Witnet live on Elastos providing secure price feeds to developers
Witnet is live on the exciting Elastos chain, marking its 24th blockchain network.
What is Witnet?
Witnet is a layer 1 decentralized oracle network, powered and secured by the cryptoeconomic incentive of the $WIT coin. The network was single-purpose built to tackle the blockchain oracle problem that states that there is a problem with getting authentic, truthful, and secure data into a closed system like a blockchain.
Witnet tackles this problem with its sophisticated consensus algorithm called Proof of Random Eligibility. This means that nodes are essentially anonymously and randomly selected based on their previous performance within the network and how honest they are. This prevents node collusion and front-running and negates common exploits in DeFi protocols caused by oracle attacks.
Witnet is by far the most secure oracle network in web3 because of its advanced measures to protect DeFi protocols that rely on secure, immutable data feeds in their smart contracts. This is why the Witnet oracle is able to secure over $300,000,000 in on-chain value.
What is Elastos?
Elastos is a cutting edge web3 economic infrastructure that uses merge-mining technology of the Bitcoin blockchain to exponentially increase security.
Elastos is built to scale with the adoption of web3, and can perform high levels of computation for things like communication, data storage, identity, and blockchain. The Elastos mainchain is partially secured by merge-mining, and is where smart contracts are executed, whereas the Elastos identity chain is where decentralized identifiers find their home. These are just two implementations of the Elastos ecosystem, with many more available for use.
Elastos has been in the works prior to the invention of Bitcoin, but has seen the entire idea come together by backing of blockchain. Elastos, once a safe and secure operating system is now gearing up to become the operating system of the internet, of sorts, all powered by blockchain.
Why this is a great partnership
The partnership between Elastos and Witnet marks both a great opportunity to further impact DeFi, but also adds new use cases for the Witnet oracle. The oracle is now available for developers who are looking to build DeFi, but also developers looking to go beyond DeFi and created DID and social networking products.
“Witnet is a top pricing oracle with a unique consensus that ensures it is one of the most secure in the industry. That’s not unlike Elastos, with our Elastic Consensus, and our industry-leading Main Chain that uses merge-mining technology of the Bitcoin blockchain to exponentially increase security,” says Fakhul Miah, Elastos’ Growth Lead. “So with access to a top industry pricing oracle and Elastos’ full suite of decentralized technologies for DeFi, as well as Witnet’s generous grants program, this partnership will usher in new opportunities for users to forge their financial destinies.”
Currently, the Elastos chain is receiving the ELA/USDT price feed from the Witnet oracle. But it is incredibly easy to receive other feeds and can be done in a permissionless way as developers can tap into the power of the Witnet oracle. Additionally, developers can utilize different internet protocols like HTTP GET and POST to receive any publicly available API fed into their contract.
These tools give developers building on Elastos immense power to both improve upon their protocols and build additional ones for new use cases. The Witnet Foundation is extending its grant program to developers building on Elastos, and is looking for exciting funding opportunities. If you think this is you, get started here.
We’re looking forward to the future of web3 on Elastos.
