We (the Tellor core team) got into crypto because it promised to change the world and we wanted to be a part of it. Our goal was to create DeFi products, particularly tokenized derivatives. We soon found that there was no truly decentralized oracle available.
In financial contracts, you have large amounts of money riding on a few very high value data points. Existing oracles were either entirely centralized services, or pseudo-decentralized solutions with some dubious security assumptions based on trust. So, finding no viable decentralized option, we pivoted and began building our own – an open and permissionless oracle protocol that is secured by crypto-economic incentives leveraging a token that’s now called TRB.
The ability to query off-chain data, perform off-chain computations, relay messages between blockchains or even be a source of truth for semi-ambiguous questions are all in the realm of potential duties of an oracle. This is what Tellor is designed to be.
And so began Tellor.
Since launch our development has focused on creating a flexible protocol that anyone can build on, that no central party has control of. It’s very expensive to break, easy to understand as a high level, and we always try to be transparent about how it all works.
We are excited to continue shaping the possibilities and stretching the boundaries of what smart contracts can enable for the world of decentralized finance, and beyond.