TRB is the native cryptocurrency of Tellor, a decentralized oracle network . Tellor is built on the Ethereum network and functions as a bridge that provides smart contracts with access to off-chain data (data from outside the blockchain). This solves the “oracle problem” where smart contracts are typically limited to only the information contained within the contract.
Tellor’s network of data reporters (also known as miners) compete to provide the requested data, which is then verified and stored on-chain. The TRB token incentivizes these reporters through rewards, while also enabling a dispute mechanism for challenging inaccurate data submissions. TRB is an ERC-20 utility token, meaning it’s based on the Ethereum blockchain.
- Incentivizes data reporters: Reporters are rewarded with TRB for submitting accurate and timely data.
- Facilitates data requests: Users pay TRB to request specific data from the network.
- Enables dispute resolution: TRB holders can challenge the validity of submitted data by staking TRB. If the challenge is successful, the dishonest reporter’s stake is given to the disputer.
- Governance: TRB holders have voting rights on protocol changes and upgrades.
- Collateral for miners: Reporters must stake a certain amount of TRB as collateral to participate in data reporting.
Tellor’s emphasis on decentralization, permissionless participation for data reporters, and a unique proof-of-work mechanism set it apart from other oracle solutions like Chainlink. The network ensures reliable data delivery by incentivizing accurate reports and penalizing inaccurate ones.
As decentralized applications (dApps) become more prevalent, the demand for reliable and decentralized oracle services like Tellor is likely to grow, potentially impacting the value and adoption of the TRB token.
What is TRB in cryptocurrency?
Good point! About Tellor
TRB (a.k.a. “Tributes”) is an Ethereum token that powers the Tellor network and incentivizes honest reporting of external data.
What is the use of TRB coin?
Thanks for asking. TRB tokens are used for incentivizing miners, requesting data, and resolving disputes, making Tellor a cost-efficient and secure solution for accessing off-chain data.
What is TRB used for?
Good point! Tellor Tributes (TRB) is the native cryptocurrency of the Tellor Oracle, a decentralized oracle solution providing secure and reliable data to smart contracts on the Ethereum blockchain.
Who is the owner of TRB Coins?
Tellor was founded by Brenda Loya, Nick Fett and Michael Zemrose. Brenda Loya is the CEO and co-founder of Tellor. Previously, Brenda worked as the VP and Lead Developer at Daxia in the field of blockchain, scalability and data science.