WhiteBIT crypto exchange has launched its WB Network blockchain
Date: 2023-08-06 Author: Karina Ziganova Categories: BLOCKCHAIN
The launch of the blockchain primarily means faster processing of crypto transactions, lower fees for users, and a number of innovative solutions in a transparent infrastructure owned by users.
What new products has WhiteBIT released?
In just 4 years of its existence, the WhiteBIT crypto exchange has deployed a large-scale ecosystem, an important stage in the development of which is the launch of the WB Network. The team continues to create products according to the roadmap that was presented a year ago.
Note! During this time, the company issued its own WhiteBIT Token (WBT), successfully implemented a test of the future network, carried out a retrodrop and, in the end, launched the WB Network blockchain.
The presence of a test network and a retrodrop (rewarding users for blockchain testing) emphasizes the role of the community in the development of the WB Network, because the goal of the project is the active use of technology in the real sector of the economy.
To do this, the WhiteBIT team implements a number of incentive programs - a system for distributing commissions and rewards, grant programs for ambitious projects, and other initiatives.
Once again, the blockchain works on the Proof-of-Authority (PoA) consensus algorithm. According to PoA, trusted nodes act as validators when creating blocks, which provides a stable and secure infrastructure.
WB Network is based on Geth (Go-Ethereum) and the base blockchain coin is WhiteBIT Coin (WBT), formerly WhiteBIT Token (WBT).
The presence of its own blockchain allows the token to become a coin, which will give the asset even more development prospects. Following the cybersecurity gold standard, WB Network successfully passed the Hacken audit before launch and was highly acclaimed.
The path to the release of the blockchain was full of pleasant events for the community, inextricably linked. In anticipation of the launch of the WB Network mainnet, the team held a retrodrop - a reward for participating in network testing and additional tasks. As part of the retrodrop, users must complete tasks in the test set and on the Zealy platform.
In addition, activity on the exchange was taken into account, for example, the use of WhiteBIT products, the lifetime of the account, the presence of exchange NFTs and, of course, the storage of the native WBT token in Holding.
Among the participants, 100,000 WBT were divided in different proportions depending on the results of the above tasks. By the time this article is published, users can already receive their reward.
Opportunities in the blockchain environment
Along with the launch of the WB Network, a number of interrelated features of the blockchain became known. Among them is the WB Soul ecosystem, a special development by developers, thanks to which users can reproduce their face in a blockchain environment in a secure way without providing personal data.
To do this, the technology allows the use of Soul-attributes and Soulbound-tokens. The values of these and other characteristics constitute the identity of the user in the network.
Attributes are characteristics that can change, such as the number of WBTs held and KYC verification status.
Soulbound tokens are the permanent quality of every WB Soul. Each SBT is locked to a specific address, so it cannot be sold or transferred. As such, SBTs represent unique achievements and statuses associated with WB Soul.
At present, it is difficult to determine all the benefits of the WB Soul ecosystem, since the idea itself suggests many use cases for the technology. However, now we know about another initiative of the team, which will bring unconditional advantages to users of the new blockchain - Souldrop.
This is the WB Network's commission and fund transfer program. To do this, a smart contract was created that will accrue rewards on Soul to those users who have WBT in the holding.
In order to implement this and other programs, some of the WBT funds were transferred from the Tron network to the WB Network by burning WBT and minting an appropriate amount of WBT on the WB Network. More details about these processes are described in the WB Network Whitepaper.
The benefits don't end
The benefits of holding WhiteBIT Coin do not end there. Earlier, a WhiteBIT Launchpad product announcement page appeared on the exchange website, where users with the appropriate WBT Holding level will be able to recognize new crypto projects before they enter the market, vote for their addition to the exchange, and participate in token sales rounds of these projects.
Also, as part of the reorganization of WBT funds, in addition to the aforementioned Souldrop program, part of the coins from the ecosystem fund will be used to provide grants to ambitious projects implementing their solutions on the WB Network blockchain.
The launch of the WB Network is a landmark event for both WhiteBIT and the entire crypto community, as it is not just a new network, but the result of painstaking work to create a balanced and collaborative ecosystem that will serve as a runway for technological innovation.
