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What Is Tellor?

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Aug 2, 2022
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3 min read
what-is-tellor

This blog post will cover:

  • About Tellor (TRB)
  • Where did Tellor (TRB) come from?
  • What are the advantages of Tellor (TRB)?
  • What are the disadvantages of Tellor (TRB)?
  • How to buy Tellor (TRB)?

About Tellor (TRB)

Tellor is a decentralized oracle protocol. It’s aimed to privately put data on-chain. Tellor uses crypto-economic motivation to protect information via staking and management meanwhile the users are connected via token, which, in turn, uses anonymous governance and monetary policy for rewarding. The Tellor token, or TRB is a native token. It’s made to merge incentives between users, token holders, and reporters.

Where did Tellor (TRB) come from?

Tellor was created by a few people located in the USA. They are Brenda Loya (CEO), Nick Fett (CTO), and Michael Zemrose (CSO). They consider the main point they concentrated on while making Tellor was to develop a flexible protocol everyone can build on. They highlight the transparency of their work and always try to talk to the community as clearly as possible about the mechanisms that make their p run.

What are the advantages of Tellor (TRB)?

  • Security.
    
    Tellor utilizes a special security method which makes the attack cost one thousand TRB per block. That’s pretty pricey for a hack. As the quantity of approvals increases, the more trustworthy the information becomes. Such a protection scheme is similar to the Bitcoin blockchain.
  • Simplicity.
    
    Tellor makes it simple for users of an Ethereum smart contract to get reliable info in a protected and decentralized way. The core aim, as stated by the team, is to make it accessible for anyone anywhere.

What are the disadvantages of Tellor (TRB)?

  • TRB Token is not versatile.
    
    It could be utilized for debit and smart contract transactions but can’t be used as payment in NFT markets, decentralized cloud storage platforms, or as money to pay for in-game items.
  • Community is still gaining momentum.
    
    Considering Tellor was launched a while ago, it still needs to grow the loyal community for making the project stronger. Right now Tellor loses the “communities battle” to some other projects.

How to buy Tellor (TRB)?

Liked the project and want to buy some Tellor tokens? Visit the SimpleSwap homepage and fFllow our instructions to purchase TRB:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select TRB in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. TRB will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

Like this post? Don’t be shy and read other crypto articles on SimpleSwap!

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.


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