Witnet Ico Review

Witnet Ico Review – Decentralized Oracle Network

About Witnet

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. The Witnet 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.

As soon as your node is synced, it will be able to start resolving data requests from others. You can learn how to produce Witnet requests by following the tutorial on how to create a Bitcoin price feed using Ethereum and Witnet. Many pieces are already in place, and many others are being actively worked on by a broad community of BUIDLers.

Witnet Key Information

KeyPoints
Token NameWitnet
Soft cap10,000 USD
Hard cap1,070,000 USD
Restricted areasUSA
Min. investment100 USD
CountryUSA
AcceptingETH
Token SymbolWIT
Token TypeERC20
Raised$3,500,000
PlatformEthereum
Price in ICO1 WIT = 0.12 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

Censorship resistant nature of blockchains

Without a reliable oracle, smart contracts can be vulnerable to hacks, corruption and monetary loss. Witnet leverages state-of-the-art cryptographic and economic techniques to provide your smart contracts with secure data input. “Oracle price manipulation was a hot topic in 2020, causing many financial losses. Witnet are confident that Witnet is able to withstand these issues and provide the security and decentralization they’re looking for.”

What’s Finality?

Finality is best described as how long it takes for a transaction or a block to be considered irreversible once published in a blockchain. Witnet concept of finality exists in the first place because for most public blockchain protocols, it is sometimes possible to “revert” or “reorganize” the most recent blocks. Only when some time has passed can you assume that transactions and blocks are final, and cannot be reverted. 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.

WIT token

The Witnet token is a utility token, native to the Witnet blockchain, encouraging fair and trustworthy behavior throughout the network. These tokens perform a number of important functions within the ecosystem:

  • they incentivize node validators (“witnesses”) through a reward system when resolving data requests and mining blocks;
  • they are used as payment system for data requests;
  • they act as a form of collateral, ensuring node operators are not subject to bribery in high-value data requests.

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.

Open your ports

The best way to contribute to the growth and sustainability of the Witnet network is by opening up the listening port of your node, so that other nodes in the network can download block chain data from you and your transactions can be broad casted more quickly. For this feature to be effective, you will also need your IP address to be public (and ideally, static). If you are operating a node in your home network, you can request your ISP to assign you a static IP address or at least disable CGN on it.

Depending on your setup, this will normally imply changing the settings on your router or firewall so as to forward all incoming connections to port from your external IP into the IP of the device or interface where the node is running. You can find out how to verify that your ports are open in the Next Steps guide.

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