Wait... don't you know yet what Witnet is? That's outrageous! Stop what you are doing immediately and read this 3 minutes...
Blockchain technology promises to revolutionize business by creating smart contracts that, unlike paper contracts, are impossible to breach. However, at this point, smart contracts are completely isolated from the rest of the Internet.
This is called "The Oracle Problem".
The Witnet protocol connects smart contracts to any online data source. Sports results, stock prices, weather forecasts or even other blockchains.
The protocol works thanks to a distributed network of mining nodes—called witnesses—who earn Wit tokens as a reward for retrieving web data and reporting it directly to the smart contracts.
Witnesses are also in charge of validating transactions in the network and bundling them into blocks that get appended to the blockchain periodically.
In doing so, they collect transaction fees and block rewards.
The probability for every witness to be assigned tasks or mine new blocks is directly proportional to their past performance in terms of honesty—their reputation.
The Witnet protocol is designed to make Wit mining viable even on commodity hardware, thus guaranteeing fairness and decentralization.
Data provided by Witnet is reliable not because of authority but because it comes from anonymous witnesses who are incentivized to remain honest and to compete for rewards.
In addition, the veracity of this data is guaranteed by a late stage algorithm that detects fraudsters, who are immediately punished.
Witnet will enable the creation of "Digital Knowledge Arks": decentralized, immutable, censorship-resistant and eternal archives of humanity's most relevant digital data.
A series of truth vaults aimed to ensure that knowledge and truth remain democratic and verifiable forever.
Learn more about the Digital Knowledge Arks >
Witnet complements (and completes!) other smart contract platforms like Ethereum thanks to “bridge nodes”.
Bridge nodes are the interface between Witnet and other blockchains and will allow all kind of atomic cross-chain operations (asset transfers, contract calls, swaps, etc.)
Witnet will also be used to connect different blockchains and pass information between them. Imagine an Ethereum smart contract reading the state of a Bitcoin transaction and acting based on it. With Witnet, that's a piece of cake!
Read this article to know how Ethereum <> Witnet bridge nodes will work in practice:
Witnet is an open source project originally devised by Stampery, the leaders of blockchain-powered data certification. The protocol is now being developed by Witnet Foundation in collaboration with a community of independent contributors.
Ever since Stampery was founded in 2014, they have been on a mission: replacing blind trust with mathematical proof. Witnet is the next step towards this goal.
Stampery is backed by top venture capital funds and angel investors, including Tim Draper and Blockchain Capital.
The Stampery team has also been involved in the development of Aragon, Trailbot, Mongoaudit and Loqui IM.
(*) All wit tokens assigned to Witnet Foundation (including those directly assigned to founders and previous Stampery investors) will have a linear vesting scheme for 2 years preceded by an initial 6-month lock-up period, with the only exception of 50% of them, which the Foundation will at its own discretion spend rewarding early contributions coming from community members. All other wit tokens (including those given as a repayment or interest to investors in this offering) will be completely free from vesting and lock-up and they will be usable as soon as the Witnet network is launched to the public as a "mainnet" release. All vesting and lock-up periods described here are also counted from the date of that same "mainnet" release.
This offering is a Witnet Foundation debt offering, payable:
Investors do not receive any equity interest or ownership in Witnet Foundation or any of its affiliates. Repayment obligations are set forth in and limited to the terms of the DPA Agreement. Key repayment terms are listed below but are qualified entirely by the terms of the DPA Agreement. Please carefully review the entire DPA Agreement before participating in this offering.
Become part of this revolution.
$1.07M
Witnet must achieve its minimum goal of $200K before the deadline. The maximum amount the offering can raise is $1.07M.
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Token DPA (Early Stage with Escrow)
If the campaign is successful, you’ll receive a Token DPA for your investment.
The DPA is not equity or a token itself, but a loan that payable in tokens in
the future, with interest.
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15%
The interest amount that will accumulate on your investment if it’s paid back to you in cash.
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60% at 6 months
If Witnet fails to meet this milestone, you can request this amount of a refund
of your investment amount.
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30% at 18 months
If Witnet fails to meet this milestone, you can request this amount of a refund
of your investment amount.
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20%
The interest amount that will accumulate on your investment if it’s paid back to you in tokens.
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