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Data is becoming an increasingly valuable commodity, which makes securing data more important than ever. Despite how often digital interaction occurs, data that exists off-chain can't be accessed by blockchain-based applications. Without access to this valuable off-chain data, it can be a challenge to use blockchains in real-world situations. While there is an innovative method to connect blockchains to real-world data via oracles, these systems are often criticized due to their risk of reliance on third parties.
To solve the issue, Tellor and its TRB token have been designed to provide Ethereum with connections to external data. On that note, if you’d like to invest your money in a project that could push the crypto industry forward, this guide explains everything you need to know about the Tellor system before you make that investment.
Key Takeaways:
An interoperable multi-chain oracle network, Tellor connects Ethereum and other EVM chains to off-chain data.
Tellor works on a dispute mechanism and governance framework that contribute to the system's security.
The native token of Tellor, Tellor Tribute (TRB), is used to secure the network.