Tellor launches on Algorand mainnet. In an effort to facilitate a multi-chain ecosystem, the Tellor oracle has been re-implemented for the Algorand Virtual Machine (AVM).
On Algorand, Tellor oracles continue to be secure, decentralized, and easy to integrate. The primary contracts of the Tellor oracle on Algorand are the feed contracts, the medianzier contracts, and the governance contract. At a high level, each price feed, or “queryId”, uses a “medianizer contract” to calculate the median between 5 independent data submissions on 5 independent “feed contracts.” Tellor on Algorand implements a vigilant governance contract that prevents bad actors from interfering with the security of price feeds.
In short, Tellor on Algorand is a secure, decentralized, and easy-to-use re-implementation of Tellor on Ethereum for the Algorand network. Tellor on Algorand serves to broaden the Tellor network and extend the Algorand ecosystem.
BRIEF INFO ABOUT ALGORAND
Algorad is the world’s most decentralized, scalable, and secure blockchain infrastructure. From decentralized finance to generative NFT art (and everything in between), its sustainable blockchain is powering the economic models of the future.
Tellor is a transparent and permissionless oracle protocol for your smart contract to easily get any data whenever it needs it.
Moreover, the protocol incentivizes an open, permissionless network of data reporting and data validation, ensuring that data can be provided by anyone and checked by everyone.
Hence, the oracle mechanism works by using simple crypto-economic incentives to secure data through staking and dispute mechanisms. Furthermore, monetary policy to reward and motivate the adoption and development of the network.
Tellor’s decentralized oracle provides censorship-resistant data, secured by crypto-economic incentives. Tellor data is provided by anyone as well as checked by everyone.
Algorand (ALGO) is both a digital currency and blockchain platform. Additionally, the Algorand platform is designed to process many transactions. Quickly, and similar to a major payments processor like Mastercard or Visa. Furthermore, Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. To add more, ALGO, is the platform’s native currency, used to secure the Algorand blockchain and pay processing fees for Algorand-based transactions.