Newwit Litepaper
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Overview

Newwit is a Predict-to-earn/Social-Fi app that harnesses the power of decentralized crowd wisdom for future predictions with AI technology. A project with value creation and real world relevance.

Background

Human beings love future predictions. From predicting tomorrow’s weather to investing in stocks to betting on the results of a sports game, we are making countless predictions every day.
According to M.I.T. professor Sherry Turkle, the predictions are “part of our desire to control the future, and to imagine the future that we want.”Prediction is as much our way of aspiring to something as our way of betting that we’re actually going to get to something.” In other words, it is wired in our brain that we love to imagine and predict what will happen as we are both anxious and excited about it. The hope and fear for the unknown future make our brain keep thinking about it.
Human beings do not only love predicting the future. In fact, we can not survive without predicting the future. We almost have a biological need for it. From weather forecasts to economic predictions, our success and failure rest on how accurately we can predict the future. Any investment we do involves a complicated process to forecast the outlook of the economy, the performance of a company, the Fed's near-term actions, and many other factors. Whenever we do some sort of planning, we are making certain assumptions about the future, essentially predicting it. Anyone who can predict the future better than others can benefit from it. People with good foresight are much closer to success as they can act and plan proactively rather than being reactive.
As predictions are so important, Web2.0 provides a stage for key opinion leaders, analysts and self-claimed experts to position themselves as the best predictors in different domains. However, in Web2.0, there is no trustless way to track their prediction performance and no systematic way to reward them with monetary value accordingly. As a result, these opinion leaders and analysts have to rely on sponsored content and ads as revenue sources. The consequence of such model is that they are more likely to produce content that are biased (in the interests of their sponsors instead of their audience), vague statements that cannot be verified or exaggerated content that attracts eyeballs. In other words, the marketplace of prediction insights is broken. Users are not getting reliable information and insights on the internet and the predictors/analysts are not rewarded for their good insights. All these translate to real monetary losses via poor investment, betting, career planning and other forms of bad decisions.
Thanks to Web3, the blockchain and crypto token technology enable us to redesign how the market of insights can work. Newwit aims to find the best predictors with our crypto-rewarding prediction game. Players predict and explain their reasoning on a social media like platform. All prediction activities and results are stored on blockchain. Our tokenomics of WIT (in-game currency) and WIS (governance tokens) are designed to reward players with good and consistent prediction performance, as well as other community contributions. Good predictors can unlock social media functions where they can produce premier content and charge their audience using our marketplace. "KOLs" in the Newwit platform must have demonstrated consistent prediction performance. Users who want insights can identify them from the leaderboard, verify their performance and pay them with our tokens.
While Bitcoin miners mine new coins by proof of work (POW), WISDOM (WIS) miners mine new WIS by proof of predictive power (POP).
Combining the technology of blockchain and AI, inputs from all players in the platform will be used to train Newwit's proprietary AI model. The AI model trained will be used to generate revenue from robo-trading, market intelligence and other analytic services. Revenue will then be redistributed to our governance token (WIS) holders to incentivize them to keep making high quality analysis and predictions.
Thus, the Newwit project, tokens and mining (playing) process have clear value creation and real world relevance.

Mission

Our mission is to build a cryptocurrency backed by predictive power. Ultimately to create an AI model that predicts the future with higher accuracy using our decentralized network of WISDOM miners.

Belief

We believe in decentralized crowd wisdom and Web3 provides the best infrastructure to reward the crowd.
We believe crowd-based wisdom outperforms individual prediction performance.
We believe that one day we can build the world’s best predictor using decentralized wisdom.
Last modified 6mo ago