WhiteBIT has launched a testnet of its own blockchain

In August 2022, WhiteBIT launched its asset, the WhiteBIT Token (WBT). Now the company has taken another critical step in its development by launching a test network of the blockchain.

This is an important step before its introduction 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 makes it possible to test the blockchain’s functionality and capabilities in real time, but without tangible digital assets. The network will make WBT an independent entity, turning it from a token into a coin.

The blockchain is built based on Geth (Go-Ethereum) to ensure compatibility with contracts and solutions of the Ethereum ecosystem.

WB Network operates on the Proof-of-Authority (PoA) consensus mechanism. Simply put, this is an algorithm where trusted and known members of the network, instead of 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, it should also be noted:

• The predicted interval between the creation of two blocks;
• Reliability (protection against a single point of failure);
• High TPS (Transactions Per Second) refers to the number of transactions the network can process per second.

According to WB Network Explorer, the max network TPS is 153.5, which is a reasonably good performance indicator. Average transaction fee is 0.00002566 WBT equal to 0.00012317 USDT*.

*based on the WBT price as of 12 April 2023

You can already join the network using Metamask and receive test WBTs. 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, you can send assets from one account to another.

In addition, you can also deploy your own smart contract using the Remix tool. You will find more information on how to do this in the documentation.

The exchange also recently extended the Checkout Mastercard withdrawal method for Checkout Visa/Mastercard for 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. So using Checkout Visa is a safe and secure way to receive payments.

In addition, WhiteBIT has partnered with the cryptocurrency tax calculator service – Koinly. It allows you to import transactions, match transfers between wallets, generate tax reports and more. You can easily calculate your capital gain and income by connecting to your crypto wallet and exchanging via API or CSV files. You will then be able to download a complete tax report. For more information, visit the WhiteBIT blog.

WhiteBIT is one of the largest centralized cryptocurrency exchanges from Ukraine, founded in 2018. Today, the company counts over 700 specialists. The exchange offers 350+ trading pairs, 270+ assets and 10+ national currencies. The highest average daily trading volume is more than 2.5 billion dollars.