Witnet - What it is & How to Buy

Witnet has been created to create a secure link between smart contracts and secure data so that your smart contracts can react to events while maintaining reliable crypto-economic guarantees. But why do people choose it over other oracles?

We’ll let you know in our review below. 

witnet review

What Is Witnet?

Before getting into this decentralized oracle review, you should know exactly what an oracle is. A crypto oracle sends data from the real world to a blockchain, so that decisions can be made confidently on the back of this information.

Smart contracts are an optimistic idea that in the future computerized contracts, set up using oracles, will make transactions between human beings or companies cleaner and more democratic.

Witnet has been designed for facilitating this process between the smart contract to the outside data source. It creates the network that runs between the two.

How Does Witnet Work?

Witnet works because of its capabilities as a decentralized oracle. The crypto oracle provides a network of data sets – and by providing this access, it bolsters the place of smart contracts.

Once smart contracts have reliable crypto-economic guarantees, they will start to fulfill the possibilities of their future financial roles.

A Step-By-Step Guide to Using Witnet

  1. There are links on the main website page where you can start mining Wit or start building with the oracle. Here is a quick guide to the next steps.
  2. After you have clicked the ‘Build with Witnet’ link, you will be taken to a document page, which provides detailed instructions and a further breakdown of the facilitator.
  3. When you’ve gone through this link, you will see a ‘Quick Tutorials’ tab on the left-hand side. By clicking this, you’ll be taken to a Data Feeds tutorial, a Randomness tutorial, and an APIs and HTTP GET/POST tutorial. Each of these links will show you how to install the Witnet components.
  4. Similarly, after you have clicked the main website ‘Start mining wit’ link, the website will take you to a detailed document page. Here you’ll learn how to download a Docker image, which they recommend as the best way to run a Witnet node.
  5. On this documents page, they also show you how to open ports and check back on the node.

Who Is Witnet For?

This crypto oracle is for people looking to set up smart contracts but have not found reliable networks to offer crypto-economic guarantees previously. Witnet can link data sets for you, such as weather forecasts, sports results, and stock prices.

Who Is Behind Witnet?

This decentralized oracle has a team of aspirational crypto-enthusiasts behind it. Although at its heart the team includes CTO Adán Sánchez de Pedro, CEO Daniele Levi, and Project Lead Luis Iván Cuende, the community around the oracle is ever-growing. It has a community of over 1,200 members on Discord and over 1,400 members on Telegram.

What Makes Witnet Unique?

This decentralized oracle network is unique because it has its own blockchain. It also does not depend on a confirmed set of reliable node operators. Instead, it stays on its own path, creates its own network, and needs no permission in the process.

Conclusion

Have you have been looking for a new crypto oracle to make sure that the link between smart contracts and secure data is secure so that you can maintain reliable crypto-economic guarantees? Witnet fulfills this description. You can feel confident that Witnet will help you build your future when you get started today.

FAQ

Is Witnet Legit?

Yes! The whole purpose of this decentralized oracle is to offer a trustworthy service and in order to do this Witnet has made sure it is secure and reliable.

Do You Need to Run a Witnet Node to Use Witnet?

No. The crypto oracle has been designed to be permissionless and open, so it’s not necessary to run a Witnet node – users can run their own.

How Are Data Sets Made Reliable?

The data sets provided are reliable, but not because they have been guaranteed by any authority. Instead, they are reliable because the data comes from anonymous nodes and is backed up by a consensus algorithm.

Witnet Price Info

Currently, one WIT costs $ 0.005511 and has a marketcap of $ 5.29 M. The last 24 hours, the price has changed by 0.03%. Compared to other cryptocurrencies, Witnet is ranked number 3476, based on marketcap.

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