Witnet

What is Witnet?

Witnet is a decentralized oracle network (DON) that bridges the gap between smart contracts and real-world data. It leverages a Proof of Stake (PoS) algorithm and its native coin, $WIT, to ensure data reliability and security.

• Reliable Data Inputs: Provides secure and trustworthy data for smart contracts.
• Decentralized Architecture: Mitigates risks associated with centralized data sources.

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Recent Video Interview

Main points of the interview:

• Discuss the Oracle problem and Witnet's solutions.
• Witnet uses decentralized oracles to ensure data integrity in smart contracts.
• The system employs cryptographic sorting and crowd witnessing for data accuracy.
• Witnet is expanding its integrations and offering grants and bounties to foster adoption.

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Future Vision

Witnet aims to contribute to the creation of a decentralized, immutable archive known as the Digital Knowledge Ark. This initiative seeks to preserve humanity’s digital data in a censorship-resistant manner, ensuring its integrity and availability for future generations.

Why is Witnet Great for Building?

Witnet offers several unique features that make it an ideal choice for integrating real-world data into blockchain applications.

• Easy Access to Real-World Data: Facilitates interaction with external data sources like prices and weather reports.
• Decentralization and Security: Reduces manipulation risks by avoiding single points of failure.
• Blockchain Agnosticism: Compatible with various blockchain platforms, enabling cross-chain applications.

Key Components

The Witnet protocol is built on several innovative components to enhance its functionality and efficiency.

• Decentralized Oracle Network (DON): Enables independent providers to deliver reliable data.
• Reputation-Based Mining Protocol: Utilizes task assignments instead of wasteful computations.
• Reputation-Based Task Assignment Protocol: Ensures fair and deterministic task distribution.

Data Feeds and Tools

Witnet offers various tools to interact with its network, including:

• Data Feeds Explorer: Provides access to public data feeds maintained by the Witnet Foundation.
• Block Explorer: Allows transparency into transactions and data requests on the Witnet blockchain.

Project Development

The November roundup covers key updates from October and November 2023, reflecting the Proof of Stake call swap.

• Cross Chain Data Requests: New protocol allows access to data across compatible blockchains, enhancing possibilities for smart contract developers.
• Witnet on Scroll: Integrated onto Scroll’s mainnet as the first oracle, with price feeds for BTC/USD, ETH/USD, UNI/USD, and USDC/USD.
• $WIT Listed on Changelly: Mid-October listing allows seamless swaps with low fees on a non-KYC exchange.
• Roadmap Update: Witnet 2.0 development on track, with public launch expected in December.
• Grant Updates: Funded CroDraw protocol’s charity-focused lottery for secure randomness on Cronos and Scroll.

Other Projects in the Oracle Category

• API3: connects dApps to real-world data via decentralized APIs for seamless integration.
• Autonolas: enables decentralized, co-owned services for combining crypto and AI with autonomous logic.
• Nest Protocol: uses smart contracts for decentralized trading, eliminating market makers and liquidity providers.

Witnet Price Analysis

As of November 24 2024 Witnet has a marketcap of $5.3M. This is {{percentagefromath}} from its all time high of $0.056684. In terms of its tokenomics, there's a total supply of 2.5B with 53% currently outstanding. Keep in mind Witnet has a fully diluted value of $9.9M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.