Witnet: The First Oracle Protocol On Scroll Mainnet
Witnet: The First Oracle Protocol On Scroll Network, a Layer 2 Blockchain that is aiming to scale the Ethereum blockchain.
Witnet is the first truly decentralised oracle network that has the sole aim of continually seeking better ways to solve the oracle problem. Witnet leverages state-of-the-art cryptographic and economic techniques to provide your smart contracts with secure data input. As we clearly understand, without a trusted and reliable oracle, smart contracts can be vulnerable to exploits that can result in corruption and the loss of funds. That is why it is necessary to have an oracle that is resistant to censorship, hacks, or manipulations from external or central authorities.
Decentralised applications (dApps) rely on accurate information to function correctly, and this is where Oracle protocols come into play.
Witnet is truly decentralised in every possible way, which is why the Witnet blockchain runs on it’s own blockchain and relies on the WIT coin for the incentivization of independently run nodes that resolve the data requests and agree on the results.
Ever since Scroll Testnet was launched, Witnet has been right besides the developers at Scroll, helping to build the future of the protocol and offering assistance. This will not change for mainnet, as Witnet is poised and ready to support developers that require the oracle that is well needed for their smart contract development.
What is Witnet?
With the use of safe and dependable off-chain data, Witnet, a decentralised Oracle network, connects smart contracts with the outside world. This network is a crucial part of any blockchain ecosystem because it enables smart contracts to request, validate, and retrieve data from the internet.
What is a scroll?
Scroll Network, on the other hand, is an Ethereum layer-2 network that uses zkEVM roll-up technology to make proof batching work well by making sure that all bytecodes are compatible. Users may get a full solution for safe and dependable data retrieval on the blockchain by combining the capabilities of Scroll and Witnet.
Important Key Features that Witnet is bringing to Scroll Mainnet
- Decentralised Data Feeds: The connection between Witnet and Scroll Mainnet establishes a decentralised data feed that ensures data is supplied from several trustworthy nodes. By doing this, the chance of data tampering, inaccuracy, or censorship is reduced.
- Security: A strong security model is a must for the Witnet protocol. As the network makes use of cutting-edge cryptography and economic mechanisms, data oracles are motivated to offer reliable information. As a result, malevolent or unreliable nodes will be punished, protecting the system against manipulation and fraud.
- Scalability: Scroll Mainnet’s scalable architecture enables effective data storage and retrieval on the blockchain, enhancing Witnet’s capabilities. With the decentralisation and security advantages of both platforms preserved, this combination makes it possible for sophisticated decentralised applications (dApps) that need vast amounts of data.
- Integration with the actual World: Witnet’s special ability to link smart contracts with the actual world moves blockchain technology one step closer to employable uses. This collaboration fills the gap between blockchain and actual data by connecting with Scroll Mainnet, enabling the development of more flexible and potent decentralised apps.
- Community-Driven Ecosystem: Witnet and Scroll Mainnet are both community-driven initiatives that promote openness and cooperation. These protocols are extremely adaptable to new problems and possibilities since the community is an integral part of their governance, growth, and improvement.
Witnet’s connection with Scroll Mainnet has made a variety of application cases across numerous sectors possible:
- DeFi (Decentralised Finance) systems may use real-time price feeds, weather information, and other external data to make important financial choices, such as automated trading and lending. This lessens the possibility of data manipulation and tampering that centrally managed systems may encounter.
- Supply Chain: The collaboration enables real-time monitoring of products in a supply chain, enhancing stakeholder confidence, tracability, and transparency.
- Healthcare: Decentralised healthcare apps can make better, more accurate treatment and patient monitoring choices by using external data.
The launch of Witnet on Scroll Mainnet marks a significant turning point in blockchain history. This will enable developers and companies to build dApps that can securely access and interact with real-world data by providing a secure and decentralised Oracle solution. The usefulness and dependability of blockchain applications have improved, and this opens the door for larger adoption across a variety of sectors. Both projects are collaborative and community-driven; thus, Witnet on Scroll Mainnet will continue to develop and adapt to the constantly shifting needs of the decentralised ecosystem.