What is Witnet (WIT)?
WIT is the native token of Witnet, which is a cutting-edge decentralized smart contract and oracle platform that employs modern cryptography and crypto-economic methods to guarantee the integrity of data inputs.
Witnet's network of permissionless oracle nodes is able to retrieve, certify, and distribute information to smart contracts in a fashion that is decentralized and resistant to tampering.
The project has various tools that were developed by the community, including:
- witnet-rust full archival node, which allows users to run their own nodes for block mining.
- Sheikah, which is a desktop wallet.
- Ethereum Truffle Box, which allows to integrate Witnet into Solidity-based smart contracts.
- witnet.network block explorer, which allows users to see the events happening on the Witnet chain.
- Witnet Data Feeds Explorer, which lists Witnet Foundation's public data feeds.
Check out the Witnet price chart above. It features the current and the previous Witnet price.
Use Cases of WIT Tokens
The main use cases of WIT tokens are the following:
- Compensating Witnet mining nodes. WIT tokens are rewarded to network nodes for each validated block and transaction.
- Staking. WIT tokens have to be staked by node operators to increase their chance of receiving and mining new blocks.
- Means of payment. WIT tokens are used to pay for queries sent to the Witnet oracle.
Don't forget to check the current WIT price on the Witnet price chart above.
Who Founded Witnet?
The Witnet crypto project was founded by Daniele Levi and Adán Sanchez de Pedro.
Daniele Levi has years of experience working with blockchain technology and he started his first business when he was only 22 years old. He founded such companies as NET28, Stampery, Bitserex Labs, and Other Plane Labs.
Adán Sanchez de Pedro started writing computer code when he was 12 years old. His first projects were video games on Nintendo consoles like the DS and the Wii. He founded Kadede Social Media, Waalt Communications, and Whatools. Besides, he worked as the CTO of Stampery.
Tokenomics of WIT
The total supply of WIT tokens is capped at 2,500,000,000. Of this amount, 70% is reserved for block rewards.
Witnet block time is 45 seconds, and the initial reward is set at 250 WIT per block. However, this reward will decrease using the principle of halving. The reward will decrease by half every 3,500,000 blocks (around every 5 years).
The first halving will occur in 2025, at which point there will be 1920 blocks mined every day, with a daily token emission of 480,000 tokens.
