Witnet and SmartBCH decentralizing the internet, together
The Witnet decentralized oracle has been providing price feeds and randomness to SmartBCH.
What is Witnet?
Witnet is a layer 1 multi-chain, decentralized oracle network that affords smart contracts across 18+ EVM compatible chains the ability to receive off-chain information. The native coin, $WIT, powers the cryptoeconomic incentive of the network because the node operators that are fulfilling data requests are also producing blocks.
How does this tech collaboration benefit web3?
SmartBCH is a sidechain to Bitcoin Cash that utilizes a two-way peg to ensure stability and scalability in addition to low cost transaction fees. In addition to being linked to the main Bitcoin Cash chain, SmartBCH is also EVM compatible, allowing developers to utilize the efficiency of the Ethereum Virtual Machine.
Witnet’s integration onto SmartBCH allows for the decentralized nature of Bitcoin Cash to also be made aware of occurrences that happen off chain; as such the Witnet oracle is consistently querying the price of Bitcoin Cash every 24 hours, or every time the price moves more than 1%.
A huge benefit to building on SmartBCH is that the fees to do so are incredibly cheap. Research has also shown that SmartBCH can withstand up to 600x the throughput when compared to Ethereum. Furthermore, because of the compatibility with EVM, developers can seamlessly migrate their applications and operate on multiple chains.
How to get started building on SmartBCH
Since the Witnet oracle has been available on SmartBCH for quite some time, developers have access to the full suit of tools including price feeds, randomness, GraphQL queries, and HTTPS GET and POST.
Developers wanting to query the price of something are encouraged to utilize the Witnet Data Feed Explorer, which allows anyone to see the data being sent to any network at any given time. As of now, the price of BCH is being updated. If BCH/USD isn’t enough for your needs, please fill out this form to request a new price feed!
Developers on SmartBCH also have access to the Witnet Grant Program!
About Witnet
The Witnet protocol enables smart contracts to realize their true potential by giving them access to all sorts of valuable data sets, and by attesting and delivering that information securely thanks to its strong cryptoeconomic guarantees.
Website | GitHub | Docs | Twitter | Discord | Telegram | Reddit | YouTube
About SmartBCH
SmartBCH is a sidechain for Bitcoin Cash and has an aim to explore new ideas and unlock novel possibilities. By developing optimized, high-throughput, and hardware-friendly libraries compatible with the de facto standards of smart contracts, DeFi applications can be easily migrated into Bitcoin Cash’s ecosystem and run fluently at low cost.
Website | GitHub | Docs | Twitter | Discord | Telegram | Reddit
