Tellor, a decentralized data aggregator, is now ready to implement its oracle on the Algorand blockchain. The Algorand foundation confirmed the approval of the Supagrant to Tellor on the 19th of June.
Already, Tellor runs on the Ethereum chain, but the protocol will now broaden its horizons. Tellor will be funded by the Algorand foundation, as both parties will collaborate to improve blockchain data and oracle systems.
The permissionless protocol extracts off-chain data from external sources to blockchain systems that are regulated by crypto-economic guarantees. Tellor was launched in 2019 and was founded by Brenda Loya and Michael Zemrose. Both blockchain entrepreneurs founded a protocol that goes beyond providing accurate data.
Tellor aims to reduce centralization. The founding team strongly believes that how data is shared on-chain also matters. Thus, they hold decentralization in high esteem. With Tellor, blockchain users can directly access data, removing intermediaries and trust points. Thus, users will always have access to the data provided.
Tellor and Algorand Representatives Express Excitement for the Collaboration
Commenting on how Algorand’s Supagrant will improve the Tellor ecosystem, Michael Zemrose said:
“This supagrant from Algorand presents us with the opportunity to widen our reach, not only that of our oracle but that of what matters most to us – the spirit of decentralization and trustlessness. It speaks a lot to the values of the Algorand Foundation to award this grant to us, and we aspire to multiply that value to the Algorand community by deploying a protocol that incentivizes anyone to provide and validate data – making it unstoppable.”
Similarly, Daniel Oon, the head of DeFi at the Algorand foundation, expressed excitement about the collaboration. He further acknowledged that the partnership would extend the Tellor network and broaden the Tellor ecosystem.
The Algorand Foundation has been actively collaborating with organizations and protocols to build trusted infrastructures for a decentralized and borderless economy.