Mission DeFi EP 76 - Critical Decentralized Oracle System - Nick Fett of Tellor ( @WeAreTellor )

Oracles are critical infrastructure in DeFi, but most of the options we have today are centralized and at risk for censorship or failure. It could literally take down the entire system. Nick Fett and his founding partners have been working since 2018 to build a truly decentralized oracle system that can withstand threats and they are starting to get the kind of traction that is critical to the success of all of DeFi.

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Video version of this episode: https://youtu.be/nvet5CwDOcY

Project Name: Tellor

Project URL: https://tellor.io/

Project Twitter: https://twitter.com/WeAreTellor

Guest Name: Nick Fett

Economist
Started working at CFTC
Joined the blockchain working group there
Left in 2017
Started with the idea of starting a derivatives project on a sidechainGot an Ethereum Foundation grant
Did a research paper on why it was a bad idea
The problem he hit at that time was the oracle problem. There were no real oracles at the time
The original oracle was a guy that setup a server, but he quit.
Decided to pivot from derivatives into solving the Oracle problem in 2018
Chainlink wasn't launched yet. Nothing really existed.
He was determined from the beginning to be decentralized
ICO days
How difficult it was to raise money
Built the entire project in 2019 and launched their token
How their decentralized oracles work as a marketplace for information
Stakers and Reporters.Stakers stake and then can request data
Reporters then post the data and race to be first
Anyone can protest that data is incorrect and reporters can lose their staked money
Gas costs make streaming data difficult
Doing anything on a blockchain fast is a bad idea.
Original platform was a proof of work protocol that facilitated toke n emissions
Couldn't get anyone to take it.
How they went out to promote it and get anyone involved

This is not financial advice. Nothing said on the show should be considered financial advice. This is just the opinions of Brad Nickel and our guests. None of us are financial advisors. Trading, participating, yield farming, liquidity pools, and all of DeFi and crypto is high risk and dangerous. If you decide to participate, do your own research. Never count on the research of others. We don't know what we are talking about and you can lose all your money. Never invest more than you can afford to lose, because you probably will lose it all.

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