What is Tellor (TRB) crypto and how does it work?

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Highlights:
  • Tellor (TRB) crypto was founded by Brenda Loya, Nick Fett, and Michael Zemrose in 2019.
  • Tellor is a transparent, decentralized, and permissionless oracle protocol.
  • TRB’s market capitalization is US$23.98 million, with 5,302 token holders.

Tellor (TRB) token is ranked 579th on coinmarketcap.com in terms of market capitalization. The Certik certified token was rising on Friday, contrasting the decline in the broader market. 

Losses in major cryptocurrencies dragged down the overall crypto market by 1.90% to US$1.21 trillion. Bitcoin (BTC) dropped 1.63% to US$29,658.15, and Ethereum (ETH) plunged 3.47% to US$1,734.18 at around 9:17 am ET. On the other hand, Tellor (TRB) was up by 12.22% to US$14.14. But there was no apparent reason for the token’s rally.

What Is Tellor (TRB)?

Tellor claims to be a transparent, decentralized, and permissionless oracle protocol for smart contracts. The protocol’s purpose is to collect any data on demand. Yet, for many crypto gazers, words like permissionless, Oracle, etc., may seem alien. So, what do they stand for?

Permissionless, also called trustless, means it doesn’t require permission to participate. Oracle, on the other hand, refers to the bridge between the blockchain and the real world. Oracle connects smart contracts with the real world to collect off-chain data for on-chain smart contracts.

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Tellor’s oracle receives data from reporters and supplies them on-chain for various DeFi applications. It incentivizes data reporters to put valid data on-chain while disincentivizing bad reports via disputes and slashing. Anyone can report using its open-source software.

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The company was founded by Brenda Loya, Nick Fett, and Michael Zemrose in 2019 to address the oracle problem on the Ethereum blockchain.

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Data Source: coinmarketcap.com

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TRB token:

Tellor’s native token TRB connects data reporters with oracle users. It is also used for community governance.

TRB’s market capitalization is US$23.98 million, the circulating supply is 1.70 million, and the total supply is 2.39 million. It has 5,302 token holders.

The token can be traded on exchanges like Binance, KuCoin, OKX, and BingX.

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Bottom line:

The TRB token’s 24-hour trading volume fell 48.23% to US$39.25 million. The TRB token price jumped roughly 34% in a week, but it is still trading about 59% lower YTD.

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