In August of this year, the WhiteBIT cryptocurrency exchange announced the launch of its own blockchain, WB Network. This monumental move marks a new era of progress for the company and its community, with the primary aim of promoting the widespread adoption of blockchain technologies. The blockchain launch brings faster crypto transaction processing, reduced user fees, and a range of innovative solutions within a transparent user-owned infrastructure.
In just four years of operation, the WhiteBIT crypto exchange has cultivated a vast ecosystem, with WB Network being a pivotal milestone in its development. The team remains steadfast in building products outlined in their one-year-old roadmap. Over this period, they successfully released their own token, WhiteBIT Token (WBT), conducted a network Testnet, and carried out a successful retrodrop, culminating in the launch of the WB Network blockchain.
The presence of a Testnet and retrodrop (the system of rewarding users for testing the blockchain) underscores the significance of the community in shaping the WB Network’s development. The project’s primary objective is proactively integrating technology into the real economy. In pursuit of this goal, the WhiteBIT team has introduced several incentive programs, including a commission and reward distribution system, grant opportunities for ambitious projects, and various other initiatives.
The newly created blockchain works on the Proof-of-Authority (PoA) consensus algorithm. According to PoA, trusted nodes act as validators when creating blocks, which ensures a stable and secure infrastructure. WB Network is built on top of Geth (Go-Ethereum), and the underlying blockchain coin is WhiteBIT Coin (WBT), formerly WhiteBIT Token (WBT). The presence of its own blockchain allows the token to become a coin, giving the asset even more prospects for development. Adhering to the gold cybersecurity standard, WB Network successfully passed Hacken’s audit before launch and received the highest rating.
The path to the blockchain release was full of community-friendly, inextricably linked events. On the eve of the launch of WB Network Mainnet, the team held a retrodrop, a reward for participating in network testing and additional tasks. As part of the retrodrop, users had to complete tasks on the Testnet and platform Zealy. In addition, activity on the exchange was considered, for example, the use of WhiteBIT products, the duration of the account, the presence of exchangeable NFTs, and, of course, the storage of the native WBT token in the Holding. 100 000 WBT were divided among the participants in different proportions depending on the results of the above mentioned tasks. At the time of publishing this article, users can already receive their reward.
Along with the launch of WB Network, several interconnected features of the blockchain became known. Among them is WB Soul Ecosystem, a special development that allows users to recreate their identity in the blockchain environment securely without providing personal data. For this, the technology enables using Soul attributes and Soulbound tokens. The values of these and other characteristics make up the user’s identity in the network. Attributes are characteristics that can change, such as the number of WBTs in Holding and the status of KYC verification. Soulbound tokens are the unchanging qualities of each WB Soul. Each SBT is fixed to a specific address, so it cannot be sold or transferred. Thus, SBTs represent unique achievements and statuses associated with WB Soul.
It is difficult to outline all the advantages of the WB Soul ecosystem at this time since the idea involves many possible technology uses. However, it is now known about another initiative of the team that will bring unconditional benefits to users of the new blockchain — Souldrop. This is a WB Network commission and fund redistribution program. For this purpose, a smart contract was created to accrue rewards on Soul to users who have WBT in Holding.
To implement this and other programs, a portion of WBT funds were transferred from the Tron network to WB Network by burning WBT and minting the corresponding amount of WBT on the WB Network. More details about these processes are described in WB Network Whitepaper.
The benefits of storing WhiteBIT Coin continue beyond there. Previously, the WhiteBIT Launchpad product announcement page appeared on the exchange’s website, where users with the appropriate level of WBT Holding will be able to learn about new crypto projects before they enter the market, vote for their listing on the exchange, and participate in token sales rounds of these projects.
Also, as part of the reorganization of WBT funds, in addition to the Souldrop mentioned above program, the amount of the coins from the ecosystem fund will be used to grant ambitious projects that will implement their solutions on the WB Network blockchain.
Commented Volodymyr Nosov, founder and CEO of WhiteBIT: “From the very first day of the exchange’s operation, we promised each other that if we set about something, we would reach the goal at the highest level because otherwise there is no point in doing it. And now, four years later, we are launching WB Network, and we as a team are very pleased with the result. The idea was to create a sustainable infrastructure for the activities of ambitious blockchain developers and crypto enthusiasts, so to speak, to pass on our best practices to the crypto community and give life to new blockchain ideas. After all, this is what we are all here for. For WhiteBIT users, this is a new level of using the exchange and new opportunities for interaction with decentralized technologies. For us, there is space for creating even more large-scale products and services.”
The launch of WB Network is a landmark event for WhiteBIT and the entire crypto community. It is not just a new network but the result of hard work to create a balanced and compatible ecosystem that will serve as a runway for technological innovation.
WhiteBIT is one of the largest European centralized crypto exchanges, originally from Ukraine, founded in 2018. Today, the company has more than 1000 specialists. The exchange offers 350+ trading pairs, 270+ assets, and 10+ state currencies. The highest average daily trading volume is more than $2.5 billion. The number of users of the exchange is over 4 million people from all over the world. The company is an official partner of the Ukrainian national football team, FC Barcelona, a partner of Lifecell, FACEIT, and the National University “Kyiv-Mohyla Academy”. The goal of WhiteBIT is the mass implementation of blockchain technology worldwide.