Witnet Price

What is Witnet?

Witnet is an open-source, decentralized oracle network that connects smart contracts to the real world. It provides a trustless bridge between on-chain and off-chain data sources, allowing developers to build applications that require secure access to external data without relying on centralized intermediaries. The Witnet protocol enables users to submit requests for data from any source, such as web APIs, databases, IoT devices and more. These requests are then broadcasted across the network of nodes called “Witnesses” who compete to answer the request in exchange for rewards.

The Witnet protocol is powered by its native token WIT which incentivizes Witnesses to participate in the network. Witnesses can earn WIT tokens by providing answers to requests and also by staking their tokens in order to increase their chances of being selected as a Witness for a particular request.

Witnet also offers developers a suite of tools that allow them to easily integrate with the protocol and build powerful dApps that require access to external data sources. This includes an SDK for building custom oracles and a library of pre-built oracles for popular web APIs.