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Witnet

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A decentralized oracle that feeds and connects smart contracts with the data from the outer world

Witnet is a decentralized oracle that feeds and connects smart contracts with the data from the outer world. Witnet will help developers to retrieve the contents published at any web address with verifiable proof of its integrity and without blindly trusting any third party for their apps. According to Crunchbase, Witnet is an open-source project developed by Witnet Foundation in collaboration with a community of independent contributors. The idea of the protocol was originally devised by Stampery. Witnet Foundation will support the development and deployment of the protocol in order to make sure it launches successfully, as well as continue to supports the sustainability and adoption of the protocol to various apps built on top of the protocol. The foundation claims that in later years, the community will be in command and make the project a fully decentralized one.

Crunchbase stated that Witnet Foundation has raised a total of $4.1M in 2 funding rounds, with the latest one raised on August 16, 2018. The foundation is supported by Reflective Ventures, Oyster Ventures, and Asian Cowboy. It has 3 core members including its co-founder and Operation Lead, Daniele Levi.

As a decentralized project, the foundation stated that anyone can participate in the protocol. The easiest one would be to run a Witnet node and supports the on-chain protocol. Users can also participate on the code development as a developer. By running the decentralized oracles, users will contribute to the process of solving the blockchain oracles dilemma. Witnet stated that since smart contracts need to be completely deterministic to ensure all nodes execute the same code, they do not support the input of data from non-deterministic sources such as APIs or websites. This means smart contracts are mostly isolated from the rest of the Internet. Some are trying to solve this problem by introducing trusted parties to supply information to the oracle, but this defeats the purpose of a decentralized network. Witnet will solve this by providing the decentralized protocol for the decentralized oracle network.

Categories

Blockchains, Cryptocurrencies, DeFi

Location

Madrid, Spain

Year founded

2017