Tellor to Launch Newly Designed Oracle on Ethereum Mainnet
A new oracle design, decentralized governance and treasury features adds even more robustness to Tellor.
The Tellor team is excited to announce the release of the next generation in oracle design.
After almost a year of planning, designing and building what has been nicknamed TellorX, we’re ready to launch the vote for community approval.
The vote to upgrade Tellor will start on Tuesday November 23rd and run seven days until November 30. Voting can be done here: https://www.tellorscan.com/vote
A next generation oracle
Since the initial mainnet release of Tellor in 2019, the team and community has continued to work towards decentralization.
Tellor’s goal in pushing oracle design forward has been largely focused on unstoppability, flexibility, and becoming truly community driven.
In June, the TellorX whitepaper was released. This outlined a new direction in DeFi oracles that mixes new tokenomics, more decentralization and lower token minimums to broaden the members of our community who can get involved.
In September, we sent the TellorX code to audit. After updates and continued feedback from the community, the team is now ready to launch!
Innovation behind TellorX
The new Tellor expands cross-chain compatibility and gains the ability to support virtually any data request.
The upgrade also includes a new staking pool, Tellor treasuries, which is a way for token holders to participate in Tellor’s monetary policy and receive staking rewards for doing so.
The new oracle design also moves from proof-of-work to a proof-of-stake model for data reporters. The minimum holding requirement to become a data reporter decreases to 100 TRB from 500 TRB.
How to get involved
Most importantly, we need all Tellor TRB token holders to vote YES on the upgrade to TellorX. Starting on November 23 this can be done here: https://www.tellorscan.com/vote
After a period of seven days, voting will be closed for a period of 48-hours for any disputes. If there are no disputes to be resolved, the Tellor team will then implement the new upgraded version and deploy on mainnet.
If you’re building a blockchain project that needs an oracle to put data on-chain for smart contracts, reach out to us. We would love to help!
About Tellor
Tellor is a permissionless community of token holders, data providers, and validators. Together, we cryptographically secure putting real world data on-chain. Our goal is to build the most secure, unstoppable oracle in DeFi for a more open digital economy. Tellor helps a mix of DeFi projects including stablecoins, insurance, options and derivatives and lending applications with accessing secure, trustless data. Visit us at tellor.io or discord.
