INTRODUCTION
Greetings from this part of the world, I hope everyone is doing great.today is my first time to participate in the intermediate assignment and I want to appreciate our professional
@allbert for the wonderful lesson.
QUESTIONS
1- History and Description. Does it have any token or cryptocurrency associated? Explain.
2- Functionalities and real-life applications.
3- Pros and Cons.
4- Future developments and new projects
Guidelines
ANSWERS
Before I proceed in answering the questions above I want to first define what blockchain Oracle is.
Blockchain Oracle: blockchain oracle is a mediators service that provides a smart contact with real information from outside world. The blockchain oracle is not the data source itself but the layers, the layers varieties, queries, substantiate, authenticate the real data source, and then activate the information.
Blockchain Oracle lists are numerous and for this assignment I will be discussing on the Tellor blockchain oracle.
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Source
History and Description
Tellor is a blockchain Oracle system that provide a trusted and decentralized alternative were parties can be able to access the value of an off-chain data. It also provide a decentralized application for off-chain data quries were miners compete to add the value to an on-chain data. It can be access by Etheruem smart contract.
Tellor was founded in the year 2018 by team, Nicholas can't, Michael Zemrose, and Brenda Loya. One of the biggest problems of limiting the potential application of smart contact is trustees source off-chain this system aims to provide solutions to that great problem by providing a reliable,secure and fast on-chain data feed were you can input your data without taking any permission from the network or the data provider.
Tellor is a fast and easy solutions for in which the DeFi apps can receive high value of data for smart contract. There data are reliable because that make use I the staked miners who compete and submit the official value for requesting DeFi data.
Conclusively we can see Tellor as a decentralized oracle which is built on the Ethereum network and uses proof-of-work to get information which are then fed to the smart contract.
Tellor has a tolen associated to it that goes with the name Tributes (TRB). At the time of performing this assignment task, the rank of Tellor (TRB) in the coinmarketcap is 360. And the current price of Tellor is $49.63. Tellor currently has a pair of 46 in the coinmarketcap. The screenshot below shows information about Tellor(TRB) in the coinmarketcap.
Functionalities and real-life applications.
The functionalities of Tellor (TRB) can not be over emphasis, because it is use for many things. For the sake of this lecture, I will be mentioning few of it's application below.
TRB is use for payment:- When ever users are able to produce information to miners from the outside world, the data is use by smart contract and those who brought the data get rewarded using the TRB tokens.
Security:- Here the Tellor smart contract becomes very secured by means of scruitinzing the data submitted to it. If a wrong piece of data is submitted, the miner who brought about the data will be dealt with accordingly. This is to ensure that all data submitted are reliable.
Dispute Resolution:- Resolution of dispute between traders are well settled as the entire transaction are visible and as new data comes in they are validated.
Pros of Tellor
One of the merit of Tellor is that it has many diversity of users and because of this diversity of users, it then provides a room for more data to be sent or brought into the contract to be use by the smart contract.
Tellor uses the socialized query selection process to fetch or sort data in other to check for the efficiency of the data and it's valueability. Recall that smart contract requires correct and accurate data to work on in other to produce and effective result.
The use of proof-of-work by Tellor is to reduce the amount of malicious or fake data that is sent to the smart contract.
Cons of Tellor
Presence of too many user gives room for fake and unreliable data to be brought by the miners hence the platform instead of performing transaction and saving time, it focuses on fishing out fake data sent in by miners. This makes the activities here very slow.
Tellor uses the traditional PoW strategies, they have limitation on the aspect of PoB. Hence Tellor lacks PoB strategies to make their work more efficient and reliable.
Future developments and new projects Guidelines
From the whitepaper of the Tellor project, the team in charge has decided to build on her development by means of encouraging hardworking miners and and also punishing those who are not hardworking by means of slashing their TRB token. This new development by the team has in no small way encourage miners to do more research before presenting information to the smart contract. This means that the future plan of the Tellor blockchain oracle is to minimize the incoming of fake and unreliable data. They have plans to always work with users who provides accurate and reliable information.
Conclusion
I want to sincerely appreciate the professor in the person of
@allbert for such a wonderful insight on the lecture under review. Sincerely, the block chain oracle is a topic that should be known by every crypto trader as it gives you an insight of what is actually taking place in the block chain. Thank you professor and I loom forward to learning more from you shortly.
Hello, @yakspeace Thank you for participating in Steemit Crypto Academy season 3 week 7.
Thank you sir, i will put more effort in the next assignment