Tellor is a decentralized Oracle protocol designed to solve the issue that smart contracts on Ethereum are fully self-contained and any access to off-chain data is restricted. By creating a system where inputs to a data feed are secured by a network of staked miners, Tellor creates trustless access to off-chain information.
Tellor is an oracle system where parties can request the value of an off-chain data point (e.g. $BTC/$USD) and miners compete to add this value to an on-chain data-bank, accessible by all Ethereum smart contracts. The inputs to this data-bank are secured by a network of staked miners. Tellor utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Tellor’s token, Tributes ($TRB) and a dispute mechanism.