In recent years, the oracle track in the blockchain field has been attracting more and more attention. TR B, the latest launched by F2Pool , is one of the networks in the oracle track. Let us learn more about this emerging mining coin through this article.
The role of the oracle is to provide real -world data for the blockchain . With the rise of DeFi projects, oracle projects have also become a hot track in the blockchain field and are considered to be one of the important infrastructures of the blockchain. It is becoming increasingly important to adopt a decentralized oracle system to avoid the "single point failure" of a single data provider . Tellor (TRB) is a decentralized oracle network based on PoW consensus. Tellor's core team has backgrounds in economics and statistics and has worked in government departments such as the U.S. CFTC. The team once developed the cryptocurrency derivatives protocol Daxia, and in the process realized the strong demand for reliable data in smart contracts, thus shifting their focus to the development of the decentralized oracle Tellor. The project started in March 2019, went through Binance investment incubation, code audit, and test network, and was launched on the main network in August 2019. It has currently received investments from Binance, Maker, and ConsenSys, and the project has not yet conducted crowdfunding. Although Tellor’s market cap is still relatively small, it may be one of the most unique mining networks you can participate in. Before we learn about the main features of Tellor, miners can first browse the following table to understand the key information points of mining: | | | | https://etherscan.io/token/0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5 | | | | | | | | | | | | (Decreases by 0.003% every 10 minutes, Remains unchanged after reaching 1TRB ) | | h ttps://www.fatbtc.co m/
https://www.biki.cc/ https://hoo.com/ https://www.zt.com/ https://www.bkex.com/ | | | Graphics card or FPGA mining machine | | stratum+tcp://trb.f2pool.com:5900 | | F2Pool Exchange Group (QQ) | | | Click "Read original text" at the end of the article |
How do miners participate in Tellor mining? Currently, miners can mine using graphics cards , and FPGA mining machines have gradually entered the computing power competition of the Tellor network. F2Pool has launched TRB mining support in the Innovation Zone. You can click " Read More " on the lower left to follow the tutorial to set up step by step, access computing power, and get mining rewards. What are the current benefits of hardware equipment? The following pictures are for comparison:
What are the characteristics of Tellor mining? 1. There is no concept of "block generation" in the Tellor network. This may be the first non-underlying blockchain protocol mining you will participate in. Miners do not "generate blocks" in the Tellor network, which is why you do not see the word "block" in the table above. Tellor is not a blockchain, but a protocol built on the Ethereum network. 2. Miners compete for the power to "provide data". Oracles provide price data for smart contracts, while miners compete for the power to provide data and the rewards that come with it by using computing power. 3. Every 10 minutes, 5 miners are rewarded. The network provides 1 data (such as the ETH/USDT price at that time) to the data requester every 10 minutes, and sends the same amount of token rewards to 5 miners at the same time. Their transactions are recorded in the Ethereum block at that time. The 5 selected miners each provide 1 data within a time range, and the middle value of the 5 data is finally selected. 4. Introduce a mining network with a pledge mining mechanism. Before miners join the mining, they need to pledge 1,000 TRB tokens (miners who choose to mine in the mining pool do not need this step), mainly to increase the connection with the value of the network and encourage miners to provide more accurate data. On the Tellor network, if the data provided by the miners is questioned and voted to be false, the pledged tokens will be confiscated. Similarly, participants who raise questions must also pledge tokens first to encourage participants to make prudent decisions. 5. Rare PoW oracle network. Oracle networks based on PoW consensus are rare. Tellor chose PoW and adopted a relatively slow data query time (once every 10 minutes). It believes that speed is not the core feature of blockchain and tends to build a network that prioritizes decentralization and provides reliable data query for high-value assets. 6. Mined ERC-20 tokens. Most of Ethereum's ERC-20 tokens do not have a mining mechanism, while Tellor tokens need to be generated through computing power competition, which we will introduce in the token rewards section later. Next, let's use a picture to more clearly sort out the operation process of the Tellor network: 1. Data requesters (DeFi projects such as Maker) look for price data for their smart contracts , initiate requests to the Tellor network, pay a certain amount of TRB as a fee, and decide which request to provide data for next based on the fee. 2. Miners start mining and 5 miners are selected after PoW computing power competition . 3. The five miners who won the computing power competition provide price data to the data requester. The system selects the middle value of the five data and provides it to the data requester. The five miners receive the same amount of TRB rewards and share the cost of the data request equally. 4. Any TRB holder can dispute the data within 144 queries (1 day) after staking TRB. 5. The coin holder initiates a vote on the dispute, and the miner being questioned will be "frozen" for 1 week. If the data is successfully questioned, the questioner will get the miner's staked tokens, otherwise the miner will get the tokens of the disputer. How does Tellor set up token incentives? The full name of Tellor token is Tellor Tributes, referred to as TRB, which is an ERC-20 token . Most ERC-20 tokens on Ethereum do not require computing power to mine, while TRB is one of the few ERC-20 tokens that can be obtained through computing power competition. TRB tokens can be used to pay for data requests, as collateral for mining, reward data providers, initiate disputes, vote on disputes, etc. Moreover, TRB tokens have no crowdfunding and no pre-mining from the beginning, so mining is particularly important for the Tellor network. Tellor's goal is to achieve decentralized governance, and it also sets 10% of mining rewards as development shares. The most ruthless token reduction in 2020 has already occurred on the TRB network. Through community governance, the output has become ⅕ of the original , and the inflation rate will be reduced from 140% to 17% within a year after the reduction. Tellor incentivizes token holders by adjusting the inflation rate, thereby promoting the increase of token value and the realization of the network's long-term goals. TRB is set to have no fixed token supply, and the current supply is about 1,256,889TRB . After the supply inflation rate is adjusted, excluding the development share, the initial reward for each miner is 5TRB, and then decreases by 0.003% every 10 minutes. The production reduction will start from ETH block height 9,619,370 until the block reward reaches 1TRB , and then remain unchanged to achieve the inflation rate adjustment target. Although Tellor is still a small mining coin and a start-up project, its oracle project track and the background of incubation by well-known institutions are attracting more miners to discover the early opportunities brought by this innovative coin and drive its long-term value by promoting computing power improvements.
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