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Tellor priceTRB
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About Tellor (TRB)
What Is Tellor?
Tellor is a decentralized oracle protocol that bridges the gap between on-chain and off-chain worlds. It plays a pivotal role in the decentralized economy by enabling blockchain networks to interact seamlessly with other systems. Tellor acts as a conduit, allowing blockchain-based applications to access real-time data such as prices, weather information, and more. This connection is vital because, despite the increasing value of data in today's digital age, off-chain data remains inaccessible to blockchain-based applications, limiting their real-world utility. Tellor, with its unique approach, seeks to address this limitation by providing a secure, decentralized system where data can be sourced from anyone and verified by everyone.
Founded by Brenda Loya and Nick Fett, Tellor was conceptualized to address the challenges faced by centralized oracle solutions. Recognizing the vulnerabilities of centralized systems, Tellor was designed to ensure the reliability and integrity of data provided to smart contracts. Since its inception, Tellor has emerged as one of the top oracle networks, gaining traction among developers, blockchain enthusiasts, and various industries.
Resources
Official Documents: https://docs.tellor.io/tellor/the-basics/readme
Official Website: https://tellor.io/
How Does Tellor Work?
Operating on the Ethereum network, Tellor employs a decentralized network of miners, termed as "reporters", to supply off-chain data to smart contracts. When a data request is initiated, it triggers a Proof-of-Work challenge within the network. Reporters compete to answer this challenge, and the one who provides the correct data promptly is rewarded. This competitive mechanism, coupled with rewards and penalties, ensures the accuracy and reliability of the data fed into the system.
To further bolster the integrity of the data, Tellor has implemented a multi-layered verification system. This system requires reporters to stake the network's native token, TRB, as a form of collateral. Those who provide accurate data are rewarded with more TRB, while those who submit false or misleading data face penalties. This staking mechanism, combined with the network's unique hash function known as "Tributes", ensures that data is not only accurate but also resistant to manipulation.
Additionally, Tellor has introduced a dispute mechanism to automatically rectify discrepancies between oracles. This mechanism charges reporters a fee for dispute resolution, with a portion of this fee being used to incentivize the replenishment of accurate data.
What Is TRB Token?
TRB, or Tribute, is Tellor's native utility token and is central to the network's operations. It serves multiple purposes within the ecosystem:
- Incentivization: Reporters are rewarded in TRB for providing accurate and timely data. This reward system motivates them to maintain the integrity of the data they submit.
- Staking: To participate in data reporting, reporters must stake a certain amount of TRB. This staking mechanism acts as a form of collateral, ensuring that reporters have a vested interest in the accuracy of their submissions.
- Governance: TRB holders have a say in the platform's development direction. They can propose changes and vote on various aspects, from protocol alterations to monetary policies.
- Currency: Beyond its utility, TRB can also function as a cryptocurrency within the market.
What Determines Tellor's Price?
In the dynamic world of cryptocurrency and blockchain, the price of Tellor's native token, TRB, is influenced by a myriad of factors, much like other digital assets. At its core, the law of supply and demand plays a pivotal role. As Tellor's decentralized oracle services gain traction among decentralized applications (dApps) seeking reliable off-chain data, the demand for TRB can surge. This demand is further accentuated when considering TRB's utility within the Tellor ecosystem, from staking for data reporting to governance voting, which can lead to a higher token retention rate among users.
External market sentiments, driven by broader cryptocurrency trends, news, and regulatory developments, also have a significant impact on TRB's price. Positive news about Tellor's partnerships, technological advancements, or integrations can lead to bullish trends, while unfavorable news can exert downward pressure. Additionally, the overall health of the blockchain and DeFi sectors, macroeconomic factors, and investor perceptions can sway TRB's market valuation. It's essential to understand that, like all cryptocurrencies, TRB's price is a reflection of its perceived value in the market, influenced by both intrinsic utility and external market dynamics.
For those interested in investing or trading TRB, one might wonder: Where to buy Tellor? You can purchase Tellor on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.
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How to buy Tellor(TRB)
Create Your Free Bitget Account
Verify Your Account
Buy Tellor (TRB)
Trade TRB perpetual futures
After having successfully signed up on Bitget and purchased USDT or TRB tokens, you can start trading derivatives, including TRB futures and margin trading to increase your income.
The current price of TRB is $79.99, with a 24h price change of +5.93%. Traders can profit by either going long or short onTRB futures.
Join TRB copy trading by following elite traders.
Tellor news
To enhance user trading experience, Bitget will adjust the minimum price decimal (i.e., the smallest unit price fluctuation) for 42 spot pairs from 12:00, 22 November 2024 to 13:00, 22 November 2024 (UTC). Details of the adjustment is shown in the table below: Spot Trading Pair Trading Pair Before
Tellor Social Data
In the last 24 hours, the social media sentiment score for Tellor was 3.7, and the social media sentiment towards Tellor price trend was Bullish. The overall Tellor social media score was 87,940, which ranks 719 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Tellor being mentioned with a frequency ratio of 0%, ranking 512 among all cryptocurrencies.
In the last 24 hours, there were a total of 449 unique users discussing Tellor, with a total of Tellor mentions of 43. However, compared to the previous 24-hour period, the number of unique users increase by 19%, and the total number of mentions has decrease by 72%.
On Twitter, there were a total of 3 tweets mentioning Tellor in the last 24 hours. Among them, 33% are bullish on Tellor, 0% are bearish on Tellor, and 67% are neutral on Tellor.
On Reddit, there were 22 posts mentioning Tellor in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 21% .
All social overview
3.7