Witnet live on Syscoin mainnet
Witnet live on Syscoin Mainnet and providing oracle services as of October 6th, 2022. Witnet is a layer one decentralized oracle network. Being a layer one allows for the crypto-economic incentive to be crafted specifically for the oracle problem.
Syscoin is Witnet’s 21st chain integration, the most of any oracle. Witnet has gone live on the incredibly interesting and secure Syscoin mainnet. In addition,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 “merge mining” Syscoin is able to utilize the hash power of miners on the Bitcoin network. At this moment, 20% of the hash power on the Bitcoin network is also use 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.
Furthermore, Syscoin is an optimistic rollup network that utilizes the Syscoin NEVM as its 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.
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. Witnet is the only decentralize oracle solution on the market because of its native crypto-economic 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 is 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.
Syscoin is excited to be working with Witnet on our layer 1. The 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.— Nathan from Syscoin
