Hello steemians how are you ? I hope you all are well. Its a great opportunity to read season 3 lectures of the crypto academy and I found it a really interesting and creative way to increase quality content and knowledge.

Today professor @allbert explain a wonderful lecture on blockchain oracle. After complete analysis and reading now I am submitting my homework post to professor.

HOMEWORK by @rinkisaxena

Before moving to our main task let us figure out what is Blockchain oracle ?

Blockchain oracle are the projects that connect one world to another world of blockchain. It is like working as a bridge between two technologies that is centralised and decentralised world.

To make good communication between centralised and decentralised world it is really important to use blockchain oracle projects.

Question 1:

Choose one blockchain oracle project and discuss its history and description in detail.

Answer 1:

Tellor is a blockchain oracle project that was launched in 2019 by a company based in U.S., with the main aim to discuss and overcome the problem of blockchain oracle problem that they face in Ethereum blockchain. Tellor is highly featured that allow Decentralized finance and Decentralised Apps to accept high value data that can be used in smart contracts. Also it's reliability security and stability are guaranteed by Saking miners who are now particularly working in proof of work consensus.

Why tellor built ?

The same company which create tellor have already created a project Daxia and that is a derivatives protocol on ETH blockchain. Daxia create tokens that are used to create trading pairs. To make it's smart contract work in ETH blockchain a block oracle is developed by the same company named as tellor.

Founders of Tellor :

The co-founders of Tellor are Brenda Loya and Michael Zemrose. Brenda is the CEO and co founder of this project. Both of them working together from Daxia project and have great knowledge of Scalibility and blockchain. Brenda Loya what's fast supervisory statistician in employment and Training administration at US department of labor and Michael Zemrose was coach of small business owners at real elevation. This Tellor project was found in 2019.

Tellor was also developed with the aim to fill the gap of trustless source of off chain data by on chain data where data is added through permissionless network.

The financial status of Tellor is not that much high as it is just a start-up company developed in 2019. The main partners in this project are Binance, ICONIUM, MakerDAO. All these three invest in Tellor at different rounds. For example : MakerDAO funding round was Pre seed round, Binanace funding round was Seed round and ICONIUM funding round was Secondary market.

There is a total investment of $400K till march 2019, in two rounds of seed and pre seed.

There is a long list of exchange that support this program by listing it so that user can avail buy and sell opportunity of TRB coin. Binance, coinbase pro, Huobi Global, P2PB2B, Bilaxy, OKex and so on.

For mining of tellor coin that is TRB we have to use both staking and proof of work. Staking of 500 TRB is required to allow economic penalties to minera who submit incorrect data. When they submit it then they allow to work in proof of work for mining.

TRB token :

Tellor token also known as TRB token is listed token and has a price of $48.98 moving 8.8% upward. From 2019 its total market capitalisation is $9,29,04,994 and have a 24 hour volume trade equal to $64,297,495. Its total supply is 1,957,088 and circulating supply is $1,899,551. Its mentioned tags are oracle, Polygon ecosystem and token.

This is the history and description of Tellor TRB oracle project.

Question 2 :

What are the functionality and real-life applications of Tellor oracle project.

Answer 2 :

Tellor is a decentralised oracle network that is reliable secure and safe. It create an on -chain data feed where data is acceptable by permissionless network.

These are the programs that once get developed can not be changed. There main aim is to create trust-full environment.

Tellor project also have the same working as oracle that connect real world data through smart contacts. These data's are token price, Currency pairs, Mining coins and so on. These data are connected between real world and blockchain world through Tellor oracle smart contract.

The main functional working of Tellor project is :

• The first five miners who solve proof of work Cryptography solution first will be rewarded with the mined tokens first.

• User submit query using TRB and make miners to choose there call.

• Best funded query are get selected in 5 minutes by smart contracts.

• Miner submit POW solution. Correct solution will get rewarded.

• Holder can make dispute by paying dispute fee.

• Next day party can pay more dispute fee. Voting initiated again till no dispute occur.

• Price display in real world through exchanges.

So By this tellor project Coins get listed in exchange. It simply means to list web 2.0 to defi through smart contracts.

Real-life application :

Tellor Smart contract use to connect real world with the blockchain world in three different categories that are Market data, Derivatives data and prediction data.

Market data : To list an asset in the exchange and real world market, source of market data is required for decentralised exchange and open finance applications.

Derivatives data : Tokens are listed in exchange like TRB always require a reference that can be accessed by smart contracts.

Prediction markets : In this decentralised blockchain allow user to list election result and sport results.

Basically 3.0 web apps can't interact with web 2.0 directly so they need a contract like oracle tellor to contact each other.

Question 3 :

Write pros and cons of blockchain oracle (selected).

Answer 3 :

Pros of Tellor network :

• Tellor oracle is a trustless and decentralised solution of off-chain data. It effectively motivate minera to contribute data.

• It allow fast, secure, transafer of fund with good scalibility of creation of coins.

• For mining in proof of work one have to stake 500TRB coins to get mining rights.

• By paying dispute fees user can file dispute against miner if they are not satisfied with the decision.

Cons of Tellor network :

• Miners use Proof of work to Mine TRB coin which cost high graphic and hardware pc's. And also high consumption of power.

• Number of partners with Tellor are very less and it need to focus on that side also.

• For security it is good to stake 500TRB but it is quite expensive also. For security one can also stake 150TRB.

• Although it is secured and fast but 8000 compare to other Oracle it is slow as there is a process of group fetching required.

These are the pros and cons of Tellor oracle project.

Question 4 :

what are the future developments and New projects of oracle selected.

Answer 4:

There is no such future development and new projects available on tellor main website and it is already closed there three projects named as tellor bounties, also tellorscan,telliot, tellorX are some projects that are pinned by community in github. Jn may 2021 Tellor TRB was listed in coinbase.

The main aim is to create trustless decentralised off chain oracle to make user free to use and secure environment. Also tellor working in making there oracle more faster as compared to other oracles.

Tellor in jun 2021 launch itts tellorX white paper which is considered to be an achievement by tellir community.

In upcoming future tellor token price predictions are quite impressive. As per many researchers it may hit $61 by 2022 and 212$ in next 5 years which is kind of long term investment plan.

Currently Tellor working with the issues that are coming in previous projects and trying to resolve them and did not started a new project.

Conclusion

Now it is time to summarise our homework post in which we discuss about Oracle blockchain Technology in which we connect blockchain decentralized to the real world system. There are more than 50 projects working such as band protocol, NEST protocol. In the same i choose toller which is a project based on ethereum blockchain. It was developed to maks use of Daxia coin and then after create mnay projects like tollerscan, tollerX etc. Its coin that connected to it is TRB and its current price status is $48.98. Miners use Proof of work to Mine TRB coin which cost high graphic and hardware pc's. And also high consumption of power. For mining in proof of work one have to stake 500TRB coins to get mining rights. There is no such an upcoming project in toller but they are working on fixing issues and bugs in different projects and try to make there projects more faster. This is all about my homework post.

Image Links :
https://twitter.com/WeAreTellor/with_replies

https://www.crunchbase.com/organization/tellor/company_financials

https://github.com/tellor-io/tellorscan/issues

THANKYOU