ICO KYC Report
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About Witnet — Decentralized Oracle Network
- The Witnet protocol is a Decentralized Oracle Network (DON) built on a blockchain with a native token. Clients spend tokens to get web contents retrieved, attested and delivered back to them; while a special kind of participants called witnesses earn tokens for fulfilling such work.
- Witnesses are assigned tasks based on their previous performance, which is measured by reputation points. The more reputation a witness has, the more likely it will be assigned a task and the more its claims (solutions to assigned tasks) will be taken into account.
- Each witness earns reputation points when its claims match the claims brought by a majority of its peers. On the contrary, reputation points are deducted when its claims contradict the majority.
- Finally, witnesses can also participate in the creation of new blocks for the underlying blockchain. The likelihood that a witness will become a miner for the next block is proportional to its current reputation.