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Witnet — Decentralized Oracle Network

Create Smart Contracts with Real Power

The Witnet protocol connects smart contracts to any online data source. Sport results, stock prices, weather forecasts or even other blockchains. The protocol works thanks to a distributed network of mining nodes—called witnesses—who earn Wit tokens as a reward for retrieving web data and reporting it directly to the smart contracts.

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Unknown
Token
WIT
Type
Price
1 WIT = 0.12 USD
Platform
Country
USA
Whitelist/KYC
KYC
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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.
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