Witnet WIT Price

Witnet, launched in 2018, stands as a pivotal innovation in the blockchain space, introducing a decentralized oracle network (DON) that fundamentally changes how smart contracts interact with real-world data. At its core, Witnet is designed to be a bridge between smart contracts and external data sources. This connection is established through a process known as Retrieve-Attest-Deliver (RAD), allowing software to access web content at specific times with verifiable integrity, without the need for third-party trust. Witnet's unique approach leverages its native token, Wit, as a means for rewarding miners, termed witnesses, who play a crucial role in retrieving, attesting, and delivering web content.

The protocol's strength lies in its innovative components, including a Reputation-Based Mining Protocol and Task Assignment Protocol. These elements ensure that miners are not solely dependent on computational power for mining blocks but are also judged based on their reputation for honesty and trustworthiness. This system promotes a high level of integrity and reliability among participants. Additionally, Witnet features bridge nodes, a special network participant focusing on the 'Deliver' aspect of RAD tasks, enhancing its ability to interact with other blockchains.

Witnet's application extends far beyond conventional uses. It is particularly suited for 'autonomous' smart contracts that demand robust tamper resistance and minimal manipulation risk. Its capabilities are essential in powering various DeFi primitives such as price feeds, stable coins, and derivatives. Moreover, Witnet offers a reliable source of randomness, vital for creating unique NFTs. The technology underpinning Witnet, developed in Rust, focuses on addressing the specific needs of reliable and secure data provision for smart contracts. The Witnet community, comprising developers, miners, and enthusiasts, is actively engaged in building, and enhancing the ecosystem, positioning Witnet as a cornerstone in the evolution of Web3 technologies.

What is unique about Witnet (WIT)?

Witnet is unique as a decentralized oracle network that connects smart contracts with real-world data without third-party trust, using a Retrieve-Attest-Deliver process and a Reputation-Based Mining Protocol.

Who are the founders of Witnet (WIT)?

The co-founders of Witnet are Daniele Levi and Adán Sánchez de Pedro, who were also involved in the blockchain-powered data certification leader Stampery​​.

Who are the backers/investors of Witnet (WIT)?

Witnet (WIT) has many investors and partners such as TriAngle DAO, 0xLend, Hoo Smart Chain, Mai Finance, Meter, Gate.io, Moonbeam, OKX, Cube, MojitoSwap, Ethereum among others.

What is the consensus mechanism of Witnet (WIT)?

Witnet uses a unique consensus mechanism that includes a Reputation-Based Mining Protocol, where miners (or witnesses) are rewarded not just for computational power but also based on their reputation for honesty and trustworthiness​​.