Witnet live on Syscoin mainnet and providing price feeds and randomness
Witnet live on Syscoin and providing oracle services as of October 6th, 2022.
What is Witnet?
Witnet is a layer one decentralized oracle network. Being a layer one allows for the cryptoeconomic incentive to be crafted specifically for the oracle problem, whereas oracles that are built on top of other networks must rely on cryptoeconomic design that isn’t single purpose built for the problem they’re tackling. Syscoin is Witnet’s 21st chain integration, the most of any oracle.
Witnet has gone live on the incredibly interesting and secure Syscoin mainnet
Syscoin is a really interesting rollup solution built using the security of Bitcoin and the compatibility of the Ethereum Virtual Machine. Syscoin has a UTXO model akin to both Bitcoin and Witnet, making the blockchain secure and accurate at all times.
Through the use of what is called “merged-mining” Syscoin is able to utilize the hashpower of miners on the Bitcoin network. At this moment, 20% of the hashpower on the Bitcoin network is also used to mine Syscoin at no extra cost. This is because Syscoin blocks grow parallel to the Bitcoin network, so if a miner wins a block on Bitcoin they win it on Syscoin too.
Syscoin is an optimistic rollup network that utilizes the Syscoin NEVM as it’s execution layer. Transactions that happen on the execution layer are posted to the ultra-secure and decentralized settlement layer periodically. In order to reorder the Syscoin network, one would need to control the Bitcoin network, as the transaction proofs would coincide. A tall order!
Why this integration matters
Witnet is going to be one of the first, if not the first oracle on Syscoin to be providing reliable and decentralized price feeds and randomness, among other services. As many already know, Witnet is the only decentralized oracle solution on the market because of it’s native cryptoeconomic incentives.
Syscoin is a blossoming ecosystem that utilizes the strengths of Bitcoin’s security and the efficiency of the EVM. With their own incredibly unique approach the decentralization of these networks together are akin to nothing else, aside from Bitcoin.
At this moment in time, Syscoin has a TVL of $1,000,000. With much development incoming, we’re excited to be the official oracle of the Syscoin ecosystem.
Nathan from Syscoin weighed in on the integration saying:
Syscoin is excited to be working with Witnet on our layer 1. Next steps for us are the launching of our layer 2 which will also see Witnet acting as an oracle too. In the future you can expect to see Syscoin become the largest, most active chain in the Witnet community.
What to do about this integration
If you are a developer looking to build a decentralized application on Syscoin and you need price feeds for lending, randomness for NFTs or lotteries, or any other data feeds you can take a look at the Witnet docs.
Additionally, if your project requires funding of some sort the Witnet Foundation is extending its grant program to all Syscoin developers. With up to $5,000 in monthly funding to be spread out among any amount of projects, please apply! Get started through this link.
