Tellor AMA Summary with Decentralized Club ✔️
Dear, Community_
Welcome to our community on t.me/decentralized_club Telegram group’s AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you :)
✔️Introduction with Tellor :👉
TRADER(Billy) :
So can you introduce yourself? @Banjoski @the_fett
the_fett:
Hi everyone, I’m Nick, I’m the CTO. I actually an economist by training but have turned developer over the past few years and built out our platform into something pretty novel and exciting. I got into crypto back at an end the fed rally and then started building out trading bots for a few years before I joined the CFTC (US crypto regulator). I left that 2.5 years ago now to do a crypto derivatives startup and pulled Brenda (our CEO) out of the government with me.
Banjoski:
Hi Decentralized Club! I’m Mike, CSO. My focus is Business Development. My role covers all things strategic and creative. Been an entrepreneur in media for the first decade of my career, and eventually a startup and small business consultant. Which lead me to working with a small crypto startup back 2012/2013. They paid me in something I had never heard of called bitcoin, so i got interested pretty quickly as you can imagine. Later on met Nick and Brenda and joined them to build Daxia in 2017. This then became the Tellor team.
Q1. So could you guys explain in brief what Tellor is all about?
the_fett: Sure, so Tellor is a decentralized Oracle on Ethereum. What this means is that we bring high value off-chain data onto Ethereum. Smart contracts that need information about the real world (e.g. exchange prices, interest rates, etc.) need something to get that data, and that’s us. The system utilizes a network of staked miners that compete to solve a PoW challenge to submit the official value for requested data. Tokens are mined with every successful Tellor data point and we’ve been live since this past August.
Q2. One thing I appreciate a lot about Tellor is that it went from idea to mainnet in breakneck speed. How did you guys achieve that? Was everything perfect from the start? 🤨😉
the_fett:
I think the big way we achieved is by not doing an ICO. So many projects spend more time raising and structuring the token sale that they don’t launch or fear to launch because it exposes a lack of interest. We wanted to push something out there and iterate from there, and you’re right that there were some hiccups. Namely our difficulty adjustment algo needed some tweaking early on and then the biggest surprise was just how fast the mining took off. We were a PoW coin and we honestly thought it would be tough to get miners on board, but we were sort of unable to compete at mining our token after about a month which was crazy to see that level of interest before even having an exchange listing
Banjoski:
Having a focus on creating something both simple, and achievable right away was important in our initial goal setting. Plus we got into Binance Labs right at the beginning …..and being in an accelerator, surrounded by great mentors, really helped condense our efforts.
Q3. Since any value on the Tellor network can be disputed and reverted is there a chance of malicious activity abusing this very advantage? @the_fett @Banjoski
the_fett: So the network is built similar to other blockchains, any bad value can be disputed and taken off the network, but you can just request it again. It’s in this sense that breaking the PoW portion of Tellor just griefs the network (breaks for a certain period of time). Similar in how Bitcoin, the cost to break is measured in time (so how much does it cost to break for an hour), Tellor is similar and it’s this non-determinism that really makes us secure
Q4. From token holder’s perspective why should one buy and hold TRB when there are so many options available?
the_fett:
I don’t know.. you guys like the project, want to be part of the community, and/or feel the current monetary and governance systems of the world are flawed and want to build things that enable a decentralized revolution
Banjoski:
Well, I’ll leave it up to the speculators to speculate. However, from our perspective, the type of TRB holders we want in our community are people that believe in us long term. And can appreciate our values, philosphy, and development achievements
🐧Community ask Questions by Twitter ✔️
Twitter Question No :1
Username : @maikimphuong1
I think , 2020 is the year of POS , as a POW project, how do you think about that ?
Wha the biggest technical challenges does #tellor face and your important goal in 2020 ?
Banjoski: We are definitely looking into POS at the moment and have some ideas for later versions of Tellor. In particular, as an avenue for implementing on alternate chains. Stay tuned, we’ll be publishing our thoughts on this soon. But we are still very certain in our PoW choice as a way to distribute and secure our network at its core. Our biggest challenge is narrative related in my opinion. DeFi faces an existential dilemma when it comes to partial vs full decentralization. Most projects are using a centralized oracle, or “kind of decentralized oracle” and we all must stand up for doing better. The main use case for crypto is being unstoppable. Well, you can’t if you still rely on centralized elements.
Twitter Question No :2
Username : @_ippinae27
There are 3 top priority issues that are the combination of slow transaction speed, high cost and insufficient liquidity. So how does $Tellor solve these problems?
#AMATELLOR
the_fett: I think that’s an issue with all blockchains. If someone says they’re decentralized, fast/cheap, and secure; they’re almost surely lying. We focus on making it decentralized and secure and are figuring out ways to make it faster going forward, but similar to Ethereum or even Bitcoin, we’re all trying to figure out how to scale decentralization together. And on liquidity, I don’t think it’s as much of a problem as you may think. People who actually want to use Tellor can get tokens, and small amounts can be bought on DEX’s. If you want to buy a large amount (high 5 figure), you’re actually buying a sizeable portion of the total supply, so you should move the price IMO
Twitter Question No :3
Username : @borandreas88
Why the team basically does not rely on speed, limiting the application of the product and focusing on the maximum reliability of the data uploaded? Theoretically, the speed can be changed by reducing the query selection time.does not rely on speed, limiting the application of the product and focusing on the maximum reliability of the data uploaded? Theoretically, the speed can be changed by reducing the query selection time.
the_fett: Definitely, and we’re looking into it. We’re limited in speed first by the finality time in the Ethereum blockchain and then we’re also limited by allowing time for disputes to happen (limit a malicious miner’s influence). I’d expect our V2 will definitely make it a little faster, but the best way to scale is just to allow more data per block (so an array of 10 number vs one). Applications need to wait for finality in our system as well, so they shouldn’t be treating our values as real time and final anyway
✍️ Telegram live Questions answered by Tellor : ✔️
Q. 1. How do you attract developers or companies to develop on Tellor?
the_fett: Just picking some questions that peak my interest…
For this one, you have to realize who needs Tellor (or any oracle). Our target market is apps on Ethereum that need off chain price data. There are maybe 25 at the moment. granted its developing, but it’s not a huge space. Getting to know these projects and developers is key and we want to make sure they understand why to use Tellor and how to use Tellor and that actually requires a lot of personal touch. As we grow, we really hope to become a standard in such a way that projects don’t even tell us they’re using us. Similar to how if you want to build a smart contract, you just use Ethereum…we want it to be that level of a standard
Q. 2.As we know, every successful project has a few stories behind the scenes, what’s the story behind Tellor Protocal success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Tellor Protocal updates that you want to show/share with us?
the_fett: We actually just put out a vision article that explains our beliefs on the space: https://medium.com/@tellor/tellors-belief-future-vision-19429d077cb I’d say its a great read, but I might be a bit biased
Q. 3. 80%+ tokens are shit in this market only hype what’s your plan to stay in rest 20%?
Banjoski: Well, first we decided not to do an ICO or IEO, things that reward shit projects and don’t incentivize them to develop or even launch. We think we are firmly in that 20%.
Q. 4.Vietnam has very few successful projects, what is the problem? Does TELLOR have any plans to support other projects in Vietnam and contribute to building a stronger Vietnamese community?
Banjoski: We’d love to work with vietnamese based projects. We were just on a call with a group located out there who wants to put us in touch with asian projects needing an oracle. The best thing you can do as part of the vietnamese community is learn how tellor works and put us in touch with projects who need an oracle.
Q. 5.How do you evaluate the support from community ? What is your stragety to marketing and for Mass Adoption ? What message do you want to send to community through AMA to day ?
the_fett: Honestly just activity. So you can look at Etherscan for our token: https://etherscan.io/token/0x0ba45a8b5d5575935b8158a88c631e9f9c95a2e5
We have 432 token holders atm…we want our community, the number of voters, miners, developers all to be close to this number. We want holders that are engaged, voicing their opinions, and acting as representatives for the Tellor ideals
Q. 6. What role do you think Tellor will play in making blockchain highly adaptable in the worldwide stage?
the_fett: I think Tellor makes blockchains exciting. So we were originally doing a derivatives startup because we saw that DEX’s and tokens on Ethereum are extremely limited when you have no off chain information. When you can trade exposure to BTC, Gold, oil, Sports scores, interest rates, now all of a sudden DEX’s are not only exciting, but can become relevant to non-blockchain people who are looking for non-traditional exposure to these instruments. We also think that oracles are going to serve a huge role in the connecting of chains and even in the connecting of devices to chains
Q. 7. Could you expand further on the importance of The Decentralized Oracle and what you are up to in improving Tellor ?
the_fett: Decentralizing how smart contracts get off-chain data to settle on or execute on is PIVOTAL in making any DeFI product truly censorship resistant. As far as improvements we are working on cross-chain implementations, bridging chains, decreasing blocktimes, and expanding on they types of data our oracle can provide. Exciting times ahead!
Q. 8. What are you most excited about with regards to the future growth of TELLOR ?
the_fett: We’re talking with projects and they get it. 2020 is going to be the year that centralized oracles get the cold shoulder like they deserve and we plan to pick up the pieces for these projects as they need an option that makes sense. For the future, we’re excited to grow our community and build something that can really make blockchains exciting. This year we’ll be pushing Tellor to other chains, greatly increasing the number of data points we’re able to process, and working with our ecosystem to make the most secure and active oracle out there. It’ll be a fun year.
✔️Banjoski👇
Thanks for the AMA! It’s been a pleasure. We look forward to seeing you guys in our community! Here’s how you can keep up to speed about us!
Website: https://www.tellor.io/
Whitepaper: https://www.tellor.io/whitepaper/
Github: https://github.com/tellor-io/TellorCore
Twitter: Twitter: https://twitter.com/WeAreTellor
Discord: http://discord.gg/n7drGjh
Telegram: https://t.me/tellorchannel
Medium: https://medium.com/@Dream_Trader1