What is Tellor and how does it relate to the world of cryptocurrency?

3 answers

• Dec 26, 2021 · 3 years ago
  Tellor is a decentralized oracle network that provides data to smart contracts on the blockchain. It acts as a bridge between the real world and the blockchain, allowing smart contracts to access and use off-chain data. This is important in the world of cryptocurrency because it enables smart contracts to interact with real-world data, such as prices, weather conditions, and other external information. By using Tellor, developers can create more complex and powerful decentralized applications that rely on accurate and reliable data from the real world.
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• Dec 26, 2021 · 3 years ago
  Tellor is like the messenger of the blockchain world. It brings information from the outside world into the blockchain, so that smart contracts can make decisions based on real-time data. It's like having a trusted friend who tells you what's happening in the world and helps you make better choices. In the world of cryptocurrency, Tellor plays a crucial role in ensuring that the information used by smart contracts is accurate and trustworthy. Without Tellor, smart contracts would be limited to using only the data available on the blockchain, which may not always reflect the current state of the real world.
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• Dec 26, 2021 · 3 years ago
  Tellor is a decentralized oracle network that connects smart contracts with real-world data. It ensures that the data used by smart contracts is accurate and reliable, which is essential for the functioning of decentralized applications. Tellor achieves this by incentivizing miners to provide accurate data through a process called mining. Miners compete to solve cryptographic puzzles and submit data to the Tellor network. The data is then validated and stored on the blockchain, making it accessible to smart contracts. This decentralized and trustless approach to data provision is what sets Tellor apart and makes it an important player in the world of cryptocurrency.
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