Tellor (TRB) is a decentralized oracle network designed for Ethereum-based applications. It connects smart contracts to external data, providing real-time, reliable, and verified information. The network uses a hybrid consensus protocol, combining Proof-of-Work and Proof-of-Stake mechanisms, to ensure trustless and secure data feeds. 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.
Tellor (TRB) is the native token of the Tellor network, a decentralized oracle protocol designed to connect Ethereum smart contracts to external data sources. The token plays a crucial role in various aspects of the network's operations:
Payment: Users submit TRB tokens to request data from the network. This payment incentivizes miners to provide accurate data.
Mining: Miners must stake 1,000 TRB tokens to participate in the mining process. This staking ensures that miners have a vested interest in providing reliable data, as they can lose their staked tokens if they submit false information.
Rewards: TRB tokens are rewarded to miners when they solve mathematical equations and provide accurate data. This reward system motivates miners to participate and maintain the integrity of the network.
Dispute Mechanism: TRB tokens are used to initiate disputes if a user is not satisfied with the validity of a mined value. The dispute fee is paid by the user, and other token holders vote on the validity of the disputed value. If the dispute is supported, the miner loses their staked tokens, and if it is challenged, the miner receives the dispute fee.
Security: The staking of TRB tokens by miners acts as collateral against malicious data submissions. This ensures that miners are economically incentivized to provide accurate data, as they risk losing their staked tokens if they submit false information.
In summary, TRB tokens are used to facilitate data requests, incentivize miners, reward accurate data submissions, and maintain the security and integrity of the Tellor network through its dispute mechanism.
To store Tellor (TRB) tokens, you can use several options:
Hardware Wallets: TRB, being an ERC-20 token, can be stored in hardware wallets that support Ethereum, such as Ledger or Trezor. These wallets provide offline storage and backup, ensuring high security for your tokens.
Software Wallets: You can also use software wallets like Atomic Wallet, which supports over 1,000 coins and tokens, including TRB. Atomic Wallet offers features like instant swaps, buying crypto with bank cards, and staking.
Exchanges: Additionally, you can store TRB on cryptocurrency exchanges like Kriptomat, which allows you to buy, sell, and manage your TRB tokens.
Before choosing a wallet, consider factors such as security, ease of use, and the specific features you need.
To buy Tellor (TRB) tokens, you can follow these steps:
Buying on Coinbase:- Create a Coinbase account: Download the Coinbase app and sign up with a valid ID and proof of address.
- Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
- Search for Tellor: On Coinbase.com, click the Buy panel and search for Tellor. On the mobile app, type "Tellor" into the search bar.
- Enter the amount: Use the number pad to input the amount you want to spend in your local currency.
- Finalize the purchase: Tap "Preview buy" and confirm the details. Click "Buy now" to complete the transaction.
- Create and verify your account: Sign up with Google, Apple, or enter your name and email. Verify your email, phone number, and identity.
- Add funds: Make a bank deposit or use your credit card to add funds.
- Buy Tellor: Click on the Kriptomat icon, select "Buy," choose Tellor from the list, enter the amount, and confirm your purchase.
- Create a Binance account: Register on the Binance website or app and verify your identification.
- Choose a payment method: Select "Card" as the payment method and click "Confirm."
- Buy Tellor: Navigate to the "Buy Crypto" link, select Tellor and USD from the dropdown menu, and complete the purchase.
- Create a Pionex account: Register on the Pionex website or app and pass the KYC verification.
- Choose a payment method: Select from credit card, debit card, bank wire, or ACH transfer.
- Buy Tellor: Enter the amount of Tellor you want to buy and complete the transaction.
- Go to the DEX page: Access the decentralized exchange.
- Download and install a Web3 wallet: Use a wallet like Metamask or Trust Wallet.
- Create and set up a new wallet: Follow the wallet's setup instructions.
- Transfer funds: Transfer the corresponding mainnet cryptocurrency (e.g., ETH) to your wallet.
- Connect to the DEX: Connect your wallet to the DEX and follow the instructions.
- Swap for Tellor: Choose the token you want to trade from the dropdown menu and select Tellor in the "To" section. Enter the amount and confirm the swap.
Remember to always follow the specific instructions for each platform and be cautious of scams.