Witness, a research and development company, has launched a verification protocol after raising $3.5 million in seed funding.
This verification protocol aims to change the way we verify digital content by using existing blockchain technology.
What is a Witness?
Witness is a protocol designed to provide digital ownership using existing blockchain technology. In an interview with Blockworks, Joe Call, co-founder of Witness, explains that Witness allows people to get evidence of their data that can represent things like certificates signed by two different users.
“That data can be used by any application because they can verify it even if it's not completely posted on the blockchain,” Call said.
Advantages of Witness
One of the big problems facing crypto products today is high transaction fees, which makes many users reluctant to try new products. Many applications are trying to overcome this problem by using their own blockchain solutions, with cheaper transaction fees.
However, Call said that these solutions still do not solve the core problem of having to pay recurring fees for every action performed on the blockchain.
What the Witness protocol can do is make these products free to use, by extending ownership and verification across existing blockchain networks.
“What's new here is that apps can allow users to download this information, and other apps can still trust it because they know when it was released,” Call said.
“It's a coordination paradigm that we're trying to unlock at scale by expanding the resources provided by blockchain in new ways,” he continued.
How Witness Works
The way the Witness protocol works is by receiving a hash from the user that represents their data. In blockchain, a hash is a digital trail consisting of letters and numbers that represent a document or set of data.
“If I show you evidence that says, this hash is in this block, then you know that the data represented by that hash must also be in that block,” Call said.
“What you get is what we call Witness data, which is a combination of the evidence and the data that represents the hash that the evidence represents,” he added.
Once these proofs are obtained, Call explains that there will be no reliance on the Witness protocol as a centralized intermediary, meaning that users will have sovereignty over their data and the ability for anyone to verify that data.
Witness will use this latest funding to continue scaling its engineering team, Call said.
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