increasing value of data in today's digital age, off-chain data remains inaccessible to blockchain-based applications, limiting their real-world utility. Tellor, with its unique approach, seeks to address this limitation by providing a secure, decentralized system where data can be sourced from anyone and verified by everyone.

Founded by Brenda Loya and Nick Fett, Tellor was conceptualized to address the challenges faced by centralized oracle solutions. Recognizing the vulnerabilities of centralized systems, Tellor was designed to ensure the reliability and integrity of data provided to smart contracts. Since its inception, Tellor has emerged as one of the top oracle networks, gaining traction among developers, blockchain enthusiasts, and various industries.

Resources

Official Documents: https://docs.tellor.io/tellor/the-basics/readme

Official Website: https://tellor.io/

How Does Tellor Work?

Operating on the Ethereum network, Tellor employs a decentralized network of miners, termed as "reporters", to supply off-chain data to smart contracts. When a data request is initiated, it triggers a Proof-of-Work challenge within the network. Reporters compete to answer this challenge, and the one who provides the correct data promptly is rewarded. This competitive mechanism, coupled with rewards and penalties, ensures the accuracy and reliability of the data fed into the system.

To further bolster the integrity of the data, Tellor has implemented a multi-layered verification system. This system requires reporters to stake the network's native token, TRB, as a form of collateral. Those who provide accurate data are rewarded with more TRB, while those who submit false or misleading data face penalties. This staking mechanism, combined with the network's unique hash function known as "Tributes", ensures that data is not only accurate but also resistant to manipulation.

Additionally, Tellor has introduced a dispute mechanism to automatically rectify discrepancies between oracles. This mechanism charges reporters a fee for dispute resolution, with a portion of this fee being used to incentivize the replenishment of accurate data.

What Is TRB Token?

TRB, or Tribute, is Tellor's native utility token and is central to the network's operations. It serves multiple purposes within the ecosystem:

- Incentivization: Reporters are rewarded in TRB for providing accurate and timely data. This reward system motivates them to maintain the integrity of the data they submit.

- Staking: To participate in data reporting, reporters must stake a certain amount of TRB. This staking mechanism acts as a form of collateral, ensuring that reporters have a vested interest in the accuracy of their submissions.

- Governance: TRB holders have a say in the platform's development direction. They can propose changes and vote on various aspects, from protocol alterations to monetary policies.

- Currency: Beyond its utility, TRB can also function as a cryptocurrency within the market.

What Determines Tellor's Price?

In the dynamic world of cryptocurrency and blockchain, the price of Tellor's native token, TRB, is influenced by a myriad of factors, much like other digital assets. At its core, the law of supply and demand plays a pivotal role. As Tellor's decentralized oracle services gain traction among decentralized applications (dApps) seeking reliable off-chain data, the demand for TRB can surge. This demand is further accentuated when considering TRB's utility within the Tellor ecosystem, from staking for data reporting to governance voting, which can lead to a higher token retention rate among users.

External market sentiments, driven by broader cryptocurrency trends, news, and regulatory developments, also have a significant impact on TRB's price. Positive news about Tellor's partnerships, technological advancements, or integrations can lead to bullish trends, while unfavorable news can exert downward pressure. Additionally, the overall health of the blockchain and DeFi sectors, macroeconomic factors, and investor perceptions can sway TRB's market valuation. It's essential to understand that, like all cryptocurrencies, TRB's price is a reflection of its perceived value in the market, influenced by both intrinsic utility and external market dynamics.

For those interested in investing or trading TRB, one might wonder: Where to buy Tellor? You can purchase Tellor on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.

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Current price:
All-time high:$602.98
All-time low:$1.11

TRB supply and tokenomics

Circulating supply:2,634,700 TRB
Total supply:2,705,638 TRB
Max supply:0 TRB
Market cap:$162.03M
Fully diluted market cap:$166.40M
Token allocation:
Incentivization
100.00%
Tokenomics:

Uniqueness

Tellor’s oracle works by incentivizing data reporters to put valid data on-chain while also disincentivizing bad reports via disputes and slashing. Becoming a reporter requires no verification process i.e. permissionless. Anyone anywhere in the world can be a reporter using open source software, a unique characteristic among blockchain oracles.

When oracle users request the value of an off-chain data point (e.g. BTC/USD), data reporters compete to add this value to an on-chain data-bank, accessible by all smart contracts on the networks Tellor supports (Ethereum, Polygon, Algorand, etc.) The frequency with which data can be updated is limited only by how much / how often users “tip” the feed with TRB.

Also unique to Tellor, data is submitted in bytes meaning the oracle is flexible and robust for nearly any blockchain application.

Token utility

TRB is Tellor’s native utility token, which is mainly used to incentivize users within the network to submit data. TRB has no fixed supply and its total supply increases with rewards for submitting data.

According to Tellor, users can be rewarded with TRB for providing data to the system. But before that, users need to stake a certain amount of TRB to guarantee the validity of the data.

Additionally, TRB is used in Tellor’s dispute mechanism. TRB will be used for voting arbitration when the accuracy of the data is challenged. Only if the arbitration is successful, the user will receive the reward. At the same time, TRB is also used for the upgrade governance of the Tellor protocol.

Links

Buy Tellor for $1Buy TRB now

What is the development prospect and future value of TRB?

The market value of TRB currently stands at $162.03M, and its market ranking is #345. The value of TRB is not widely recognized by the market. When the bull market comes, the market value of TRB may have great growth potential.

As a new type of currency with innovative technology and unique use cases, TRB has broad market potential and significant room for development. The distinctiveness and appeal of TRB may attract the interest of specific groups, thereby driving up its market value.

What will the price of TRB be in 2025?
Based on TRB's historical price performance prediction model, the price of TRB is projected to reach $107.69 in 2025.
What will the price of TRB be in 2030?
In 2030, the TRB price is expected to change by -13.00%. By the end of 2030, the TRB price is projected to reach $156.08, with a cumulative ROI of +162.77%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of TRB and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is TRB worth investing or holding? How to buy TRB from a crypto exchange?

If you want to buy TRB, the following information may be helpful for your investment decisions:
In the last 7 days, the price of TRB has fallen by -18.14%, leading to negative returns for most TRB investors. The market is currently pessimistic about the price trend of TRB.
It is important to note that the current price of TRB has retreated by -89.80% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether TRB is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in TRB or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of TRB, if you want to buy or sell TRB, you can consider Bitget for your trading needs. The best place to buy TRB is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Tellor has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Tellor. Here's a step-by-step guide on how to buy Tellor on Bitget.

How to get Tellor through other methods?

Using cash to buy Tellor is not the only way to obtain Tellor. If you have the time to spare, you can get Tellor for free.
Learn how to earn Tellor for free through the Learn2Earn promotion.
Earn free Tellor by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Tellor airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Tellor through Bitget Convert, Bitget Swap, or spot trading.

What is Tellor used for and how to use Tellor?

The use case of Tellor may expand as the crypto market and the project itself develop. Currently, you can use TRB to achieve the following goals:
Arbitrage by trading TRB: Since TRB is a frequently traded cryptocurrency, the price of TRB is always fluctuating. Earn more TRB by buying low and selling high on the exchange. Bitget spot market provides a variety of TRB trading pairs to fully meet your needs.
Earn by staking TRB: You can also generate income through financial management methods such as staking TRB or lending TRB. Bitget Earn offers a variety of financial products designed to help you earn more income from your TRB.
Send or pay TRB: If you want to give TRB to your friends, a charity, or a fundraiser, or you want to pay someone with TRB, you can quickly and easily send TRB to the recipient through their payment address.
You can also go to the official website of the Tellor project to learn more about the use cases of TRB. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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