Youtube link: https://www.youtube.com/watch?v=rUYNQ1NZICM
Official links: https://linktr.ee/Tellor
Tellor 360 Audit Update, EthOnline Hackathon, Tellor Deep Dive https://youtu.be/pxx9uc6qF68 , Code/Project Updates (are you a developer looking to contribute? ask about our bounties in our Discord: https://discord.gg/tellor), Questions
Whole call
Nick: Hey everyone, welcome to Tellor dev call September 6. Yeah, lots of fun stuff going on happy to jump off hopefully you guys all enjoyed your nice long weekend. That's good, yeah so, the big things that we're doing this week still kind of going over some of the auditor changes so we made the changes the auditor sent and then we sent them back to the auditor and then we got the report back from the auditor that said we made said changes um which is exciting so he approved the changes so we're all good to go um we're just going to we literally got that thing back today so we're going to be go we're going to go over it today and then the plan is to deploy to Rinkeby and kick off the vote there tomorrow so assuming everything goes as planned that should be it and then yeah so for timeline for those of you paying attention deploy to Rinkeby kick off the vote you have a week-long vote plus a one-day period so in eight days it'll be live on Rinkeby then we test and test some more for two weeks the plan is currently two weeks of testing if there are any sort of hiccups bugs issues like that it restarts said process which is good because you found something. But it would restart it probably not going to be anything we're just going to make sure everything works Telliot works front ends work everything's cool for two weeks then we kick off the main net vote which is again a seven-day long vote which we need all your guys help to meet quorum we have a seven day long vote and then a one day long challenge period and then it's live home maintenance so like five four five six weeks somewhere along those most likely yeah as we go you know there might there's probably like going to be a day or two in between each one just because you want to make sure it all goes as planned so I think what we're targeting is end of October Ish would be the actual live kickoff date that's like a very realistic what?
Owen: Halloween.
Nick: We can do Halloween yeah I think however you know.
Brenda: We're going to do after Halloween because I have to be back in in DC.
Nick: Okay right and this is routine for Halloween but.
Brenda: November 1st or 2nd.
Nick: Okay halloweenish time yes. So, perfect and now yeah what else are we doing the other thing you guys saw ETHonline kicked off so we are doing the the biggest Ethereum glue global online hackathon that's how they brand themselves and yeah so we're mentors we're sponsors hopefully we get a lot of people building on Tellor and then I think a few of us are building so it's super fun and yeah and then I'm on a few podcasts this week too so that's exciting so and then I posted on Friday if you guys saw it did a deep dive one of my usual deep dives but it was on Tellor so it was if you guys want to watch an hour and 15 minutes of me talking about Tellor that's the place to go. So, it was really good Sasha, Sasha Milic who is former API3 founder. I guess she's always going to be a founder it's forever. She was sort of the guest host and she did a really good job at kind of grilling me on some of the ins and outs about what makes Tellor different and what makes it cool so all right. Tim how's things going?
Tim: Yeah, things are going well so right now I'm working on some like live testing for when we deployed Tellor360 so I can like we'll be calling different functions and checking the different variables update on chain so mainly working on some scripts for that right now yeah.
Nick: Cool yeah sounds good Tim's our guy so if anything goes wrong with 360 it's Tim's level so it's really important to set up a fall guy so if something goes wrong we can just fire him. Anyway yeah that did that didn't happen last time anything went wrong but so we're learning. Owen how's uh how's the cliffs of wherever you're at?
Owen: They at my studio apartment's great yeah so I made a video this morning for Spuddy have you enjoyed that gift found another bug um from some Diva changes so I need to fix that and then just like overall there's a couple bugs that are new to Telliot you I think Tally's taking care of those now Akrem’s kind of handling that tip listener piece I'll tell you after I finished the Diva bug there's docks build bug lots of bugs and yeah that's preventing our dogs from being updated on github so I feel like yeah.
Nick: Sorry Brenda.
Brenda: Now the monitor did you guys push an update to that to the dispute monitor the speed monitor or the monitor which monitors I'm sorry you know monitor for our monitors which monitor Brenda I think it's the one with the graphs or the one that is live and you get the text messages for the text messages disputable values monitor oh well we've kind of tabled that until we get these uh bugs sorted out okay but it still runs even with the current box like it runs yeah ready it does run it doesn't look like it's running because the you know the cli output was taken out part of it yeah so even if it doesn't look like it's running it is running it works okay wait it's buddy to see it doesn't do cli output anymore but it does make a csv just you know okay yeah if that makes sense so like it in that table output to the terminal is just in a while now yeah okay I'm not sure if you know I did not I did not know okay so we should still expect notifications if something was wrong I'm running it on a maintenance version for sure cool Tally hey I finished the diet integration but if you saw the messages from them they want to use um they actually want to use they want to fork liquidity and integration did you see that and so yeah so now they're just going to use solidity I guess I was like I don't know how you can use both viper and solidity but yeah all right you're going to find out they're going to find out and then they'll come crawling back to me yeah okay no offense to the diet guys if they watch this okay and as well I was working the monitor automation so I'm trying to do it so that the script that updates the monitor the graphs that they're most recent it just does automatically on GitHub actions but I ran into a blocker with psycho pg2 like the postgresql library so I was just trying to figure that out but I'm going to just run it manually today buy some time for that yeah and I did a pr on multi-call in Telliot it feeds that I just added a lot of typing and stuff and did some fixes to the code but it broke some stuff too so I'll be looking at that today cool right that's life hey yeah I've been talking with Ciro. It's been an awesome community member helping us work out the front ends so we just we're kind of troubleshooting getting what he his first solution through a sub graph instead of his you know instead of connecting a wallet so he's uh working on that and then I'm just deep in the ETHonline discord getting a lot of good hits on there so I just want to make sure everyone's being tended to and we'll get as much presence as possible there cool Spuddy anything else Ryan did you hear from d.o.v DOV? On ETHglobal no okay he reached out on our discord about doing like sports stats oh cool yeah so that's cool I just kind of caught up on everything that was going on over the weekend the data feed looks good what else I can't think of anything else I'm waiting for I had a router problem over the weekend that I didn't catch for like a day and a half so I still don't have a synced Ethereum note working on that that the one in the office might be synced how would Nick check I can check from here okay yeah so that's I'll check now but yeah I'm going to be I'm going to be watching Owens Diva protocol instructions that he made I don't know if he made those just for me or if we can I don't know what but anyway I'm going to learn how to submit diva data today so I can help people do that and that's probably it for me could that be consumed by other reporters Owen if they want to know secret yeah because it's all because it's not final yet like it's still yeah and they have all that they're missing private so there's some of that you cut that out well for any for anybody listening we're working on making sure that Tellor can report data for diva protocol and diva protocol is a new uh decentralized derivatives project everything's on chain it's really cool and basically Owen did a tutorial but it's mostly internal yeah yeah it was it's for us to learn how to do it so that we can digest it more and then teach the community how to do it too we have a call with them at 15. Also a crap I'm working on the tip listener refactoring 360 changes bun it's I mean it's new getter so and also knowing that I guess from all the learning I've been doing lately I'm trying to make the code a little bit easier so I'm refactoring everything so it's kind of a bigger job more efficient I guess and less calls to make right a lot of code though I don't like that a lot of code but you're getting less code right you're easier to read yep you're great perfect I like to hear boom that's about it Ryan I think we got a bunch of questions yeah I mean I can before you ask the questions you know I can just say like I know we got a lot of them that are price related we've sort of had a policy for a long time I mean you can summarize them or just ask them if they're different but as far as price questions go we generally don't talk about the price we generally try and stay out of it we have from the beginning of Tellor we've tried the market moves and the market's going to move and we try and ignore it as best we can it makes it hard sometimes but it's kind of just crypto we try and as you guys can tell from these falls we're really focused on actually building things and actually trying to just make it useful for the partners that want to integrate us we're not going to change how we behave based upon short-term price movements and by short-term I mean like anything under multiple months you know like it's like we just don't we don't move like obviously if we went to a thousand and stayed there for six months yeah like it changes what we can do and think it does have an effect on Tellor or if we went to zero and we stayed there for multiple months it has an effect but you know the price doubling or having and then doing it again in a few weeks like any time you sort of try and shift your focus away from the long-term thinking it causes you to just kind of chase these short-term fads and it never pays out so that said we will probably not be addressing too many of your price concerns you know we had people yelling you know you can ask Brenda who's been here since obviously forever like you know we had people yelling at us about the price whenever it was not holding a three dollar peg originally and then we had people yelling at us we went from eight to one in December of 2019. it just happens things go up things go down you got to you know we're trying to figure out where the market's actually headed and playing plan accordingly so on that and our main focus is on building like long term so but we're here so I know things suck right now but we're still here we're building and we're moving forward so that's actually it's actually let's see sorry Brenda that was one of the things that people are concerned with is that you're here right yeah I'm here my dog is great I'm here my life yourself looks nice once a week your cell looks nice yeah it's kind of fancy but yeah everything's yeah anyway I don't even want to talk about it because seriously it's just yeah even though we're not there's no need to yeah we didn't start rumours we can't I mean all we can do is show people that we're here we're working exactly cool yeah the only thing on the that might be worth addressing someone asked who on your team is holding up trb with perps I think it might be worth just talking about like the team holding of trb just kind of give the new viewers in terms of the team we use Tellor honestly and basically just for big funding operations for staking our you know actually mostly test orders and and sometimes even tipping just for testing other than that we don't do anything with the token because we are a u.s company we want to make sure that you know regulation here can be very volatile as well and we just try and make sure that we're providing a service and we're using trb as a utility token that's what we do as a team and what we hold and for voting that's how we use that one but yeah the team holds about three something percent in that way for a while yeah not a big percentage either but yeah and I mean if you want to talk perps too you know we can get into so like a lot of speculation you know this is obviously price related but this is actually my expertise and I'm going to I'll nerd out a little bit on it so this is do derivatives materially affect a price and then this is something uh a lot of people have thought about in the real world so if you notice this is actually very relevant even over in Europe they actually just banned shorting of energy stocks and energy prices over in Europe that a lot of times they'll ban derivatives because they think that price speculation is going to either push prices down or raise prices off and the answer is can it do that and the answer of course is yes so like if somebody takes out it can but there's a caveat is it's very expensive to do so in the long run so you know like if somebody took out a massive position short position and Tellor usually what that means is that you know you can think about that there's a few ways to do it you can either do it like on a futures market or a perk market to where you actually don't have the asset or like if you're actually shorting like with through a decentralized protocol you would like borrow Tellor and then agree to pay it back later at a shorter price the reason that this is dangerous in crypto is that usually people will take out these giant long or short positions on massive leverage and it that alone doesn't move the price but incentivizes them to go and either flood or spread rumours about you know launches and partnerships in xyz and it can do so in the long run but there's always a cost to doing so like you know like in the futures market if you if you're trying to take out these long even say options contracts which is more similar like if you're trying to take out these massive long positions it costs you money to do so every few weeks every month every quarter however long you're getting into these things for so if the price doesn't go up and it doesn't materially affect and you get out, you're just paying money and it's very expensive to do so in the long run and you would you know so it same with like if you wanted to actually manipulate the market like you can look at like uniswap's a great example like can you go and manipulate the price of uniswap higher yeah anybody can like we have the uniswap guy on here you it's relatively cheap to do so for a few seconds if you wanted to affect it for 30 minutes you can do it it's going to be it's going to be you know multi-millions of dollars is what we showed if you want to do it for days or weeks or months it's you're going to pay a price can you move it small amounts sure but you know it's more so just about the messaging and that's the thing I think you guys should realize about crypto too it's all just a big messaging game you know nothing about crypto is fundamentally different than actual finances you know derivatives are not ruining the world and yeah these things it's all just the ability to manipulate prices and messaging it's just like amplified in crypto way more so you have in the real world finance you know you have big traders who can move the markets in crypto like you have giant traders who can inside trade legally so it's just even more fun so just know that that's happening and just that's why you that might be happening but like we don't know what happened and we also like it's not financial advice guys this is just I'm not even talking about without even talking Tellor like Tellor was much unique in this performance this is what happens in crypto just try and take a step back look at it from you're buying and holding these things for six months to five years and things will be fine pick some people you like and ride your horse so cool yeah not financial advice of course not financial but okay yeah I mean just to recap pardon okay yeah just to recap on 360. so we're halloweenish we just got back to the first audit report today so we're just addressing those and send it back so keep an eye out for we're aiming for halloweenish no specific date set and then there was a couple uh there was one about is it possible for you guys to make a how-to video to set up as a reporter and earn trb for dummies so we can get more reporters on the network including myself example from a macbook or something I'm sure there's lots of normies who would love to get involved yeah we can eventually I mean it's tough you know it's the same like we've talked about it before mining or reporting is competitive now it can be very it can be difficult in the same way like if somebody wanted to set up like a how to trade cryptocurrency 101 like you can do that but it doesn't necessarily mean you're going to make money so we just want to make sure that we yeah probably not bad enough so it's easy to run I think it's easier to run tell you than to actually create those monitors that will actually make you money or create like those what is it that crap that one of the reporters used to use anyway it's just very competitive so running the reporter is not that hard monitors and like setting up to actually make money that's what's very hard yeah we will set up guides for you to run reporters and report data but not to make money yeah I mean in in videos that I've done in the past I even say like uh like I tried to help with the how to make money side of it also but another there's also like a simple mechanical problem with making videos which is like a week after we make the video the command flags are changing so it's like you know we're telling it is getting I don't know if you guys follow our GitHub but tell you it is updated all the time we're working on it and we're really trying to make it like as stable and reliable like just like the best oracle reporting software that we can make it so it changes a lot I think a good I mean yes the answer to the question of can we make a video is yes but yeah cool anything else Ryan yeah I just wanted to bring out a couple questions from the deep questions channel that I thought would be good for the YouTube exposure as well we got we got like one minutes and then we got to hop off for another one so okay well I think the advantages and disadvantages are seeing that what was that Brenda I think of all the questions nick the one about the advantages of using or not using trb when an another change is one of the most interesting ones okay and how they would do it yeah I mean that one I was talking in the deep questions for this question comes up and I had a if you watch my deep dive with reality.e they have a Tellor-like system but they use eat as the collateral and the question is what benefit is there to using trb or using eth as your collateral and there's a few different benefits so obviously if you had let's say your voting system was like ETH based to where you know the Tellor system worked exactly as it was but we used to eat instead of trb the cool thing about it is it's a lot easier to get e more people probably have it they have to use it to pay for gas and then second of all it's probably near impossible to buy 51 percent of eth to break the vote the downsides however you don't need to actually buy 51 percent of the ETH to break the vote you need to buy 51 percent of the voting supply to break the vote and the question is would it actually be easier to buy how many people are actually voting with their eat would be the question probably only a limited amount and it would actually probably be way easier to borrow a whole bunch of eth to then go break the vote that's one issue the second issue is with staking if you're using eth and you're staked and reporting bad values you can lose your eth but if you break that boating mechanism that eat that you just stole from everybody is still worth something so you know what if you trashed the Tellor system you came in and broke the voting reported a bunch of bad values and then walked away you could actually walk away with eth which is still valuable it is valuable regardless of the Tellor system whereas if you're using trb the cool thing about it is if somebody comes and trashes the Tellor system you know they pay millions and millions of dollars to to break the voting mechanism and to break everything and they waste all that money and trash the Tellor system all that trb that they had accumulated in order to break it is now worthless because they just trashed the system so the game theory actually works better if they don't have that big incentive or the ability to walk away actually with a profit even because there's no way to walk away with a profit if you try and be brake Tellor that said some system similar to like the Algorand system we don't have a bridge for trb so can you use eth in order to be the collateral the answer is yes you just sort of have to know some of these copy outs so on the breaking of the votes like there still is a multiple dispute rounds things like that but your cost to break is probably going to be a little bit lower and you also want to pay attention to some of the lending markets for it not which actually isn't an issue over on Algorand right now because there really aren't any but you could theoretically have like you know people borrowing it to vote or to break your protocol so you would want to pay attention to that I guess you could have it with trb but it's not really an issue yet yeah so those would be some of the things I guess you would want to just pay attention to you you could write an oracle that has value either way and some people like the reality.ether person was saying that the benefit of using e simply because it's easy to accumulate and easy for people to understand actually outweighs the security benefits which that's fair argument so yeah anyway that's my interesting analysis we did sweet thanks yeah if there's anybody that has other questions, we have that deep questions channel and the discord so feel free to ask them in there we've we addressed what niche has talked about in there as well so that's it though well guys thanks everyone thank you guys.
