Witnet's multi-chain decentralized oracle allows smart contracts to realize their true potential by giving them access to all kinds of valuable datasets, and securely validating and delivering that information with strong crypto economic guarantees.
About Witnet project
Witnet can support most DeFi primitives such as price flows, stablecoins, synthetics, etc. It also acts as a reliable source of randomness to create uniqueness in NFTs. The Witnet Oracle is currently available on Ethereum, Polygon, Avalanche, Celo, Harmony, Metis, Boba, Conflux, KCC and other blockchains.
The Witnet protocol creates a network that connects smart contracts to any online data source. Sports scores, stock prices, weather forecasts, random number sources or even other blockchains can be easily queried (preferably via an API).
The Oracle Decentralized Network (DON) maintains and distributes a blockchain data structure that serves as a shared ledger for both the operation of the protocol and the wit token (which encourages network players to abide by the protocol and ensures they are held accountable).
Project integrity
Wit Coin — a utility token, embedded on the Witnet blockchain, that encourages fair and trustworthy behavior throughout the network.
These coins perform a number of important functions within the ecosystem:
| Gas/fees | Transactions on the Witnet blockchain require a block space fee. Validator nodes are allowed Wit tokens for each block they accept on the network, as well as for including transactions in those blocks. |
| Payment for the service | Requests to the Witnet oracle must be paid to the nodes that allow the requests, using Wit coins. |
| Network protection (staking) | Node operators need to stake Wit coins in their nodes to increase their chances of mining blocks and getting data requests, assigned to them for resolution and earning fees. |
The data received, validated and delivered, using the Witnet protocol, is not trustworthy because of a central authority, but because it comes from anonymous nodes, motivated to remain fair and compete for rewards. In addition, the integrity of this data is guaranteed by a consensus algorithm that identifies fraudsters who are immediately punished.