Project Abstract

Oracles are a key piece of infrastructure for any blockchain ecosystem. Tellor proposes a crypto economically incentivized oracle that is completely flexible for the needs of any data type or frequency. For this Tellor will implement an oracle pallet along with a deployment of controller smart contracts on a to-be-selected EVM parachain that will handle the reporter staking staking, governance (for disputing data validity), and reporter reward system. This will enable parachains across the ecosystem to read, and/or request a push of oracle data. Once the network of reporters is bootstrapped, there is minimal team intervention needed. Anyone can become a reporter by staking, anyone can dispute the validity of the data for a fee, and the user can incentivize reporters to quickly add or replace the data they need by posting a reward. The system is permissionless, as well as sybil and censorship resistant.

Grant level

• Level 1: Up to $10,000, 2 approvals
• Level 2: Up to $30,000, 3 approvals
• Level 3: Unlimited, 5 approvals (for >$100k: Web3 Foundation Council approval)

Application Checklist

• The application template has been copied and aptly renamed (project_name.md).
• I have read the application guidelines.
• A BTC, Ethereum (USDC/DAI) or Polkadot/Kusama (aUSD/USDT) address for the payment of the milestones is provided in the application.
• The software delivered for this grant will be released under an open-source license specified in the application.
• The initial PR contains only one commit (squash and force-push if needed).
• The grant will only be announced once the first milestone has been accepted (see the announcement guidelines).
• I prefer the discussion of this application to take place in a private Element/Matrix channel. My username is: @_______:matrix.org (change the homeserver if you use a different one)