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The WhiteBIT Crypto Exchange Has Launched a Testnet of Its Own Blockchain

2 mins
Updated by Petar Jovanovic
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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 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 is built based on Geth (Go-Ethereum) to ensure compatibility with contracts and solutions of the Ethereum ecosystem.

The WB Network operates on the 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, 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’s TPS is 153.5, which is a reasonably good performance indicator. The average transaction fee is 0.00002566 WBT equal to 0.00012317 USDT*.

*based on the WBT price as of 12.4.2023

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 can find more details on how to do this in the documentation.

The exchange also recently expanded 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.

Moreover, WhiteBIT has partnered with the cryptocurrency tax calculator service — Koinly. It allows importing transactions, matching transfers between wallets, generating tax reports, and more. You can easily calculate your capital gains and income by connecting your crypto wallet and exchanging via API or CSV files. Then you’ll be able to download a complete Tax Report. For more details, visit the WhiteBIT blog.

WhiteBIT is one of the biggest 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.

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