Witnet is a decentralized oracle network (DON) that connects smart contracts to the outer world. Generally speaking, it allows any piece of software to retrieve the contents published at any web address at a certain point in time, with complete and verifiable proof of its integrity and without blindly trusting any third party. Witnet runs on a blockchain with a native protocol token (called Wit), which miners - called witnesses - earn by retrieving, attesting, and delivering web content for clients. On the other hand, clients spend Wit to pay witnesses for their Retrieve-Attest-Deliver (RAD) work. Witnesses also compete to mine blocks with considerable rewards, but Witnet mining power is proportional to their previous performance in terms of honesty and trustworthiness—this is, their reputation as witnesses. This creates a powerful incentive for witnesses to do their work honestly, protect their reputation, and not deceive the network.Witnet protocol builds upon a series of novel components:<ul><li>Decentralized Oracle Network (DON): We provide an abstraction for a network of independent providers to offer Retrieve-Attest-Deliver services. Later, we present the Witnet protocol as an incentivized, auditable and verifiable DON construction</li><li>Reputation-Based Mining Protocol: We show how to construct a useful Proof-of-Work that can be used in consensus protocols. Miners do not need to spend wasteful computation to mine blocks, but instead must fulfill task assignments</li><li>Reputation-Based Task Assignment Protocol: We put forward an algorithm that is analogous to the Reputation-Based Mining Protocol and lets the network assign tasks to miners in a decentralized, fair, uniform, unpredictable yet deterministic way</li><li>Bridge nodes: We describe a special kind of network participant that focuses on the ’Deliver’ part of the Retrieve-Attest-Deliver (RAD) tasks by allowing Witnet to interact with other blockchains.</li></ul>

ICO Page On Republic

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Foundation

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ICO Details:TOTAL Amount: 1 070 000 USDTPrice: 0.00428Date: March 24, 2018Total Issued: 250 000 000 WITNo more than 2,500,000,000 wit tokens (wits) will ever exist.70% will be mined by witness nodes through block rewards that will decrease over time.30% will be minted in the early stage block (first block in the chain). These will be assigned as follows:<ul><li>20% to Witnet Foundation for development, research and engineering grants, community building and marketing actions; as well as rewarding previous Stampery investors*.</li><li>10% to Republic investors (max. $1.07M) and a separate private sale limited to accredited investors (max. $28.93M).</li></ul>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.

Witnet

Witnet is a decentralized oracle network (DON) that connects smart contracts to the outer world

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