Revolutions are started by man's innate desire for autonomy and control over his domain. The ability to protect one's assets from governments and those seeking to exploit is the key value proposition of cryptocurrency and the Ethereum network. Creating an exciting Ethereum means we need trustless ways to put off-chain assets on chain and Tellor does this. This is an implementation in one of the most exciting new derivative projects out there.
What it does
Imagine you want to buy a share of Tesla stock but you only have Ether and don't trust central parties holding your money. UMA derivative contracts with a Tellor oracle allow you to buy a price representation of the stock as an ERC20 token on the Ethereum network. The possibilities for the number of assets on-chain and the utility of the Ethereum network is now limitless.
How we built it
We forked the UMA code and created a Tellor contract to implement the Oracle.
Challenges we ran into
Working with solidity projects (even two very current/active ones) is tough. Between dependency issues, different compilers, and different code structures, and network errors, hackathons are a slap in the face reminder that this space is still very green and being built.
Accomplishments that we're proud of
All of the tests running and a successful integration
What we learned
UMA has some great smart contracts and Tellor is flexible enough to integrate with them in a day.
What's next for Tokenized Derivatives w/ Decentralized Oracle (UMA/Tellor)
We run Tellor, so we'll be working on implementing it and partnering with other projects to allow the Ethereum space to grow more decentralized.