The team has sent the code for TellorX to audit, a major milestone for launching the newest version of the decentralized oracle.
Since the initial mainnet release of Tellor, we continue to work towards building an unstoppable oracle. An oracle that’s censorship resistant, as decentralized as possible, and above all has clean well-functioning code.
Tellor is extremely excited to release the next evolution of the Tellor oracle, TellorX, in the coming months. To get to that point, one of the major milestones is an external code audit of what the Tellor team and community have built.
TellorX As a Next Gen Oracle
TellorX is a new direction for DeFi oracles that mixes new tokenomics, more decentralization and lower token minimums to broaden the members of our community who can be data reporters (and earn more TRB in the process!). It also shifts Tellor’s oracle from PoW to a stake-to-play system.
TellorX expands on cross-chain compatibility and data submissions in bytes, making the data that can be reported and put on-chain much more flexible and robust. It 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.
Importance of External Audits
No matter how careful a core team is when building code for a new release like TellorX, there are blindspots.
Vulnerabilities, security issues and bugs can result in a compromised Tellor oracle, and TRB token. The goal for the external audit is to catch most of these before TellorX goes live. It’s nearly impossible to ensure a perfect, unhackable code base, but external audits should prevent major bugs down the road. Code audits also add an objective, third-party perspective that doesn’t come from the core developers.
We wouldn’t launch TellorX without this kind of deep external audit, and know that improvements will come from it — making it well worth the time and effort to complete the audit.
Assuming a straightforward external audit (no doubt tweaks will be needed), TellorX will launch in Q4 2021 after continued testing and community approval.
The community’s feedback on previous iterations and the upcoming TellorX, plus the data reporter interface (Telliot) has been crucial for us to fine tune and add functionality.
As always, we have bounties available for the community to keep testing and improving Tellor.
We have seen more and more excitement from the community and other blockchain projects that can use TellorX as a more flexible, decentralized oracle. We can’t wait to launch it!