In August 2022, WhiteBIT released its asset, the WhiteBIT Token (WBT).
Today the company took another important step in its development – it launched a test network of its own blockchain. This is an important step before introducing it to the main network, which will allow the exchange to improve its product and provide reliability, high bandwidth and low network fees for users.
A testnet is a test network that allows you to experience the functionality and capabilities of the blockchain in real time, but without real digital assets. Having its own network will make WBT a stand-alone unit and turn the asset from a token into a coin.
The blockchain is based on Geth (Go-Ethereum). This is done to make the project compatible with Ethereum ecosystem contracts and solutions.
The WB Network works on a Proof-of-Authority (PoA) consensus mechanism. In other words, it is an algorithm where instead of miners, as in Proof-of-Work (PoW) or stakers, as in Proof-of-Stake (PoS), familiar and reliable participants in the network used, with the right to generate new blocks and confirmation of transactions. In addition to low transaction fees, the following should also be noted:
● Predictable interval between the creation of two blocks;
● Reliability (protection against a single break-in);
● High TPS (Transactions Per Second), the number of transactions the network can process per second.
According to WB Network Explorer, the highest transaction per second (TPS) of the network is 153.5, which is a good number. The average fee is 0.00002566 WBT, which equals 0.00012317 USDT*.
* WBT price as of 12.4.2023.
Now you can join the network with Metamask and get a WBT trial. To do this, go to the Faucet | page WB Explorer, paste the wallet address in the text field, confirm and click “Claim”. To test the network, you can send assets from one account to another.
In addition, you can also issue your own smart contract using the Remix tool. How to do it, read more in the documentation.
The exchange also recently expanded the Checkout Mastercard withdrawal method to Checkout Visa/Mastercard for BGN, CZK, EUR, PLN and USD currencies.
Checkout is one of the largest fintech companies that provides payment processing services for other companies. The platform integrates digital payments, analytics and a fraud monitoring system. Therefore, using Checkout Visa is a safe and secure way to receive payments.
WhiteBIT is one of the largest centralized crypto exchanges from Ukraine, founded in 2018. Today the company employs more than 700 specialists. There are 350+ trading pairs, 270+ assets and 10+ national currencies on the exchange. The highest average daily trading volume is over $2.5 billion.
Since the beginning of the mass invasion, WhiteBIT has been actively cooperating with the Ministry of Foreign Affairs of Ukraine (MFA) to help the citizens of Ukraine.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.