Hello and Welcome to my Season 3 week 7 home work task submitted to Prof @allbert.

Source

In this week Prof @allbert talked about Blockchain Oracle and we were made to understand that this Blockchain Oracle is the bridge that connects the decentralized world (Blockchain World) with the real world.

In a more concise term we can say that the Blockchain Oracle is a bridge that connects smart contracts with other external sources.

And through my course of research I found out that there are many Blockchain Oracle, we have the likes of;

1. ChainLink
2. BAND Protocol
3. Decentralized Information Asset (DIA)
4. Tellor ✅
5. API3, etc

But my focus will be on the Tellor.

Source

Tellor was founded my Michael Zemrose, Nickolas Fett and Brenda Loya. It was launched in 2019 at the FITCI (Frederick Innovation Technology, Inc.)
The co-founders began growing in size last year September and have employed about nine employees from around the globe.

Looking at the Whitepaper, I realized that Tellor Oracle provides a trustless and decentralized alternative for off-chain data. It also provides infrastructure for decentralized applications to query off chain data by properly paying miners incentives to provide data.

Tellor Oracle has its own native coin called TRB (Tellor Tributes) and it is used to provide incentives/motivation, rewards to miners. At the initial point a miner is required to deposit TRB Tokens (1000 TRB) as governance and dispute resolution which will aid voting for the validity of the data.

Screenshot from coingecko

TRB was created within the Ethereum Ecosystem (ERC 20) and at the time of writing this assignment TRB was worth $47.25 with a Market Cap of 1 Trillion Dollars, it is issued through mining and not ICO.

TRB is listed and traded on many exchanges such as Hotbit, CITEX, IDEX, Binance, Bilaxy etc.

Tellor Oracle is a decentralized Oracle where PoW (Proof of Work) miners have to contend emulously with one another to retrieve the data to place on-chain for the smart contract.

It allows DeFi DApps to be able to receive high-value for smart contracts with it's PoW feed stability and reliability are ensured by a competitive network of miners.

Tellor Oracle creates a system where an individual can post the value of off-chain (real life) information and it's miners will then compete for this off-chain to be added to an on chain platform.

In real life application, Teller Oracle is going to play the responsibility of a middle-ware protocol for the DeFi industries, I'm other to enable the development of lending markets that inter-operate with centralized financial information providers through a unique cloudbased infrastructure composed of a distributed node network. By making use of this network, where selected nodes perform cloud operations, Teller will without interruption aggregate an individual’s existing financial information and utilize the protocol’s open-sourced, credit risk algorithms to have assess to their creditworthiness and offer unique loan terms

Source
Everything with an advantage also has disadvantage, so let's look at the Pros and Cons of this Blockchain Oracle

SN	Pros	Cons
1.	Tellor project is focused on decentralization as anyone who has at least 1000 TRB ( to set up a mode and offer data to Oracle) can become a miner.	It is expensive to become a miner as you need to stake atleast 1000 TRB (at $46 per one) into your account before you can start mining
2.	In Tellor Oracle, there is a feature that allows holders of token to challenge the data and if this challenge is lawful (legitimate) the person who made the challenge is rewarded.	Tellor is slow when compared to other Blockchain Oracles because it uses a group of validators to fetch data and this takes time.

Source

Tellor TRB was recently listed in Coinbase (May, 2021), but it has been on crypto.com for a while now.
According to medium.com, The team (Tellor) want to be one of the best if not the best decentralized Oracle in the market which they know means increasing their data size ( no longer just one point per block), data types (not just unit but a bitrary bytes data) and the data speed (which has to be faster than 10 minutes block times).

They also admitted in seeing plenty of opportunities beyond Ethereum, so activating Tellor as a system that can be deployed on other chains is crucial.

As we have already read Blockchain Oracles are important to help link the real world to the decentralized world, Tellor Oracle is still growing which makes it the best time to invest in it.
Also after reading their future development plans I was convinced that this Tellor Oracle team are working hard for the sustainability of this Blockchain Oracle.

Cc:
@allbert