— As it was introduced in the Part I of this whitepaper, witcoin is a currency backed by knowledge that enables anyone and everyone to participate or contribute if they possess the requisite knowledge. A new overlaid decentralized platform of several actors that consult with each other across corporations and organizations is conceived for connecting and developing individuals, their ideas, and their projects so that the individuals collaborate with each other, getting and providing the best of their digital selves: their knowledge. The more knowledge that is put into action, the more wealth and the more witcoins represent and share this benefit among the actors. Some of them will do it professionally for themselves or on behalf of a company, others as a safe complement of their experience.
In this Part II, we are describing the chosen Ethereum implementation of wits as smart contracts and the witcoins as ERC223 tokens and superior versions, the business models of the several roles, and the technical roadmap.
In today’s networked age, competition is increasingly over platforms. Already many cooperation platforms play in the market. On the one hand, the successful set up and operation of an OI-platform (Open Innovation) or virtual currency platform could not be taken for granted. Simple databases where partners cooperate are proved often to be inflexible and eventually unsuccessful. What is the online values that makes a difference? Platforms also rely on the power of network effects — as they attract more users, they become more valuable to the users.
On the other hand, there is blockchain technologies that will happen everywhere. It first came to light in the late 2000’s as the architecture underpinning bitcoin, the best known and most widely held digital currency. But, as with the Internet, the Web and other major technologies, the blockchain has now transcended its original objective, being Ethereum a great upgrade. It has the potential to revolutionize the finance industry and transform many aspects of the digital economy , and the most interesting aspects for us here is their transformation power of the innovation processes .
Distributed ledger systems, i.e. the blockchain technology, today are being built in a variety of industries but to realize the promise of this emerging technology, an open source and collaborative development strategy that supports multiple players in multiple industries is required. This development can enable the adoption of blockchain technology and even more with Ethereum at a pace and depth not achievable by any one company or industry. This type of shared or external Research & Development (R&D) has proven today to deliver billions in economic value. These values will be adopted by witcoin.
Using Ethereum technology can be a step closer to a radical re-think of the way we conduct business and engage in competition , that is precisely one of the matching goals of witcoin.
Indeed, an increasing number of industries organize their activities along the structure of central platforms surrounded and/or complemented by networks/constellations of other organizations, which technologically and strategically depend upon the core platform . In today’s context, increased pervasiveness of digital technologies and connectivity, combined with a global worldwide and distributed supply of ICT skills , has made the platformization trend even stronger.
This is happening for OI and for Blockchain and Ethereum at the time, and these platforms concepts must converge with Witcoin, as we state in . As said in the Part I of the whitepaper, witcoin is a currency backed by knowledge and wits are useful knowledge. The witcoin platform will be deployed on top of Ethereum, which means that witcoins will be Ethereum tokens and wits will be smart contracts enabling wit owners to be rewarded for their usefulness.
This technical document describes how the implementation of the witcoin will be done and how the corresponding knowledge or wit will be represented. Section II will show the architecture, section III the description of the witcoin tokens, section IV the implementation of the wits as smart contracts, to go on in sections V, VI, and VII with several roadmap and biz for sustainability aspects.
 This is the 2nd part of the whitepaper, which is composed of two parts: the first is for witcoins and the roadmap, and the second one presents a detailed platform description.