Tellor: L1 Oracle System & BRC-20 Integration – What You Need To Know!

Tellor: L1 Oracle System & BRC-20 Integration – What You Need To Know!

Press Releases
December 29, 2023 by Diana Ambolis
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Many people all over the world are joining in on the cutting edge of blockchain innovation with Tellor, a trailblazing oracle protocol that envisions a future where oracles cater to a broad user base across diverse chains. The Blockchain Oracle Summit, now in its third year, underscores the growing maturity of the conversation around oracle
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Many people all over the world are joining in on the cutting edge of blockchain innovation with Tellor, a trailblazing oracle protocol that envisions a future where oracles cater to a broad user base across diverse chains. The Blockchain Oracle Summit, now in its third year, underscores the growing maturity of the conversation around oracle risk.

As 2023 comes to an end, Tellor managed to be one of the top projects this year which also saw its value go up by 1,500%. Now, the team has released some exciting news about 2024, and as we head toward the future, the momentum is undeniable, with collaborations between protocols like Chainlink and Tellor shaping the landscape of DeFi going forward.

 

Adapting to Changing Tides & Navigating BRC20 Expansion

The Tellor team acknowledges the potential for expansion in the Bitcoin ecosystem through the introduction of BRC20 assets. While the timeline for BRC20 integration remains uncertain, Tellor’s inherent flexibility positions it to scale vertically and horizontally within the ever-evolving crypto space. Engaging with potential users and understanding their use-cases forms a crucial aspect of Tellor’s research phase, paving the way for smooth and easy BRC20 asset integration in the future.

With that in mind, users can embrace the future of crypto with Tellor, as the engagement with users to seamlessly integrate BRC20 assets. Be a part of the evolution as Tellor navigates the ever-changing crypto space.

 

L1 Oracle Chain

Recognizing the need for innovation in response to the dynamic crypto environment, Tellor has embarked on the development of Tellor Layer, an L1 oracle chain. The decision stems from key observations, namely ‘Application-Specific Chains’ (the emergence of numerous chains tailored for specific applications), ‘No Dominant Native System’ (absence of a singular native system, with projects operating as individual L1s or utilizing shared security zones), and finally ‘Advancements In Trustless Bridging’ (disruption of traditional hub-and-spoke models with the rise of light client bridges, blurring the lines between sovereign L2s and L1s).

In this way, Tellor Layer brings forth substantial improvements, shifting from incentivizing individual reporters to leveraging the entire validator set for consensus-based data aggregation. This results in faster data point delivery, scalable security with customizable requirements, and seamless data bridging to any chain through a custom light client protocol.

Users can thus experience a paradigm shift with Tellor Layer, the groundbreaking L1 oracle chain designed to revolutionize the oracle landscape. Launching in 2024, Tellor Layer provides access to faster data point delivery, scalable security, and seamless data bridging to any chain. In doing so, Tellor Layer is set to redefine the way oracles operate, leveraging the entire validator set for consensus-based data aggregation.

Finally, accessibility is at the heart of Tellor’s mission. Tellor provides user-friendly interfaces and tools, prioritizing approachability to broaden their audience and facilitate widespread adoption within the crypto community. Tellor’s commitment to decentralized identity verification ensures reliability without compromising user privacy, fostering a robust and censorship-resistant ecosystem.

 

NFT Integration & Korean Market Entry

Explore the integration of NFT-related data onto the blockchain with Tellor’s flexible protocol. Define custom data specifications, create robust price indices for NFTs, and ensure transparency and validation mechanisms. Security is paramount – rigorous audits, open communication with auditors, and ongoing testing efforts underscore Tellor’s dedication to user safety and protocol integrity.

But that’s not all, as exciting times lie ahead withs Tellor exploring opportunities in the Korean market. While Tellor has not yet made significant inroads into the Korean market, the team expresses enthusiasm for building relationships and engaging with the local crypto communities. Conversations are underway to explore opportunities for growth and collaboration in this region, aligning with Tellor’s commitment to fostering global partnerships. Needless to say, exciting times lie ahead as far as this aspect is concerned.

Join Tellor on their journey of growth and collaboration, aligning with their commitment to fostering global partnerships. With regular updates through community channels such as GitHub, Discord, X, and YouTube, Tellor envisions a game-changing future for decentralized oracles in 2024 and beyond.

 

About Tellor

Tellor is a permissionless and transparent oracle protocol that allows smart contracts to easily obtain any data at any time. The protocol encourages an open, permissionless network of data reporting and validation, ensuring that data can be provided and checked by anyone.

Tellor distinguishes itself through its commitment to decentralization, censorship resistance, and flexibility. Users can appreciate Tellor’s ability to provide a wide range of verifiable data, easy deployment across diverse chains, and the nuanced consensus approach to subjective data.

As Tellor continues to innovate, engage with global markets, and shape the future of decentralized oracles, its journey unfolds as a testament to resilience, adaptability, and unwavering commitment to advancing blockchain technology.

For more information, visit Tellor’s official website, its whitepaper and social media channels.