WitnetWIT
$0.0178
Market/Exchange
WIT Price Prediction and Price Movement
WIT is up 140.69 percent over the last three months, while its market capitalization is still considered relatively small, which implies that the price of WIT can be very volatile comparing to those with larger market cap during big market moves. However, with a stead growth over the past three months, WIT has the potential to grow further and may yield some very decent gains. Again traders should remain cautious at all time.
Please note that this analysis is purely base on WIT's historic price actions and is by no means financial advice. Traders should always do their own research and be extra careful while investing in cryptocurrencies.
Witnet Price Chart
About Witnet
The Witnet protocol enables smart contracts to realize their true potential by giving them access to all sorts of valuable data sets, and by attesting and delivering that information securely thanks to its strong cryptoeconomic guarantees.
Use cases
Witnet is specially designed for “autonomous” smart contracts — those that require a high degree of tamper resistance and shouldn’t leave space for manipulation.
Witnet can power most DeFi primitives like price feeds, stable coins, derivatives, etc., as well as acting as a reliable source of randomness for creating uniqueness in NFTs.
Technology
Being based on its own blockchain, Witnet is connected to multiple smart contract platforms through the use of bridges.
he Witnet blockchain is a single-purpose blockchain that has been built from scratch using the Rust programming language to address the particularities of the “oracle” use case (reliable and secure data providing).
Token utility
Gas fee: transactions on the Witnet blockchain require fees for occupying block space. Mining nodes earn WIT tokens for each block they get accepted by the network, as well as for including transactions into those blocks.
Payment for service: queries sent to the Witnet oracle need to pay the nodes resolving the requests using the WIT token.
Staking: node operators need to stake WIT tokens in their nodes to increase their chance to mine blocks and to get data requests assigned for them to resolve and take fees from.