Witcoin hinges on the idea that the world is advancing towards an era of knowledge economy, which embraces a social and technological anticipation. To that end, Witcoin focuses on a knowledge-based capital that drives economic growth as it dominates the current global marketplace. All the same, the concept of knowledge-based capital is broad and it encompasses a wide range of subtle assets to convey human creativity.
Witcoin treats knowledge as the currency that empowers everyone to achieve the best in the global marketplace. The new currency model empowers you to contribute or participate in the global economy with knowledge as the primary capital.
Witcoin: Creating Awareness
Already there is a growing knowledge that some form of Knowledge-Based Capital (KBC) drives today’s global economy. As noted earlier in this piece, KBC entails a wide range of intangible yet important assets to express human wit including the following:
- Design skills and more
Against this backdrop, Witcoin believes in the power of a Knowledge-Based Capital as a factor of production. Besides, KBC cannot suffer from scarcity. The message of Witcoin is to facilitate a long-term growth and to create jobs for the future using both public, private entities, and self-organizing societies.
Witcoin aims to achieve this through an established policy framework, which creates a suitable environment for investment in the KBC platform. With appropriate KBC-friendly policies in place, individuals will be empowered to make a living according to their knowledge.
Knowledge-Based Capital needs to work with other stakeholders to realize its goals. Therefore, Witcoin believes in collaboration with other parties, especially when it creates fresh products, technologies, or services.
The parties or peers as Witcoin calls them provide and consume knowledge. For that reason, the Witcoin provides a platform where both players can acknowledge, reward, assess, and transfer knowledge. The platform uses WIT, which is a token-based cryptocurrency supported by knowledge.
Since Witcoin operates on the blockchain, it uses a token-based definition that is associated with knowledge. If you have knowledge that can make sense to another person, then you qualify to use the Witcoin platform. Knowledge is useful when the peer community acknowledges it through citation and reference. When that happens, the platform confirms through blockchain technology and the author of the knowledge is rewarded in WIT currency.
In other words, the Witcoin currency is supported by knowledge. Alternatively, knowledge is the currency that drives today’s global marketplace—the knowledge economy. With appropriate knowledge, you can participate in the economy.
Against this backdrop, Witcoin seeks to build a decentralized community involving different players that are out to provide their knowledge and earn from it using the blockchain technology.
The Witcoin platform offers a paradigm shift to a new economy supported purely by knowledge. The platform takes seeks to utilize the opportunities emanating from:
- The internet
- Virtual currencies
- Smart contracts
- The share economy
Role Definition of Witcoin
Witcoin platform has various players, otherwise known as peers, who perform different roles to make the site trustable. The following roles exist in the platform:
- Peer: a provider or consumer of knowledge. This can be an individual or an institution that can dispense knowledge or acquire it to develop solutions, projects, or services.
- Registrar: can be an institution or a person providing registry service to any player in the Witcoin community.
- Keeper: the custodian of the registered for a long-term digital use. Keepers must ensure a safe custody of the stored wits with no person accessing them other than the sole owners.
- Silo: an organization or a company whose feature the platform uses to supply Witcoins to a global scale
- Miner: provides computational skills and solves chain blocks.
How Witcoin Works
WIT operates as a smart contract on the Ethereum blockchain. While knowledge is stored on the blockchain, the platform provides links to locate it and the resources involved. In addition, the platform also stores proof of existence for such knowledge.
Wit specification undergoes regular updates to match different types of knowledge such as scientific papers, intellectual property, books, and more. Overall, the responsibility of Witcoin platform is to deal with wit creation and to provide a safe storage for the addresses.