WhiteBit cryptocurrency exchange recently announced the introduction of its own blockchain, the WB Network, signifying a significant milestone for the company and its community. The primary objective of this momentous move is to drive the widespread adoption of blockchain technologies. With the launch of the WB Network, a range of innovative solutions has been introduced, providing users with a transparent, user-owned infrastructure for faster cryptocurrency transactions, reduced user fees, and more.
Over the course of just four years, WhiteBit crypto exchange has developed an extensive ecosystem, with the WB Network standing as a pivotal achievement in its growth. The team has remained committed to realizing the goals outlined in their one-year-old roadmap. During this time, they successfully issued their own token, the WhiteBIT Token (WBT), conducted a network testnet, and carried out a successful retrodrop, culminating in the launch of the WB Network blockchain.
WhiteBit Crypto Exchange Takes a Significant Step Towards Widespread Blockchain Adoption
The existence of the testnet and RetroDrop, a system that rewards users for testing the blockchain, highlights the community’s significant role in shaping the development of the WB Network. The project’s primary objective is to actively integrate technology into the real economy. To achieve this goal, the WhiteBit team has initiated various incentive programs, including a commission and bounty distribution system, grant opportunities for ambitious projects, and numerous other initiatives.
WB Network operates on the Proof-of-Authority (PoA) consensus algorithm, wherein trusted nodes act as validators for block creation, ensuring a stable and secure infrastructure. Built on top of Geth (Go-ethereum), WB Network employs the WhiteBit Coin (WBT) as its underlying blockchain coin. The presence of its own blockchain allows the token to transition into a coin, opening up further potential for development. WB Network successfully passed Hacken’s audit before its launch, receiving the highest rating and adhering to gold cyber security standards.
Leading up to the launch of the WB Network mainnet, the team conducted a Retrodrop event to reward participants for their involvement in network testing and additional tasks. Users were required to complete various tasks on the testnet and the platform Zeely, while activity on the exchange was also taken into consideration. The 100,000 WBT tokens were distributed among participants based on their performance in these operations.
The launch of the WB Network has unveiled several interconnected features of the blockchain, including the WB Soul Ecosystem. This specialized development allows users to securely establish their identity within a blockchain environment without disclosing personal data. It achieves this by utilizing Soul attributes and Soulbound tokens, with attribute values representing a user’s identity on the network. Attributes may include the number of WBTs held, KYC verification status, and other changeable characteristics. On the other hand, Soulbound tokens are immutable attributes of each WB Soul, representing unique achievements and statuses associated with WB Soul.
One notable initiative associated with the new blockchain is Souldrop, a commission and fund redistribution program. Through this program, users holding WBT can earn rewards on WB Network via a smart contract. Additionally, a portion of the WBT funds were transferred from the Tron network to the WB network by burning WBT and shielding the corresponding amount on the WB network. Further details regarding these processes can be found in the WB Network whitepaper.
The benefits of holding WhiteBit coins extend beyond Souldrop. The exchange recently introduced the WhiteBit Launchpad product announcement page, where users with the required level of WBT holdings can learn about upcoming crypto projects before their market entry. They can also vote for project listings on the exchange and participate in token sales.
Volodymyr Nosov, founder and CEO of WhiteBit, expressed his satisfaction with the launch of WB Network, stating, “We promised ourselves from day one that if we decide on something, we will achieve the highest level of execution because doing otherwise simply doesn’t make sense. And now, four years later, we are launching WB Network, and as a team, we are thrilled with the outcome. Our aim was to create a sustainable infrastructure for aspiring blockchain developers and crypto enthusiasts, to share our best practices with the crypto community, and to breathe life into new blockchain ideas.”
The launch of WB Network represents a significant milestone for WhiteBit and the crypto community at large. It signifies not just the introduction of a new network, but the culmination of diligent efforts to establish a balanced and compatible ecosystem that will serve as a platform for technological innovation.
WhiteBit, founded in Ukraine in 2018, is one of the largest European centralized crypto exchanges. With over 1,000 specialists, the exchange offers more than 350 trading pairs, 270 assets, and support for 10 state currencies. Its average daily trading volume exceeds $2.5 billion, and it boasts a user base of over 4 million individuals worldwide.
