List of ‘Mining Services’ companies

Biography:

Tellor is a decentralized Oracle for bringing high value off-chain data onto Ethereum. The system utilizes a network of staked miners that compete to solve a PoW challenge to submit the official value for requested data. Tokens are mined with every successful Tellor data point and the company takes a 10% dev share to support the development of the ecosystem. The Tellor Oracle is an on-chain data bank where miners compete to add the data points. To create a properly incentivized system Tellor mints a native token, “Tributes.” Parties pay Tellor Tributes to submit a request for data to the Oracle. Based upon the reward assigned to each request, the Oracle selects the best funded query every ten minutes to create a challenge for miners to solve. Each query collects specific data (e.g. ETH/USD or BTC/USD prices) and makes it available on-chain. The Tellor Tributes are used to pay fees to miners, who add the official data point, and is used to secure the network via a staking requirement for miners and a data validation voting system. Five submissions are necessary to determine the official data point. Created with a similar structure as 0xBitcoin, the Tellor Oracle uses a mineable proof-of-work (PoW) token, but along with the PoW solution, miners are also required to provide an off-chain data point. The first five miners to provide the PoW solution and off-chain data point are rewarded with newly minted tokens and the accumulated payout for the specific data request. Proof-of-work has proven to be the gold standard for crypto economic consensus mechanisms and Tellor utilizes it within a hybrid model to secure the oracle. In addition to the security provided by the PoW process, we have added an additional layer of security through the deposit of Tributes which miners are required to stake before they are allowed to mine and risk losing their stake if their submitted values are successfully challenged.

Implementation: The Tellor Oracle utilizes a delegate proxy structure for its contracts, deploying two smart contracts: 1)TellorMaster.sol allows delegate calls from Tellor.sol to allow for data storage. TellorMaster holds the historically mined values that contracts can read from. 2)Tellor.sol holds and distributes the token supply, informs miners which values to submit, and has a built-in methodology for challenges. It provides the miners with necessary fields for data collection, allows miners to submit the proof and off-chain data, sorts the values, and allows users to retrieve the values and bid on which data series is mined next. The contract targets for new values to be mined every 10 minutes via difficulty adjustments. Which data series is mined is determined by which series has the greatest “tip” going to the miners.