How does Witcoin work?
Witcoin’s framework is a lot like that of bitcoin and other cryptocurrencies
Peers make transactions and register them securely with a third-party registrar. Each transaction is then validated by a fourth party, who adds the details of the exchange to the global ledger of all witcoin exchanges.
The key difference lies in how a transaction is made and recorded, and the fact that witcoin can be structured around any electronic medium that supports idea exchange.
See the Zhang Li & Wang Yong example
For example, say Zhang Li has an idea on how to improve management in his company and decides to wit it through his online chat service platform. Thus, he contacts the platform registrar and, besides the wit creation, he chooses to pay a bit more witcoins to store his idea in a cloud service for more security. In a matter of minutes his knowledge is time-stamped on the Blockchain and secured in the cloud.
Wang Yong, another user of the same platform as Zhang Li, is taking a look at all knowledge witted in the past days, after consulting Zhang Li’s idea, she creates a new sales management policy based on his idea and successfully implements it on her company. “Wow! Zhang Li inspired me to create a new sales methodology that works really cool!” She decides to wit the new method and, in the process, she cites Zhang Li as the source of her inspiration. Mr. Li is acknowledged with witcoins, as everybody who contributes to moving knowledge forward is compensated. At the same time, Mrs. Yong registers and stores her wit as Zhang Li did some days ago, she is sure somebody will find it as useful as she did!
W e want to explain something really interesting about our trajectory to you
Our first publications in 2006 described a formulation of wits as scientific citations. Improvements followed with careful supply regulation and built-in measures to combat self-citations and revolving citations among close-knit groups, so that witcoin could provide a new way of perceiving and rewarding useful knowledge at the right time. Today, with the advent of Open Innovation and Blockchain, as the global economy continues to rely more on the exchange of ideas, it could provide the perfect opportunity for motivated individuals to cash in their useful knowledge put in movement. With abundant witcoins, no good project will be left behind, more ideas will come through, and the economy with thrive.