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. 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.

The publication and distribution of this note does not imply any type of endorsement or support from the WIPs editor personally, Witnet 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. Witnet’s decentralized network of oracle nodes can trust lessly provide this data in an accurate, transparent, and censorship-resistant way.

Witnet Key Information

KeyPoints
Token NameWitnet
ICO start17th Apr 2019
ICO end30th Aug 2019
Restricted areasUSA
Whitelist/KYCKYC & Whitelist
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

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.

Incentivized by the wit token

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. 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, Witnet’s network of permission less oracle nodes retrieve, attest and deliver information to smart contracts in a tamper-resistant and decentralized way.

WIT token

The WIT 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.

Genesis Block Mine

The remaining 30% of the total WIT supply (750M WIT) were pre-mined in the Mainnet genesis block (the first block in the chain).

  • 250M (10%) went to founders and early contributors — all these tokens are locked. All these tokens are initially locked and subject to a vesting period: 6m cliff in April 2021, followed by 18m vesting.
  • 250M (10%) have been allocated to the Witnet Foundation to support ongoing efforts.
  • 250M (10%) were preassigned to participants in the Republic.co token pre-sale and SAFT participants.

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.

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 Witnet 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 Witnet 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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