In this article we will cover how to buy Tellor Coin (TRB) what it is, it’s wallet and the use case of Tellor Coin.
What is Tellor (TRB)?
TRB, short for Tellor’s coins, is a crypto coin that runs on a new algorithm called TELLOR. It has all the features of Bitcoin but with some additional advantages.
TELLOR was developed by Dr. Hieu Nguyen based on concepts published in 2004 and 2012 in peer-reviewed journals from the University of Washington and Lund University. It is not just another SHA-256 clone like many other commonly used cryptocurrencies; it also has several distinguishing properties: (1) it uses variable sizes to encode data, (2) it can encrypt data using any single bits as encryption keys instead of only fixed size encryption blocks, (3) it can hide parts of the transaction amounts to avoid unnecessary fees and further protect privacy. These features, together with some other planned extensions, will make TELLOR a suitable platform for large-scale applications, such as the virtual currency and cryptocurrency industries.
TELLOR is one of several projects sponsored by Tellor Tech Inc., an enterprise specializing in high-performance parallel computing. For more information about TELLOR and Tellor’s suite of products see http://www.tellertech.com .
Tellor Engine (Tech)
The Tellor Engine is a scalable multi-threaded hardware accelerator designed to run on devices that have multiple CPU cores simultaneously to facilitate the fast computation of very large volumes of data. The current release supports three fairly straightforward usage modes: Purely Encryption mode (which includes compression), Purely Decryption mode (which includes decryption), and In-place Encryption / Decryption mode. The latter two modes are in addition to the original pure encryption mode, which is essentially compression for TELLOR data).
Currently, this engine is planned as a separate component from any crypto coin. After all, it can be used for many other tasks besides crypto, such as compressing general-purpose files on systems that don’t have native compression support yet. But we do not rule out that one may want to integrate it into a coin’s blockchain should that make sense or if there is sufficient demand for it.
The Tellor Server software consists of three components: (1) A Crypto Server, (2) a network messaging server, and (3) an optional web front-end. The Crypto Server can be run in one of two ways: either as a separate process on the same machine that also runs Tellor Engine or embedded into Tellor Engine itself. Since TELLOR encrypts data at the bit level rather than using block-based encryption modes as most cryptocurrencies do, TELLOR servers will have to use special hardware acceleration units to speed up performance. All currently planned TELLOR crypto server implementations are expected to be used with specially designed hardware specifically for this purpose. This is unlike Ethereum which uses GPUs from AMD and NVIDIA, which we believe should make it possible to achieve better performance by many orders of magnitude over existing altcoins.
The Tellor wallet client is completely stand-alone software that can be used to store encrypted private keys, decrypt or re-encrypt data using those keys, and sign transactions (i.e. write transaction data into the blockchain). It will have a user interface with features like password recovery, account balances, and network statistics. Since TELLOR encrypts data at the bit level instead of block levels, it enables much quicker encryption and decryption speeds than Bitcoin wallets or their clones do by orders of magnitude (similar speed gains may be achievable over Ethereum crypto wallets as well). Users should thus expect very fast startup times even when dealing with encrypted amounts of terabytes in size.
Tellor Coin (Coin)
The Tellor Coin will be the only currency that can make use of TELLOR technology. It will also provide users with access to a decentralized peer-to-peer network of teller servers run by other people on the Internet. The coins will be traded and stored as current cryptocurrencies do, but like all other aspects of TELLOR, the wallet clients used to store these currencies are expected to perform extremely fast. Unlike most other coins, Tellor Coins won’t have a fixed number of them ever created in their blockchain (like Bitcoin’s 21 million or Litecoin’s 84 million). Instead, there will be an unlimited amount required for running teller servers and creating new transactions; thus coin supply is designed based on demand instead of predetermined supply limits.
The Tellor Coin will be released in two phases: Phase 1: The Tellor coin will be pre-mined during a period of three months after the project launch at an initial rate of one block per minute (120 blocks per hour, 720 blocks per day, 27,000 blocks per month). All coins mined during this phase are going to be used by the development team for funding the further advancement of TELLOR technology (hardware costs etc.). As long as there are coins still left from this first allocation, a total of 1% yearly interest payment will be paid out to all holders on a monthly basis. After all coins have been released however, only transaction fees generated from network transactions will create new coins.
How to buy Tellor Coin on Binance.com a step by step guide
Start Register on Binance.com
You will be transferred to the registration page. Enter your details and make sure you ticked against “Do not use Google Authenticator”. Complete the verification process by clicking on the link sent to your registered email address.
After successful verification log in using your credentials into Binance for the first time. You’ll now land directly on the exchange dashboard. The first thing we want to do is deposit some Bitcoin/Ethereum so that we can then trade it for Tellor Coins (TELL). (Or read our guide on how to buy crypto using a credit/debit card here)
Go to Funds -> Deposits Withdrawals -> Select currency and click ‘Deposit’.
Hit deposit, wait a few seconds then refresh your screen back on the deposit page by clicking the exchange logo in the top left corner of your screen (it should be a bitcoin logo if you’re depositing BTC for example).
You’ll see something like this: a deposit match has been found and it’s waiting to be confirmed. Hit Confirm Deposit, wait till it confirms then refresh your page again. You can now see that there’s Bitcoin/Ethereum in your wallet under Funds -> Deposits Withdrawals.
To check balance just click on each currency icon shown below – After successfully added TELLOR coins into your Binance account, let quickly jump into trading TELLOR at following page :
Go to Exchange –> Basic –> Search for “TELL” in the search box and choose Tellor Coin as your trading pair. Then click on the ‘Basic’ option.
In the trading form, fill in the details as below: Price (i use average price) amount of Tellor Coin I want to buy (it’s better if you put all the TELLOR coin into one lot because it is cheaper than placing multiple lots)- Under advanced settings, Change “Withdrawal fee” from 0.1% to 0.0%. This will save you some money when withdrawing tokens off Binance.- Set gas limit high 50000 gas and set default gas price = 9 Gwei then click Buy TELL button. Wait for a few moments while exchange buy TELLOR for BTC.
Confirm your TELLOR wallet address where you want to receive Tellor coins. After submit, Binance will ask you for verification by email again before sending Tellor Coins to your wallet.
This is a better measure to safeguard users from any potential scams in cashing out new tokens.- After receiving TELLOR coins into your wallet, send them onto Coinbase to store your coins safely into a real genuine Ethereum wallet that supports ERC Token such as MyEtherWallet or myCrypto.
Note: It’s definitely worth getting yourself set up with two-factor authentication (2FA) on all accounts where you hold cryptocurrencies so that if there are any security breaches, only someone with your phone can access your accounts.
We recommend Authy as a free and secure 2FA app. It will generate an authentication code each time you log in from a new device which you will then have to enter in addition to your password. You must always ensure that the computer/mobile device you are using to access any of your cryptocurrency wallets is safe.