WhiteBit, a prominent cryptocurrency exchange, has announced the launch of its very own blockchain called the WB Network, marking a significant step in the company's journey and that of its community. The primary goal behind the move is to facilitate the broader adoption of blockchain technologies. The WB Network promises to bring a host of innovative solutions to the table, providing users with a transparent, user-owned infrastructure for expedited cryptocurrency transactions, reduced user fees, and more.
Over a span of four years, WhiteBit crypto exchange has developed a vast ecosystem, and the WB Network stands as a key achievement. The team has remained devoted to fulfilling the goals outlined in their one-year-old roadmap, which included issuing their own token, the WhiteBIT Token (WBT), conducting a network testnet, and carrying out a successful retrodrop, culminating in the launch of the WB Network blockchain.
The existence of a testnet and RetroDrop, a system that rewards users for testing the blockchain, underscores the community’s critical role in the development of the WB Network. The project's main aim is to actively integrate technology into the real economy. In light of this, the WhiteBit team has initiated various incentive programs, including a commission and bounty distribution system, grant opportunities for ambitious projects, and numerous other initiatives.
The WB Network operates on the Proof-of-Authority (PoA) consensus algorithm, with trusted nodes acting as validators for block creation. This ensures a robust and secure infrastructure. The network is built on top of Geth (Go-ethereum) and uses the WhiteBit Coin (WBT) as its underlying blockchain coin. The existence of its own blockchain allows the token to transition into a coin, creating more potential for development. Importantly, WB Network successfully passed an audit by Hacken prior to its launch, receiving the highest rating and adhering to gold cybersecurity standards.
The launch of the WB Network has revealed 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.
WhiteBit's launch of the WB Network marks a significant milestone in the crypto community, establishing a balanced and compatible ecosystem that will serve as a platform for technological innovation. Founded in Ukraine in 2018, WhiteBit is one of the largest European centralized crypto exchanges, boasting a user base of over 4 million individuals worldwide.
