WhiteBIT crypto exchange 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 essential 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.

Source: WhiteBIT

The structure of the blockchain 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. 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, 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), refers to the number of transactions the network can process per second.

According to WB Network Explorer, the network’s maximum 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.

Additionally, users can also deploy their own smart contract using the Remix tool. More information on how to do this is available in the documentation.

The exchange also recently extended the Checkout Mastercard withdrawal method for Checkout Visa/Mastercard for the currencies BGN, CZK, EUR, PLN and USD.

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.

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. Users can easily calculate capital gains and income by connecting to the crypto wallet and exchange via API or CSV files. They will then be able to download a full tax report. The WhiteBIT blog has more details on this.

About WhiteBIT

WhiteBIT is one of the largest 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 dollars.

Since the beginning of the full-scale invasion, WhiteBIT has actively cooperated with the Ministry of Foreign Affairs of Ukraine to help the citizens of Ukraine.

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