The WhiteBIT cryptocurrency exchange has announced the introduction of its blockchain, WB Network. With the primary goal of supporting the wide adoption of blockchain technologies, this significant decision ushered in a new era of development for the business and its community. The blockchain rollout promises more innovative solutions inside a transparent user-owned infrastructure, quicker processing of cryptocurrency transactions, and lower user fees.
The WhiteBIT cryptocurrency exchange has built up a sizable ecosystem in just four years of operation, with the WB Network serving as a crucial turning point. The crew is unwavering in its commitment to creating the products listed on their one-year-old roadmap. During this time, they carried out a successful retrodrop, network Testnet, and the successful release of their token, WhiteBIT Token (WBT), which led to the launch of the WB Network blockchain.
The existence of a Testnet and retrodrop, a program that rewards users for testing the blockchain, emphasizes the community’s importance in guiding the WB Network’s growth. Proactively integrating technology into the real economy is the project’s main goal. The WhiteBIT team has launched several incentive programs to achieve this goal, including a commission and reward distribution system, grant opportunities for large-scale projects, and several other initiatives.
The Proof-of-Authority (PoA) consensus mechanism governs how the recently constructed blockchain operates. According to PoA, trusted nodes serve as validators while generating blocks, ensuring an architecture that is both safe and reliable. The underlying blockchain coin for the WB Network, which is based on Geth (Go-Ethereum), is WhiteBIT Coin (WBT), formerly known as WhiteBIT Token (WBT). The token can become a coin thanks to the existence of its blockchain, expanding the asset’s potential for growth. Before its debut, WB Network passed Hacken’s audit and achieved the highest rating by adhering to the industry’s leading cybersecurity standard.
The activities leading up to the blockchain release were all beneficial to the community and intricately connected. The team organized a retrodrop on the eve of the WB Network Mainnet launch as compensation for participating in network testing and additional responsibilities. Users have to perform tasks on the Testnet and the platform Zealy as part of the retrodrop. The use of WhiteBIT goods, the length of the account, the presence of exchangeable NFTs, and, of course, the storage of the native WBT token in the Holding were all taken into consideration as additional exchange activity. Depending on how well the participants performed on the aforementioned tasks, 100 000 WBT were distributed to them in various ratios. As of the time this post was published, users may already collect their reward.
The introduction of WB Network brought with it the knowledge of a number of interconnected blockchain capabilities. WB Soul Ecosystem is one of them, a unique innovation that enables users to securely reconstruct their identities in the blockchain ecosystem without sharing personal data. The technique makes use of Soul characteristics and Soulbound tokens for this. The network user’s identity is made up of the values of these traits and other features. For example, the quantity of WBTs in Holding and the state of KYC verification are attributes. Each WB Soul has unchanging characteristics known as soulbound tokens. Each SBT cannot be sold or transferred because it is fixed to a particular address. SBTs so stand for distinctive accomplishments and statuses connected to WB Soul.
Since there are currently so many potential technological applications for the WB Soul ecosystem, it is challenging to list all of its benefits. However, Souldrop, another team project, is now public knowledge and will provide users of the new blockchain with unconditional benefits. This initiative is a redistribution of commission and funding for the WB Network. In order to accomplish this, a smart contract was developed to reward users who hold WBT on Soul.
Burning WBT and minting an equivalent quantity of WBT on the WB Network allowed a portion of WBT funds to be moved from the Tron network to the WB Network to execute this and other programs. The WB Network Whitepaper provides more information on these procedures.
Beyond that, storing WhiteBIT Coin has additional advantages. Users with the appropriate level of WBT Holding will be able to learn about new crypto projects before they hit the market, vote for their listing on the exchange, and participate in token sales rounds of these projects through the WhiteBIT Launchpad, which was previously announced on the exchange’s website.