Article Summary, Automatically Generated By AI
About Witnet
Use Cases
- Autonomous smart contracts
- DeFi primitives (price feeds, stable coins, derivatives)
- Reliable source of randomness for NFTs
Technology
- Based on its own blockchain
- Connected to multiple smart contract platforms through bridges
- Single-purpose blockchain built from scratch using Rust
Token Utility
- Gas fee: transactions require WIT tokens for block space
- Payment for service: queries require WIT tokens
- Staking: node operators stake WIT
About Witnet: Empowering a Decentralized Oracle Network
Practical Applications
Witnet is specifically tailored to support “autonomous” smart contracts, which necessitate an exceptionally high level of tamper resistance and are designed to preclude any potential for manipulation.
Witnet is capable of powering a wide range of DeFi primitives, including price feeds, stablecoins, derivatives, and more, while also serving as a trustworthy source of randomness for generating uniqueness in NFTs.
Innovative Technology Infrastructure
Witnet, built upon its proprietary blockchain, seamlessly integrates with multiple smart contract platforms via bridge connections.
The Witnet blockchain is a bespoke, single-purpose blockchain, meticulously crafted from the ground up using the Rust programming language to specifically address the unique demands of the “oracle” use case, ensuring the provision of reliable and secure data.
The Multifaceted Utility of Tokens
Gas Fee: Transactions on the Witnet blockchain necessitate fees for occupying valuable block space. Mining nodes are incentivized with WIT tokens for each block they successfully get accepted by the network, as well as for incorporating transactions into those blocks.
Payment for Service: Queries submitted to the Witnet oracle necessitate compensation for the nodes resolving these requests, which is facilitated through the WIT token.
Staking: Node operators are required to stake WIT tokens within their nodes, thereby enhancing their likelihood of mining blocks and receiving data request assignments, which in turn enables them to resolve and collect associated fees.