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Witness Chain announces enabling DePINs on the Ethereum network

source-logo  cryptonewsz.com 08 April 2024 09:29, UTC

Witness Chain recently announced that it is enabling DePINs on the Ethereum network. The announcement was made on the official X account of Witness Chain.

The string of tweets talked about how Witness Chain is using Polygon Labs and EigenLayer CDK for the development. The blockchain company also named the ventures affiliated with the program over X.

Witness Chain’s DCL (DePIN Coordination Layer) is now the very first physical state consensus protocol that can unify a siloed DePIN infrastructure. In the future, DePINs can be used to share value, bootstrap infrastructure, and access better financial tools.

With the DCL, the Witness Chain is enabling:

  • An added layer of security with Dual Staking access
  • A platform for dApp developers to develop DePIN-based DeFi
  • Composability and discoverability via other DePINs
  • Programmable bootstrapping economics

Operated by the globally distributed watchtower network, Witness Chain allows open participation from any EigenLayer node operator. Such watchtowers can be used to facilitate physical consensus across multiple DePINs.

In addition, a few days ago, Ankr added Ethereym security to its Web3 protocol. The addition is considered Ankr’s most crucial feature, combining safe node operations, efficient scaling services, and innovative liquid staking technologies.

Witness Chain is pioneering a streamlined economy where DePIN can offer a common stage for shared value generation. With its AVS (Actively Validated Service) on EigenLayer, Witness Chain will become the foundation for a revolutionary vision.

DePINs have access to a shared platform through Witness Chain that allows them to reach an agreement on their physical condition. Additionally, it makes way for future methods like Proof of Location and Proof of Bandwidth.

The DeFi community is warmly welcoming these updates, paving the path to success for Witness Chain.