Tellor is a decentralized oracle network built on Ethereum that enables censorship-resistant access to off-chain data. - by OracleSummit oraclesummit tellor360
Earlier this month, Tellor launched their latest and very last upgrade, called Tellor 360. According to Tellor’s Co-founder and CTO, Nicholas Fett, the Tellor 360 update brings the protocol a step closer to being the ideal oracle. “The ideal oracle isThe most significant feature of Tellor 360 is the removal of upgradeability, making the protocol completely immutable. This means that no single person or organization will have the ability to alter any aspect of the protocol.
The team behind Tellor has always valued the importance of building censorship resistant and decentralized systems. Their dedication to decentralization can be seen in many aspects of the Tellor protocol, from the oracle design to its tokenomics. As a result, the Tellor team holds less than 1% of circulating TRB tokens. Prior to the Tellor 360 launch, TRB token holders got to weigh in on the direction that the protocol would take by voting on governance proposals.
By removing upgradeability, Tellor 360 is now also a lot more resilient to attacks, especially governance attacks, compared to previous iterations of the protocol. Such an attack would now only affect a particular data query type instead of the entire system. Removing upgradeability, therefore, simplifies the Tellor protocol by reducing attack vectors, and improves the overall decentralization of the system.
Tellor 360 calculates the minimum required staking amount in dollar value instead of number of TRB tokens. The minimum amount required on Ethereum is now $1500 worth of TRB and $150 worth of TRB on Polygon. Calculating the staked amount in dollar value produces an in-built buy pressure for TRB tokens which helps to stabilize the price of TRB and improve the overall security of the protocol.
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