The Hosting 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. This note was published by the WIPs editor on the Wit net Foundation blog with the purpose of informing the broader Witnet community about proposed protocol changes. Witnet’s decentralized network of oracle nodes can trust lessly provide this data in an accurate, transparent, and censorship-resistant way.
The publication and distribution of this note does not imply any type of endorsement or support from the WIPs editor personally, Hosting Foundation or any other related party. RiveX is a chain agnostic interoperable layer-2 solution, aiming to empower the next generation of decentralized applications, decentralized finance and enterprise solutions. As the RiveX dApp ecosystem expands, it will require an accurate, efficient and secure method for data retrieval.
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Hosting Decentralized oracle runs on its own blockchain and relies on the token for incentivization of independently run nodes that resolve the data requests and agree on the results. Witnet is a next-generation decentralized oracle that leverages state-of-the-art cryptographic and crypto-economic techniques to provide smart contracts with secure data inputs. In exchange for WIT tokens, network of permission less oracle nodes retrieve, attest and deliver information to smart contracts in a tamper-resistant and decentralized way.
This is the world’s first dual-blockchain to employ a decentralized application environment. Whether deploying DApps, Smart Contracts or simply transacting, Zerium is more secure, more flexible, and more resistant to attacks than other platforms. As a user, you can deposit money and the trading robot will then do the rest. Thus, on the one hand, you can save time and rely on the artificial intelligence of the bot, instead of making trading decisions yourself based on gut instinct or impulsive trading decisions.
How Does Finality Work In Other Public Blockchains?
When it comes to the Bitcoin blockchain, you need to wait 6 “confirmations” for a transaction to be considered final. In other words, 6 additional blocks need to exist after. Since its inception, the Hosting community has been on a mission to connect smart contracts to the rest of the world in the most decentralized, secure and “trust less” way possible.
In 2020, the community made huge leaps towards fully realizing this goal. At the start of the year, Witnet was running on a Test net, with incomplete or non-existent tooling. Despite the fact that the network was live and functioning, the protocol was still missing many of the components necessary to allow it to scale and monitor data requests on Mainnet.
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