Tellor (TRB)

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What is Tellor (TRB)?

TRB is an Ethereum-based utility token that powers Tellor, a decentralised oracle for DeFi DApps. Their mission is to facilitate the transition of real-world data onto the blockchain and preserve a decentralized data system's integrity and security.

Here’s how it works. First, users send specific data queries to the oracle, and the TRB token is used to incentivise miners to mine new blocks of information. Miners then solve proof of work (PoW) challenges to compete for the ability to submit the requested data to the blockchain. Finally, after the Tellor oracle validates the data and adds it to the blockchain, the miners are rewarded with TRB.