Witnet Price(WIT)

Witnet specifically targets the notorious “oracle problem,” a significant challenge in blockchain development. Smart contracts, which execute automatically when certain conditions are met, often require data from outside their own blockchain to function effectively. Traditional methods of sourcing this data involve centralised or semi-centralised entities, which can compromise the security and trust features inherently designed in blockchain technology.

Witnet's solution lies in its decentralised oracle network (DON). In this framework, a consortium of peers, referred to as “witnesses,” plays a crucial role in data retrieval, verification, and delivery. These witnesses collect, attest to, and finally relay information relevant to smart contracts without putting trust in a singular entity. This decentralisation not only mitigates risks of data manipulation but also ensures a trustless environment, which is fundamental to blockchain operations.

The $WIT token is integral to the Witnet ecosystem, incentivising witnesses for their contributions while maintaining the overall efficiency of data transactions.