Clear DefinitionsTellor
1 min read
Pronunciation
[tel-or]
Analogy
Think of Tellor as a bridge between the blockchain and the real world. Just as a bridge connects two land masses, Tellor connects smart contracts to real-world data.
Definition
A decentralized oracle network that provides off-chain data to smart contracts on the blockchain. Tellor uses a network of miners to fetch and validate real-world data, ensuring its accuracy and reliability.
Key Points Intro
Tellor is a decentralized oracle network that ensures smart contracts have access to accurate and reliable real-world data.
Key Points
Decentralization: Uses a network of miners to fetch and validate data, reducing the risk of centralization.
Security: Implements cryptographic proofs to ensure data integrity and prevent tampering.
Incentives: Miners are rewarded with Tellor's native token (TRB) for providing accurate data.
Compatibility: Designed to work with various blockchain platforms, including Ethereum.
Example
A smart contract on Ethereum can use Tellor to fetch the current price of Bitcoin, ensuring that the contract executes based on accurate and up-to-date market data.
Technical Deep Dive
Security Warning
Users should be aware of the risks associated with oracle manipulation and the potential for inaccurate data if the network is compromised.
Caveat
The accuracy and reliability of Tellor's data depend on the integrity of the miners and the security of the network.
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