What is Tellor (TRB)? How to Buy TRB Tokens in India?

What is Tellor (TRB)?

Two foundational principles of blockchain are trustlessness and immutability, so directly accessing data from the outside world can threaten the integrity of the network. For this reason, decentralized applications use external data providers and addresses to integrate data into their smart contracts. This creates a central point weakness in protocol cause these sources could fail or act maliciously. 

Tellor is a decentralized oracle protocol that implements an incentivization and dispute mechanism to tackle this challenge. Anyone can deposit a stake in the protocol to earn rewards by serving as a data reporter to provide information for data consumers. Tellor’s dispute model allows anyone to raise a challenge against data’s reliability by paying a fee. If a reporter loses the dispute, it’s punished, and the staked amount is transferred to the opposite party. Tribute TRB is a native token minted by Tellor for utility and governance purposes, including payment of transaction fees, incentivizing participants, and voting on disputes.

Who are the Founders of Tellor?

Tellor was co-founded back in 2019 by a US-based team- Brenda Loya, Nick Fett, and Michael Zemrose. All the co-founders hold wide experience in blockchain and finance and have previously worked together on Daxia, a derivative protocol on the Ethereum blockchain. 

How does Tellor (TRB) work?

A client can retrieve any form of off-chain data by initiating data requests along with details like the type of data needed, its source, etc. The protocol then assigns unique identification numbers (IDs) to each data request through a hashing function to differentiate and track them. 

Data reporters with deposited stakes select the data requests to serve and fetch the relevant data from external sources using APIs and other methods. Once done, they submit the acquired data values to the blockchain and wait for a certain period (~12 hours) before the next task. 

Data Reporters are rewarded in two ways: 

• tips given by clients,
• time-based inflationary rewards.

The waiting interval is defined for dispute resolution, so if a party suspects a value is erroneous or malicious, they can initiate a challenge with evidence against the reporter. Community members of Tellor vote on disputes to decide whether the data value is accurate and should be considered valid.

What makes TRB Unique Use Cases?

• Users stake TRB tokens to participate in protocol and provide data to applications and clients to earn rewards.
• Tellor has a hybrid Proof of Work & Proof of Stake consensus, where miners secure a network by solving puzzles and stake tokens to participate in governance.
• It was initially launched on Ethereum and now supports multiple blockchains, including Polygon, Gnosis, Optimism, Arbitrum, and Filecoin FVM. 

Tellor (TRB) Price Analysis

Source: Tradingview

• TRB price today is trading at $14.65, with a 24-hour trading volume of $52.15 million and its market cap is $24.95 million as of August 30, 2023.
• TRB price followed a downward trajectory in the year’s second quarter, touching a YTD low of $7.61 in early June. 
• Yet, it has made a remarkable comeback and is currently up by 100% since then. The resistance level of the TRB price is at $16.4, and if it crosses this mark, it might make new highs soon.

How to Buy TRB Tokens in India?

To buy TRB Token in India, just follow the below mentioned steps:

• Download the Crypto App for Beginners.
• Enter the details for registration.
• Complete KYC.
• Once your profile is verified, add funds and buy TRB Tokens.