TRB token is
TRB is the utility token for the Tellor oracle network.
TRB token is used for
- Fees to miners.
- Security deposits for miners.
- Deposits for disputes.
How does the TRB token work?
Query off-chain data (p.4):
- User submits a query using TRB.
- Anyone can ‘tip’ to further incentivize selection of that data point by miners.
- Every 10 minutes, the Oracle selects the best funded query and provides a new challenge for miners to solve.
- Miners submit their PoW solution and off-chain data point. As soon as five values are received, the median of the five is selected.
- The miners are then allocated their payout.
- Anyone can dispute a data point by depositing a dispute fee.
- Go to the data feed
- add tip using TRB
- Click value to see the medium values.
- Click dispute on the value.
- Stake 850 TRB.
- A week-long vote is started.
- If you were right you get both yours and the miners’ stake back.
Why would value accrue to TRB token?
- Security deposits for miners
- Deposits for disputes.
- Transactions on Tellor require TRB.
- Inflation (3600 TRB / day)
What is Tellor?
Tellor is an oracle solution for off-chain data.
How Tellor works
Tellor uses a hybrid POW/POS-model:
- The Oracle uses proof-of-work (like 0xBitcoin) where miners are also required to provide an off-chain data point.
- Similar to POS; miners are also required to stake 1000 TRB before they are allowed to mine and risk losing their stake if their submitted values are successfully challenged.
- The first five miners to provide the PoW solution and offchain data point are each rewarded with 5 TRB + tips.
- Occur when a user can see a pending transaction on Ethereum and then submit their own transaction with a higher gas price to front run this transaction.
- Is when parties copy the previous submission’s value.
How to Tellor attempts to mitigate these
- All miners will receive equal rewards. If Tellor solely takes the first submitted value, the cost of attack for POW would decrease.
- Race conditions will still occur but with less severity than when the median value is paid a higher reward. In addition, since they anticipate mirroring to be a problem and the only way to prevent it is to actually submit fake values on occasion.
- To keep the system honest Tellor plan to police the environment by utilizing their devshare to submit malicious values if a sufficient number are not present. (p.6)
More on Tellor security.
Whitepaper / Docs
Price feeds and disputes
- The Tellor Oracle implements a 10% developers share.
- Tellor will use the initial tokens to provide liquidity to users of the oracle. There is no pre-mine or token offering. Tokens will be sold on an as needed basis by Tellor to provide liquidity to the users and miners of the system.
- Tellor is a premium oracle service which provides 144 API queries per day to the applications needing a secure oracle.
- (5TRB * 5)144 = 3600 TRB / day