Tellor

Tellor is a decentralized oracle network that provides external data to smart contracts on various blockchains. Its primary function is to bridge the gap between off-chain data sources and on-chain smart contract execution, enabling decentralized applications to access real-world information like asset prices, weather data, or election results. The Tellor network operates on a proof-of-work consensus mechanism where a distributed network of miners compete to retrieve and submit data to the blockchain.

The system incentivizes miners through the Tellor token, TRB. Miners stake TRB to participate in data retrieval and are rewarded with TRB for submitting accurate and timely data. If a miner submits incorrect or malicious data, their staked tokens can be slashed, acting as a disincentive for bad behavior. Users who require data from Tellor pay a fee in TRB, which is then distributed among the miners. Tellor's design emphasizes decentralization, security, and cost-efficiency in its approach to delivering oracle services.