In August 2022, WhiteBIT launched its asset, WhiteBIT Token (WBT). Now, the company has taken another critical step in its development by launching a test network of its blockchain. This is an essential step before introducing it to the main network, which will allow the exchange to improve its product and ensure reliability, speed and low fees to users in a secure environment.
Testnet is a test network that allows testing the blockchain’s functionality and capabilities in real time but without tangible digital assets. Its network will make WBT an independent entity, turning it from a token into a coin.
The blockchain’s structure is based on Geth (Go-Ethereum) to ensure compatibility with contracts and solutions of the Ethereum ecosystem.
The WB Network operates on a proof-of-authority (PoA) consensus mechanism. In simple terms, this is an algorithm in which trusted and known members of the network — rather than miners as in proof-of-work (PoW) or stakers as in proof-of-stake (PoS) — are used to generate new blocks and confirm transactions.
In addition to low transaction fees, the PoA consensus mechanism also means:
- A predictable interval between the creation of two blocks.
- Reliability (protection against a single point of failure).
- High transactions per second (TPS), referring to the number of transactions the network can process per second.
According to WB Network Explorer, the network’s max TPS is 153.5, which is a reasonably good performance indicator. The average transaction fee is 0.00002566 WBT, equal to 0.00012317 USDT at the time of writing.
Users can already join the network using Metamask and receive test WBTs. They can go to the Faucet page WB Explorer, insert the wallet address in the following field, confirm the operation, and click “Claim.” To test the network, users can send assets from one account to another.
In addition, users are also able to deploy their own smart contract using the Remix tool. More details on how to do this is available in the documentation.
The exchange also recently expanded the Checkout Mastercard withdrawal method for Checkout Visa/Mastercard for the BGN, CZK, EUR, PLN and USD currencies.
Checkout.com is one of the largest fintech companies that provides payment processing services for other companies. The platform combines digital payments, analytics and a system for monitoring fraudulent transactions, making Checkout Visa a safe and secure way to receive payments.
Moreover, WhiteBIT has partnered with the cryptocurrency tax calculator service — Koinly. It allows importing transactions, matching transfers between wallets, generating tax reports and more. Users can easily calculate their capital gains and income by connecting their crypto wallet and exchanging via API or CSV files. Then they’ll be able to download a complete Tax Report. The WhiteBIT blog has more details on this.
WhiteBIT is one of the biggest centralized cryptocurrency exchanges from Ukraine, founded in 2018. Today, the company counts over 700 specialists. The exchange offers over 350 trading pairs, 270 assets, and 10 national currencies. The highest average daily trading volume is more than $2.5 billion.
Since the beginning of the full-scale invasion, WhiteBIT has been actively cooperating with the Ministry of Foreign Affairs of Ukraine to assist the citizens of Ukraine.