Witnet current price (WIT)

$0.0152

47.86%
Trading Volume (24h)
$104,387.48

Market/Exchange

Exchange
Currency Pair
Price
Trading Volume (24h)

WIT Price Prediction and Price Movement

WIT has been down 53.17 percent over the last three months, and with its small market capitalization, it is very likely that such price movement may continue. However three months is still considered early in the crypto world and it is also likely that WIT's price may bounce back if it has a solid team and has delivered what they promised on their white papers. Therefore traders should be careful and should research thoroughly and see if WIT is backed by a solid development team and whether WIT's technology has any potential to grow.

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.

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Original URL: https://cryptobuying.tips//guides/how-to-buy-witnet-wit

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.