WitSwap
  • Welcome
  • Why do we need eWIT?
  • How to get eWIT
  • Pathway to monetizing WIT token rewards
  • Minting & Redeeming eWIT
    • Custodian
    • Minting eWIT
    • Redeeming eWIT
    • Fees
    • For admins only
  • Liquidity provision for EWIT
    • Incentives
    • Staking LP tokens to receive incentives
  • About WitSwap
    • About WitSwap
    • WitSwap Tokenomics
  • How to use WitSwap
  • Smart Contracts
    • eWIT token contract address
    • Staking contract address
    • WitSwap token contract address
  • Other addresses
    • Deployer address
    • Custodian Witnet address
    • Custodian eWIT address
  • About Witnet
    • What is Witnet?
    • The Oracle Problem
    • The Solution: A Decentralized Oracle Network
    • Flow of the Protocol
    • Why isn't Witnet built on the Ethereum blockchain?
    • Retrieve-Attest-Deliver
    • Miners
    • Bridges
    • Consensus Mechanism: The Reputation System
    • Defense over Protocol Attacks
    • Witnet Token Distribution
    • FAQ about the WIT token
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  1. About Witnet

Why isn't Witnet built on the Ethereum blockchain?

Source: https://witnet.io/about

The Witnet Protocol runs on its own blockchain with a native token called WIT.

Having its own blockchain guarantees that the fate of Witnet is not tied to any other Blockchain, making Witnet much more independent and smart contract platform agnostic.

Other projects rely heavily on ERC-20 tokens in the Ethereum blockchain to incentivize oracles to resolve tasks. This fact will hinder their viability until Ethereum’s scalability challenges are solved.

In addition, the main key of Witnet is the reputation system. Such a mechanism would be both difficult, and expensive to implement on other smart contract platforms. And finally and more important, mining rewards subsidize the data request costs at the initial stage of the protocol.

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Last updated 4 years ago

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