Links 

Youtube link: https://www.youtube.com/watch?v=fs9qwXGDQFg 

Official links: https://linktr.ee/Tellor 

Summary 

 
360 Progress Update, Defi Philly, 360 Contract status, Collateralization Ratio Data Spec for MaticX, Parameters for Data Types and Algorand Docs, Dispute Monitor, API QueryType, ADO Call (Alliance of Decentralized Oracles), API3 Oracle Deep Dive, Questions 

Whole call   

Nick: All right welcome to Tellor dev call, some week in July. All right so big thing so this we're going to be wrapping up Tellor 360. probably this week and next week we'll wrap up probably most of the contracts this week and then hopefully there's just some lingering final touch-ups for next week so if you're helping with that, we'll kind of talk about that a lot. Big news that happened last week somebody and I went to DeFi Philly I had a great time it was awesome yeah so made a lot of good connections I'll be on some podcasts coming up but it was like a very it was a really good event like if you saw I tweeted about it because it was like the whole crypto sector so you know like we I was on a panel with like really like I was on a panel with the superfluid guy and a guy who runs Umbro which is a privacy thing three of grantees ben he's super smart guys but we were on a panel right after bitcoin maxis and that was like two panels later was like an nft artist so it was like just all over the place as far as the attendees go. So, super good time especially just you get in these little bubbles of cryptocurrency where you talk about you know like governance problems or little hard tech problems and then we were Spuddy and I was talking the whole way back like these people don't even know the hard problems like we're still convincing them that like ripple's not actually a thing. So, you know so we just have to get out of our bubble a little bit and just talk to people like you know you look at. Yeah, like Spuddy and I we were talking with people like you go through like the top hundred cryptocurrencies and the vast majority are still just complete scams, there's not even like even chain link is really good like they're like they at least semi have a functioning product like some of these are just like they don't even have developers. So, anyway. 

Spuddy: They have had agencies yeah and they track well in google search results. 

Nick: Yeah, it's just it's so foreign. Anyway, on to Tellor tech stuff so yeah so what else so Tim what contracts should I start working on for? I guess you can just go but you're done with governance completely, right? yeah okay so I'll start on governance today and I'll pick up another one tomorrow okay. 

Tim: Yeah, last week I kind of like went through all three of the big ones 360 flex governance kind of cleaned them up and reviewed them so yeah, I've got a pr in 360. 

Nick: It was in draft or did you change it? 

Tim: I just switched it over. 

Nick: Okay and again that one is nothing major just kind of cleaning stuff up comments and stuff so now I'm going through flex and like going through the security checklist and running slither and kind of just going through flex with a fine-tooth comb basically. 

Nick: Nice yeah okay we'll get on that one and then I also I added you to a group in telegram or yeah so this is staedtler labs that's how I pronounce it but they're with they're working on a project with ovix um they need like the collateralization ratio as a input so basically like they're similar to like steak to eat but they're syctomatic so you stay dramatic and then they put it into different yield opportunities and then you get like a token that's like they call matic x and they want to know like what is sort of how much of this matic x is being lent out. So, because basically what you would do with matic x is you could then bring it over to ovix or another platform and like stake it and then borrow more matic so you like lock up your matic and you get this staking token and then you what you could do is you could loan that out for more matic and you could have like crazy leverage on it so they want to know like what's the leverage in the system and that's what we're going to help them calculate. So, they're in the process of working out the actual calculation but I was hoping for you to make a kind of data spec on it and think about it so okay yeah ask questions. 

Tim: So, is that leverage measure looking across different chains? 

Nick: Well, no it's not a request have been changed the hard part about this one is which we're gonna have to talk with them about and how to do it so what they want to know is so it would be with different platforms so like right now they only have they only have like one lending platform so say like if it was on maintenance this is and they're on compound and compound and that's their one lending platform that's doing this what happens when they get added to aave or to a new one that doesn't even exist yet you have to be able to add those in to the ratio. Yeah, you're right so like it's almost easier to off change yeah because like on chain there's no way to like you don't know what those future addresses are going to be here the functions to call so we need some way to like say this is the ratio but then what are the markets we're bringing on how do we add them to it and that's like I'm thinking we somehow have them maintain that list on chain or something like that and then we sort of just go and update it but that that's like the problem I guess you could say let's see okay. Like it's not hard we'll just be reading a function from a contract but then how do you add new ones is sort of or remove yeah so yeah. 

Tim: There's got to be some kind of like official record somewhere right. 

Nick: And ideally that would be the user who defines that not us so right so cool all right and then yeah, Tally? 

Tally: I'm working on submitting more complex query types that come with parameters from the cli okay and then also just working on my Algorand doc cool yeah. 

Nick: It's Spuddy. 

Spuddy: I'm trying to figure out what's going on talking to people that we met in Philly and just making sure we're live on all the test nets as usual. 

Nick: How's the disputer? Is it running? 

Spuddy: It's running and better installed some of the button fixes we should do that yeah so. 

Nick: I guess once we can start submitting tests for the api like added on your list of things to do once a week same with like if you want to like test the dispute once a month like you know make sure the dispute monitors catching it. 

Spuddy: I still owe the community like a how-to dispute yeah; I haven't done that yet. I said I was going to do that a long time ago.  

Tally: Can does the dispute monitor just pick up on disputes or can a dispute too? 

Spuddy: The dispute monitor will send you a message or a text if the submitted value deviates from what our open-source software would submit it deviates from what Telliot would submit then it'll send you the text. 

Nick: Lauren? What you’re working on? Your turn. 

Lauren: I am working on changing that query type return type so with the api query changing it to be an extra parameter if you want it as a string as it is right now or if you want it as anything else so I'll probably reach out to Owen about that because I know he said that he had an idea for how to fix it last time when we were talking about it but then decided not to so we'll see what he says about that. 

Tally: Cool I have the idea for that oh yeah so this is what ChainLink does for their any api is that the arguments for the request include the like parsing arguments in the json so like for example this what we do with like if we read coinbase that's what we do with the pi signer like you call the url and then you would also pass it as arguments like I think we do that oh we do because I thought with this like you just pass in the url and then you get the entire json string in. 

Lauren: No, you get a second argument of what of the key of basically the value that you want but the problem is that it returns it as a string no matter what it is so we're thinking of including another parameter so that people can choose what they want. Because I guess you could make it work on a string you know depending on what kind of data you were looking for so I don't know we'll look into it. But yeah, right now it does have that second argument for the parsing. 

Nick: Brenda you need anything? 

Brenda: No, I guess do you still want to do a code review once everything's done is autopay done too because Tim already went through like the other ones flex 360 and governance well. 

Nick: I'm going to go through governance today do that one I mean you're welcome to do it with me but yeah so, I'll or I'll pass you a different one or whenever I'm done with it you can just do amazing so. 

Brenda: Okay well today's a good day for me. 

Nick: Okay yeah, we can knock out stuff then other things tomorrow at noon is the auto call so if you guys want an email invite let me know but it's in this channel at noon so I'll be recording it and posting it online we got a few people coming we're going to be talking mainly best practices and what we can do so we made like an auto best practices repo and kind of our goal with the auto for those watching is the alliance of decentralized oracles. The big thing we want out of the best practices repo is just like a place that people can go these are how you interact with oracles in general like because there's a lot of pieces there and then also just almost tips for auditors. We want to get auditors really on board because like we've noticed that even with a lot of our client's audits or other people's audits, they always you go and you're like here's my here's my code, can you review it and they're like you use an oracle here is that part of the scope and almost always they say no because that triples the cost so they say no and they're like okay now assuming the oracle works perfectly your code works great. And the problem is that like that's always wrong like the oracle's never going to work perfectly and just knowing like if the oracle's audited and your codes audited that doesn't mean them together is audited like you know Tellor can be audited but we know like if you're using the current value and not waiting for disputes at all and relying on that for a billion dollars that audit wouldn't pick that up that that's a really bad practice. So, just making sure auditors' kind of understand that and maybe even putting forth like need an audit of your oracle integration like here's a bunch of leading experts and we'll audit your code you know even your chain link integration like just this is chain-link centralized and this is what the risk is do you have a fallback if that happens? If it's if you don't at least acknowledge it. And that's fine so that's kind of the goal of it hopefully we can get some traction there so. And then I'm doing I have api3 I think I think maybe tomorrow morning so. 

Spuddy: I have no idea how api3 works it'll be awesome.  

Nick: Api3 works well so that's what yeah so Lauren do you want to do some quick research on api 3 for me Lauren's our prelim researcher she did really good job on the one and then picked Tim and Tally on claros so yeah that sounds awesome that's about it guys on to the questions before we end the call because I almost forgot. 

Question1: What is the future of trb? 

Nick: I think future is now the future is now Tally we have somebody going to say the moon I don't know you know like as far as like Tellor in general to actually answer the question like you know we're here, we're going to be a decentralized oracle and TRB is used as an incentive to sort of keep the whole network going and keep it secure that's it's the future of trb. We're with 360 we're locking in the issuance rate we're locking in kind of the governance of it it's going to be a token that never changes that's about it. Which goes on to the next questions; 

Question2: Do you have any trb appreciation plan? Whether buy back and burn stop printing services focus on Tellor payments et cetera and then there's like two other questions max supply and max supply and then another repeat of the question and then we have a question about you must specify the max supply people don't trust things without max supply and then the last question which sort of goes into the exact same thing you should raise the price so people start talking about your project like Solana Shib, Doge... 

Nick: Okay so I just read all the questions because I think it was the same person, they're talking about kind of tokenomics and basically price related things that have to go into how we manage the supply and pieces like that so I think people do trust projects without max supplies obviously Ethereum does not have a max supply it's a very trustworthy project because sort of the issuance rate is in the code that said there are things that you can do with tokenomics to raise the price whether it's buybacks and burns whether it's you know staking or trying to get it used as a money and things like that and a lot of these are really just short-term kind of games you can play we're not as interested in doing that you know a lot of unless you have like an integral piece of like a lot of times any anytime like the supply is truly deflationary in a sense there's really negative consequences to the long term of your token you know even like people are talking about with bitcoin you know the lowering of the issuance rate is a serious security concern in probably soon. So, you know that's yeah, it's not as easy as it sounds like oh well, we can pump the price by like we could obviously do that we could just issue like the token is going to have in supply and we're going to randomly pick people and chop off their supply and if you're still holding the price is going to go up and that would magically make the price go up. 

Spuddy: That would that might magically make the price go up even if you didn't actually do it, you just say you're going. 

Nick: Yeah, but you know like the idea that you can play these games and get the price to go up is false ideally you know like ideally what how it should work is that actual usage and people buying it leads to the token price appreciation and then and that's what we where we hope to get unfortunately, we're not quite there yet as a space in general for literally any token. 

Brenda: And just to add that and the reason we want that is because that's the only way that you can actually maintain the price level if it's actually coming from demand rather than just us playing a game it's going to go back down if we do. 

Nick: Yeah, because I mean well playing the game is sort of how you know we could play that game more and we don't but it's basically like how do you manage expectations of the price. 

Spuddy: It damages long-term legitimacy sure like you know if you're going to play short-term price gains other people in the space who we want to work with who we want to be our users to respect Tellor and use what we're building they will respect us less and not want to use it if they think we're just trying to pump trb and exit scam I mean it's not that's not what we want to do we want to maximize legitimacy more than we want to play those games. 

Nick: Yeah, I mean most of these things anytime people announce like a burn or something it's like it's just about creating that narrative that leads to more speculation and you know we're not we're not too into playing we actually want to build something that's useful so something, 

Spuddy: I always when people talk about max supply, I always bring up the point that you know how many coins can you think of that have reached their max supply like proof-of-work coins. 

Nick: Or I mean like you have like a ChainLink where just issue a fixed amount. 

Spuddy: But the fixed amount is so big like. 

Nick: But I would say like they don't in the sense because there's actually no difference between you know like having a max supply versus like if the ChainLink team owns 50% and they slowly sell on you like that's basically you know you're issuing tokens into circulation. 

Spuddy: If you have a small supply and you add to it gradually there's no difference between that in reality there's no difference between that and then you meant a giant supply and this much of it is locked and you unlock some of it slowly over time the circulating supply is still growing slowly over time there's no like in fact there's no difference between the two so. 

Nick: Yeah, so don't pay attention to those the price is prices here you know we're down 90% just like ChainLinks down 90% just like every alt coin is down 90%. It sucks but you know we're here and you guys like I like to tell people like you guys have you know we're not going anywhere as far as a team we're still here building we got you know we still do have runway so we're going to make it to the next bull market um and that right there is kind of insane alpha so just picking which ones aren't going to die when the price goes down, we feel it too yeah but at the same time you know we're going to keep building throughout this we're going to get users that are actually going to stay around and you know not just be sort of subject these ponzi schemes subject to the market so we're excited about it things have never looked better for Tellor despite the price so thanks everyone any closing thoughts what. 

Spuddy: You got Tally. 

Tally: Yeah, I don't have any today I wish. 

Nick: I did all right cool all right see you guys later see ya.