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Ethereum Oracle

What is TRB token used for?

TRB is the utility token for the Tellor oracle network. Tellor is an oracle solution for off-chain data that uses a hybrid POW/POS-model.

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):

  1. User submits a query using TRB.
  2. Anyone can ‘tip’ to further incentivize selection of that data point by miners.
  3. Every 10 minutes, the Oracle selects the best funded query and provides a new challenge for miners to solve.
  4. Miners submit their PoW solution and off-chain data point. As soon as five values are received, the median of the five is selected.
  5. The miners are then allocated their payout.
  6. Anyone can dispute a data point by depositing a dispute fee. 

Refresh data

Dispute data

Why would value accrue to TRB token?


Potentially Staking/locking

  • Security deposits for miners
  • Deposits for disputes.
  • Transactions on Tellor require TRB.

Potentially negative

  • 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.

More on the mining algorithm (p.8).

Security


Race conditions

  • 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.

Mirroring

  • 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


Similar projects


Token issuance


Current supply

  • 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.

TRB inflation

  • 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

TRB price


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