Tellor AMA Recap

Tellor AMA Recap

CryptoDiffer team

We are glad to meet here

Brenda Loya (@JustBrenda), CEO at Tellor

Michael Zemrose (@Banjoski), CSO at Tellor

Nicholas Fett (@the_fett), CTO at Tellor

Q1: Can you introduce yourself to the community? What is your background and how did you join Tellor?

Brenda Loya
CEO

Hi I’m Brenda Loya. I’m the CEO of Tellor. I studied economics and previously I used to be a supervisor with the U.S Federal government, developing and leading teams to develop statistical software. I was initially attracted to Ethereum because of the potential I see in being able to write smart contracts. I love the technology and what it can do for people. I’m here because I want to be part of this transition. 

We previously developed a derivatives protocol, Daxia and had an oracle problem. We couldn’t find one that was decentralized so we built one and it became Tellor!

Nicholas Fett
CTO

Hi everyone, I’m Nick, I’m the CTO. I actually an economist by training but have since turned crypto developer and spend most of day with the code. I got into crypto early 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 to do a derivatives startup and luckily pulled Brenda out of the government with me.

Michael Zemrose
CSO

Hey gang!  I’m Mike, CSO. My focus is Business Development.  My role covers all things strategic and creative.  Been an entrepreneur in media for 13 years, and eventually a startup and small business consultant. Which lead me to working with a small crypto startup named 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.

CryptoDiffer team

Q2: Can you briefly describe what is Tellor in 3-5 sentences?  What technology stands behind Tellor and why it’s better than the existing one?

 

Brenda Loya
CEO

Tellor is a decentralized Oracle for bringing high value off-chain data onto Ethereum. 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 the company takes a 10% dev share to support the development of the ecosystem.

CryptoDiffer team

Q3: What are the major milestones you have achieved so far?

 

Brenda Loya
CEO

We’ve hit several milestones this year. I think what is more remarkable is that we went from idea to mainnet in record time and in a decentralized way. But here is a whole article about our achievements/milestones this year: https://medium.com/@tellor/2019-year-in-review-a78f75e15748

 

Cryptodiffer Community

Can you explain in more detail how you secure your network and how miners affect your token economy?

 

Nicholas Fett
CTO

Sure, this is a good base one.  We use staked miners to provide values that are requested.  When someone requests data, miners (who have deposited 1k TRB) compete at PoW mining.  We award 5 miners per 10 minute block (each get 5 TRB) and if the miners lie, they can be disputed.  The value they submitted is taken off the chain, and whether or not their 1k tokens are slashed goes to a vote of TRB token holders.  In this sense, the miners are providing security to the network via PoW but the real security comes in the form of non-finality in the fact that any value can be disputed and ultimately reverted.  It’s with this sense that we have security as long as the holders (voters) of our network are not compromised

 

Cryptodiffer Community

What role do you think TELLOR plays in increasing the adaptability of the blockchain on the global stage?How TELLOR solves Interoperability problem ? with Which blockchains, TELLOR is interoperatable??

Nicholas Fett
CTO

One of the cool things about Oracles is that they can be used for way more than just price data.  One of the earliest uses for an oracle was the BTC Relay, where block headers from bitcoin were passed to Ethereum and therefore you could have a trustless cross chain transaction.  There were some problems incentivizing this and keeping it running, but systems like Tellor will eventually make these kind of cross chain interactions common place and help create a lot  of integration between the chains

 

Cryptodiffer Community

What is the function of TRB token in the Tellor ecosystem. How do we get reward by hodling TRB, do you have a staking or mining program?

Brenda Loya
CEO

Our token, Tributes, does 3 main things: 1. provide security by incentivizing miners as base rewards, required as a staking deposit, and for our dispute fee and voting. 2. Creates a robust and active Tellor ecosystem and community by diversely distributing ownership of our tokens (due to PoW). 3. Sustainability—We run on a dev-share and we are incentivized to continue to grow and improve Tellor forever.    You do not get a reward just for holding. They have to stake to be able to mine but can only earn TRB if they actively mine.

If you want to read more on our token model, we have quite a few medium articles too: https://medium.com/@tellor/tellor-security-and-rewards-1e365e1be8ae

 

Cryptodiffer Community

Q1: What challenges, obstacles have you faced since the first Tellor idea emerged and how did you cope with them to turn them into advantage?

Q2: It is difficult to SURVIVE in challenging crypto market conditions, and we are witnessing that many projects are far from the targets. What is Tellor’s RECIPE for surviving in this long blockchain marathon? In this recipe, what MOTIVATES longterm TRB investors and believers?

Michael Zemrose
CSO

When designing Tellor, technically, we faced the same challenges all of crypto face when it comes to security vs speed(scalability).   We knew the only way to make a really secure price oracle that works RIGHT NOW would be to sacrifice speed, compared to our competitor’s aspirations.  We turned this into and advantage because focusing on what works allowed us to launch to mainnet in 6months with a real working decentralized product.  This gives us first mover advantage.  Another obstacle or challenge we faced was how to fund develeopment of the project.  We discussed various options like an ICO and IEO route and quickly decided this doesn’t fit with our values.   We turned this problem into an advantage by going the dev-share route, which has been one of the things our community most appreciates about our project.  And will allow us to be successful only if we make Tellor a success.  No premine and no ICO = advantage in the long run.

Cryptodiffer Community

We’ve seen significant expansion of DeFi and exchange-oriented crypto products in Asia recently, particularly with derivatives instruments and loan-making vehicles offered by exchanges (e.g., binance ). Can you provide some insights into the regulatory sentiment around the likes of Bitcoin, tellor, stablecoins (i.e., Tether), and the growth of institutional-focused products like crypto derivatives exchanges in SE Asia?

Nicholas Fett
CTO

Interesting question for us, but its a tough one.  Regulatory issues are always hard and you never know quite how global the reach of the US can be.  So we’ve seen that even if products are in other countries, the permissionless nature of things on chain make it subject to other regulators too.  in SE Asia, I know they’ve been more friendly (sandboxes, lighter KYC requirements, etc.), but derivative products are always dangerous when they start to cause significant losses for average individuals and if the crypto community doesn’t do it’s best to make sure that we have honest products with transparent payouts, the regulators will shut it down.  A lot of other oracle providers use prediction markets (or derivative markets) for certain pieces of their security and this is a big problem in our mind because it leads to them being subject to a host of regulatory issues that Tellor (as a simple data provider) is not

 

Cryptodiffer Community

DeFi seems to be on everybody lips in 2020 and is expected to lead tee crypto revolution, what are TELLOR roles in DeFi, how does Tellor spearhead adoption of DeFi using blockchain solution

What is the ORACLE PROBLEM AND HOW DOES TELLOR solve it?

Michael Zemrose
CSO

DeFi seems to be the big use case for Ethereum at the moment which is why we chose to focus on DeFi for now.  We feel the demand is growing for these protocols to move away from any centralized pieces they still have in their design- including their oracles.  This is clearly where we see ourselves leading the charge.

 

Cryptodiffer Community

Can you explain about the plug and play” npm package (usingtellor) to allow for easy Tellor integration?

Nicholas Fett
CTO

Hell yea, thanks for asking.  We’re really trying to make it easy to have Tellor in your smart contracts.  So (as an example), if you’re making a new financial product in Truffle, you can just type “npm install usingtellor” in your smart contract and then you just need to add import usingTellor to the top of your file, “is UsingTellor” to your contract title and then you can query any of our functions (e.g. getCurrentValue, addTip, requestData, resultFor)

 

Cryptodiffer Community

What is the best advantage of  tellor project for users and which is the different thing among other in this project?

Nicholas Fett
CTO

So we have a model that is a) actually decentralized and b) ready right now.  Those two features set us apart at the moment and moving forward its going to be growing the security and the community to make Tellor that standard in the space

 

Cryptodiffer Community

I realize that has Chainlink worked similarly to Tellor? How is Tellor different from Chainlink? And since Chainlink is already working, how will you compete with them?

Brenda Loya
CEO

Chainlink does not have a decentralized product on mainnet, so our tech is different. We have a decentralized product on mainnet, now. We took a very pragmatic approach to the oracle problem. We are similar to Chainlink in that we are trying to tackle the same problem and we both agree that data is a necessity for defi to continue to expand. We admire their ambitious goals for decentralization but instantaneous queries of all types of data is still a ways away, since many other computer science problems need to be solved to make that possible. We developed Tellor using technology that we already know works for decentralization. Staking and proof of work. However, we built it in a way that is upgradable and once the technology gets there we will also be ready to update our system.

I’d say our biggest competitive advantage is that we are a well-prepared team with experience delivering products. We went from design to mainnet in 1 year. We have made our smart contracts upgradeable and we plan to continue to upgrade and improve upon as scalability research is completed and tested. Us and the entire ecosystem is continuing scalability research we usually publish articles here, if you want to keep track: https://medium.com/@tellor

 

Cryptodiffer Community

Defi is on top in google trend  which types of revolution tellor wants to bring in defi? How tellor is better than  big defi projects like maker compound etc?

Michael Zemrose
CSO

We feel the key feature of blockchain is censorship resistance, or you could say, being “unstoppable.”  The revolution we are a part of for DeFi is the removal of stoppable features on platforms and protocols.

Cryptodiffer Community

What’s the main reason that Binance invested in Tellor?

What makes Tellor technology so significant that binance labs invested in Tellor?!

Brenda Loya
CEO

I don’t know for certain but  I think they invested in Tellor because, we solved a problem we saw first-hand with our derivatives protocol, they realized the need for a decentralized oracle in the space and they believed our team could deliver, and we did. To mainnet!

 

Cryptodiffer Community

You took part in the Japan Devcon 5 event. proudly represented. Did you expect that? Did the event there excite you more for your goals? How did you manage to receive grant funding and mentoring from Consensys Grants?

Was the Decentralized Orasles Alliance (ADO) launched after that event?

Michael Zemrose
CSO

Devcon is always an exciting place that gets everyone thinking BIG.  We were very proud to be there and have the meetings we did.  This year we really felt a part of the larger community.  With Consensys Grants, we went through an application and interview process for this and they really liked what we had to say and what we are doing.

Nicholas Fett
CTO

Devcon 5 was great.  We were actually Ethereum foundation grantees (first round 2018) to do oracle research last year, so we got a table again and it was great to catch up with the other projects we met last year.  ADO was our idea to really get the ball rolling on a standard.  We think that implementing an oracle shouldn’t be so confusing, and having standards for projects who want to use oracles (Tellor or another one) will go along way.  We’re looking for feedback now, so let us know what you think:  https://github.com/tellor-io/EIP-2362

Cryptodiffer Community

We now see that One of the biggest risks of DeFi applications is that you ultimately trust open source. Over time, many people are looking at that code and there, there’s always the chance someone can hack smart contracts and steal all the keys, whether the trader has been audited by security companies. famous as Trail of Bits or anyone else?

Brenda Loya
CEO

Security is a top priority for us. Check out our audit by Certick with formal verification (also, fyi our smart contracts do not hold private keys).  But our code and economic incentives are pretty sound and we’ve built our contracts to be upgradable:  https://tellor.io/audit/

Cryptodiffer Community

Recently, many coins have been delisted from exchanges. How do you plan to prevent this from happening?

Michael Zemrose
CSO

We aren’t really concerned about delistings or preventing them.

Cryptodiffer Community

How will Tellor choose companies for cooperation in the future ? And what are the benefits many good projects from cooperated with Tellor ?

Michael Zemrose
CSO

We want to work with like-minded companies who believe in the ethos of decentralization, and censorship resistance.  Not just hype-based, empty partnership announcements.

Cryptodiffer Community

What has Tellor achieved in 2019? And what is Tellor’s 2020 development plan?

Nicholas Fett
CTO

We’re busy integrating into the current tellor system now (more security with the miner, better user documentation, etc.) and then we have a robust plan to make Tellor better and more applicable to other chains. We’ll be releasing more specifics on those later this month, so stay tuned

Cryptodiffer Community

As todays world where everyone is trying to adapt tecnologies and trying to be part of this digital world.

There are a lot of mission, vision, even core values for the project  like a sugar coated just to believe us your project but how can you prove us that you’re project is unique and is different from another blockchain project? As we all know know hundreds/thousands of blockchain technologies popping up in the internet. Are you confident enough to battle the crowd and to become of the successful projects that you’re handling in? If so? How confident you are and why are you confident? Is your project competitive enough to attract costumers?

Nicholas Fett
CTO

I think the big differentiator for us is just in our dedication to the vision.  We’re doing this to build technologies that provide freedom and help to change the status quo.  We see an awesome opportunity to build something here that’s never been done and the only way we can really out compete is to say ideologically pure for both the team and the community.  We want a community that believes in radical censorship resistance and creating the best oracle technology can. It’s really why when building a community of holders and voters in our system, we want to make sure that they understand the vision and are with us to making this a success no matter what

Cryptodiffer Community

Could you give me 3 key points to convince me and other angel investors invest in TRB in long-term? Tellor Blockchain platform announces the launch of a loyalty program for sevastopol Hotel customers. Does this step help or a milestone for hotel business development ? How please tell us about this ? 

Michael Zemrose
CSO

No ICO or Premine shows the teams committment to long term, not short term profit.  We launched in 6 months with a working product.  Our team is very transparent and vocal about our future vision.

*This is the first i’ve heard of a loyalty program with a Hotel business.  LOL.  Fake-news.

 

Cryptodiffer Community

What have you learned from the initial version of the product or service? Given the number of new products now. What are the main roadblocks to the trip?

Nicholas Fett
CTO

Good question.  So this version of Tellor is like try #6 from a dev perspective.  We learned a lot about securing a network and values on chain from building this (where security on blockchains actually comes from) and even more from actually launching this.  The big thing we learned is that our community and the crypto community in general rocks.  They love pushing your assumptions and people understand that these are new projects.  We’re super glad we didn’t market for 2 years and do an ICO before launching the project…we’ve learned so much having it out there and already on our way to making the space so much better

Cryptodiffer Community

What made you to go for such a low total supply and how it will allow your economic structure to function efficiently?

Nicholas Fett
CTO

So we started with a 0 supply and increase from there.  You get 27.5 new tokens every 10 minutes in perpetuity, so the low supply is just a function of how long we’ve been launched.  But we also have 18 decimals, so it’s not too low even now with this kind of divisibility

Cryptodiffer Community

How does tellor seek to successfully  implement solution to get high-value data into your smart contracts. What strategies and techniques are in place to this regard, Is tellor permissioned or permissionless and how can you assure us on SECURITY and safety of ecosystem ?

Brenda Loya
CEO

Tellor is permissionless, that is part of what it means to be decentralized. Our entire design revolves around security and economic incentives to ensure that.  Here is a full article on our security design that you should find interesting: https://medium.com/@tellor/tellor-security-and-rewards-1e365e1be8ae

Brenda Loya
CEO

Thank you all for all the great questions. We are commited to enable the decentralized space to keep growing and bringing applications to be used now.  Here are some links of where you can keep tabs on us:

 

Website: https://www.tellor.io/

Whitepaper: https://www.tellor.io/whitepaper/

Github: https://github.com/tellor-io/TellorCore

Audit by Certik: www.tellor.io/audit Twitter: https://twitter.com/WeAreTellor

Discord: http://discord.gg/n7drGjh 

Telegram: https://t.me/tellorchannel 

Medium: https://medium.com/@tellor

Cryptodiffer TEAM

Thanks for your time. Let’s finish the ama!

Thank you everyone for your questions!

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