Witnet Price

Witnet is a decentralized cryptocurrency that powers the Witnet protocol, a decentralized oracle network. It serves as the native token of the Witnet blockchain and incentivizes fair and trustworthy behavior across the network. Witnet enables smart contracts to access and verify real-world data from various online sources like sports results, stock prices, weather forecasts, and even other blockchains. As of 2025-06-22, WIT is ranked #2666 with a price of $0.0009378 and a 24-hour trading volume of $57.62K. The circulating supply is 1.33B WIT WIT out of a maximum supply of 2.5B WIT WIT. Witnet reached its all-time high of $0.05668 on December 2, 2021, and its all-time low of $0.000546 on June 10, 2025. The token is used for staking, governance, and paying fees within the Witnet ecosystem.

Witnet was created on October 14, 2020. The project launched its mainnet on that date, marking the official creation of the WIT cryptocurrency. Since then, Witnet has been operating as a decentralized oracle network, connecting smart contracts to external data sources. The native WIT token plays a crucial role in incentivizing fair and trustworthy behavior across the network.

The founders of Witnet are Adán Sánchez de Pedro and Daniele Levi. They established the Witnet Foundation in 2017 to develop the WIT protocol and ecosystem. The project aims to create a decentralized oracle network that connects smart contracts to real-world data sources. Witnet launched in October 2020 as the native utility token of the Witnet blockchain, designed to incentivize fair and trustworthy behavior across the network. The founders have backgrounds in blockchain technology and distributed systems, which they leveraged to build Witnet as a solution for bringing external data on-chain in a secure and verifiable manner.

Witnet works as a decentralized oracle network that connects smart contracts to external data sources. Here's how it operates: 1. Data requests: Smart contracts can request external data through the Witnet protocol. 2. Witness selection: The network randomly selects multiple witness nodes to retrieve and verify the requested data. 3. Data retrieval: Witness nodes independently fetch data from specified sources. 4. Consensus: Witnesses reach consensus on the data through a truth-by-consensus mechanism. 5. Result delivery: The agreed-upon data is delivered back to the requesting smart contract. 6. Incentives: Witnesses are rewarded with WIT tokens for their honest participation. 7. Native blockchain: Witnet operates on its own blockchain, with WIT as the native utility token. 8. Mining: New WIT tokens are minted through a Proof-of-Stake mining process. 9. Cross-chain compatibility: Witnet can serve oracles for multiple blockchain networks. This decentralized approach ensures reliable and tamper-resistant data delivery for smart contracts across various use cases like DeFi, NFTs, and more.

Witnet utilizes a decentralized oracle network architecture built on its own blockchain. The key components include: 1. Witness nodes: These nodes retrieve and validate data from external sources. 2. Bridge nodes: They connect the Witnet network to other blockchains like Ethereum. 3. Reputation system: Nodes earn reputation for honest behavior and lose it for dishonesty. 4. Proof-of-Eligibility consensus: Combines proof-of-stake with node reputation to select block producers. 5. Data Request and Retrieve Protocol (DRRP): Defines how smart contracts request and receive external data. 6. WIT token: Native utility token used for staking, fees, and rewards. 7. Layer-2 solutions: For scalability and lower transaction costs. This architecture allows Witnet to provide secure and decentralized oracle services, connecting smart contracts to real-world data sources while maintaining high throughput and low latency.

The future and roadmap of Witnet (WIT) look promising. The project aims to enhance its decentralized oracle network, focusing on improving data reliability and expanding use cases across various blockchain ecosystems. Key milestones include: 2025: Enhancing cross-chain compatibility and integrating with more Layer 1 and Layer 2 solutions. 2026: Launching advanced data verification mechanisms and expanding partnerships with major DeFi protocols. 2027: Implementing AI-driven data analysis tools to improve oracle accuracy and efficiency. 2030: Becoming a leading oracle solution in the Web3 space, with widespread adoption across multiple industries. The WIT token is expected to play a crucial role in the network's growth, with potential price projections as follows: 2026: $0.0009802 2030: $0.001462 2035: $0.002685 These projections are based on the project's technological advancements, market adoption, and overall crypto market trends. As Witnet continues to innovate and expand its ecosystem, it aims to solidify its position as a key player in the decentralized oracle space.