Tellor Provides Decentralized Data to Ethereum Smart Contracts

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Tellor (TRB) is an oracle protocol designed to provide decentralized and reliable data to smart contracts on Ethereum. By transitioning from Proof-of-Work to Proof-of-Stake, it has increased scalability and created a competitive system to meet users’ data requests. As the demand for decentralized oracle solutions to enhance security in DeFi applications grows, Tellor plays a significant role. In this article, you can find answers to two frequently asked questions: What is Tellor Tributes (TRB) and how to buy Tellor Tributes (TRB) with TRY.

What is Tellor Tributes (TRB)?

Tellor is a decentralized oracle protocol designed to provide data to smart contracts on the Ethereum Blockchain. It operates on a permissionless network, allowing anyone to participate in data reporting and verification. The protocol supports various types of data, including market data facilitated by reporters using the Telliot client. The need for Tellor arose from the team’s experience with Daxia, a derivative protocol on Ethereum that required reliable off-chain data for its smart contracts to function properly.

Smart contracts on Ethereum are inherently self-sufficient and limit their ability to access off-chain data. This limitation means that any smart contract needing external data must rely on a trusted third party to place this data on the chain. However, relying on centralized data sources introduces a single point of failure and potential security vulnerabilities, undermining the trustless nature of Blockchain technology and creating significant risks. For smart contracts to be truly functional and secure, they need a decentralized oracle like Tellor.

Tellor addresses this issue by creating a system where users can request specific data, and data reporters compete to provide accurate information. These reporters send data to an on-chain data bank accessible by all Ethereum smart contracts. This competition ensures that the data remains accurate and reliable, enhancing the overall security and utility of smart contracts.

The main network asset of the protocol, TRB, plays a crucial role in incentivizing network participants. Reporters are rewarded with TRB coins for providing accurate data. Notably, there was no initial coin offering (ICO) or pre-mining for TRB; instead, all coins are generated through the active participation of miners. The supply of TRB is not fixed and increases with the base reward given to data providers for successful data queries.

Recently, Tellor released an upgrade called TellorX, transitioning from Proof-of-Work to Proof-of-Stake, which enhances scalability. This upgrade supports byte data for a broader range of data requests, offers flexible codes suitable for multi-chain applications, and aims to address the scalability limitations of the original Tellor protocol.

Currently, many DeFi applications rely on centralized oracles, which pose significant risks to the security of funds. As the DeFi community becomes more aware of the importance of decentralization and security, there is a growing shift towards decentralized oracle solutions like Tellor. Tellor is positioned to become a cornerstone of secure and reliable DeFi applications by ensuring that data for smart contracts remains decentralized and trustless.

How to Buy Tellor Tributes (TRB) with TRY?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Tellor Tributes (TRB). On Binance TR, where accounts can be quickly created, more than 100 cryptocurrencies, including TRB, can be bought and sold. To buy Tellor Tributes (TRB) with TRY on Binance TR, you can follow these steps.

How to Open an Account on Binance TR?

Opening an account on Binance TR is quite easy. For this, you need to go to the trbinance.com address and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.

After entering the requested information completely and correctly, an email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to verify your identity on the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.

Then a screen like the one below will appear. To continue the verification process, first select the document type that is suitable for you.

After selecting the document type, you can continue by tapping on the “Upload Front Side” option. After taking a photo of the front side of the document you selected, tap on the “Upload Back Side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.

Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera is open, make sure your face fills the camera area as much as possible.

After completing all these steps correctly and completely, your identity verification process will be completed in a short time.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. From other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to the trbinance.com address and hover over the “Wallet” option at the top left of the homepage, then click on the “Deposit” option from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting the bank of your choice from this page. If the bank you prefer does not yet have Binance TR integration, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the page of the bank you prefer to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.

After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.

How to Buy TRB Coin with TL on Binance TR?

After the deposit process, you can proceed to the TL to TRB coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.

After clicking on this option, the page below will open. You can go to the TL to TRB purchase page by typing “TRB” in the search section on the right side of this page and clicking on the TRB/TRY option from the results.

Now the TRB trading page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy TRB in the first box and the number of TRB you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy TRB” button.

What is Binance TR?

Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.

Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.

The post first appeared on COINTURK NEWS: Tellor Provides Decentralized Data to Ethereum Smart Contracts