What is Crypto Tellor (TRB) and how does it work?

The Tellor token (TRB) is ranked 579th on coinmarketcap.com in terms of market cap. Certik-certified tokens rose on Friday, contrasting with declines in the broader market.

Losses in major cryptocurrencies dragged the overall crypto market by 1.90% to $1.21 trillion. Bitcoin (BTC) fell 1.63% to $29,658.15, and Ethereum (ETH) fell 3.47% to $1,734.18 around 9:17 a.m. ET. On the other hand, Tellor (TRB) rose 12.22% to US$14.14. But there is no clear reason for the token rally.

What is a Teller (TRB)?

Tellor claims to be a transparent, decentralized and permissionless oracle protocol for smart contracts. The purpose of the protocol is to obtain any data on demand. However, to many crypto-watchers, words like unlicensed, Oracle, etc., may seem foreign. So, what are they fighting for?

Permissionless, also called trustless, means that you don’t need permission to participate. Oracle, on the other hand, refers to the bridge between blockchain and the real world. Oracle connects smart contracts with the real world to collect off-chain data for on-chain smart contracts.

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Oracle Tellor receives data from reporters and supplies it on-chain to various DeFi applications. This incentivizes data reporters to put valid data on-chain while removing incentives for bad reports through disputes and withholding. Anyone can report using its open source software.

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The company was founded by Brenda Loya, Nick Fett, and Michael Zemrose in 2019 to address oracle issues on the Ethereum blockchain.

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What is the Tellor Crypto (TRB)?  How does it work?Data Source: coinmarketcap.com

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TRB tokens:

Tellor’s native token, TRB, connects data reporters with oracle users. It is also used for community governance.

TRB’s market capitalization is US$23.98 million, the circulating supply is 1.70 million, and the total supply is 2.39 million. It has 5,302 token holders.

The tokens can be traded on exchanges such as Binance, KuCoin, OKX, and BingX.

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The main thing is:

The 24-hour trading volume of TRB tokens fell 48.23% to $39.25 million. The price of the TRB token jumped about 34% in the week, but is still trading about 59% lower YTD.

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