Crypto Exchange WhiteBIT Launches Its Own Blockchain

This month, WhiteBIT, one of the largest European centralized crypto exchanges, announced the launch of its own blockchain, WB Network. This monumental move marks a new era of progress for the company and its community, with the primary aim of promoting the widespread adoption of blockchain technologies.

The blockchain launch brings faster crypto transaction processing, reduced user fees, and a range of innovative solutions within a transparent user-owned infrastructure.

In just four years of operation, the WhiteBIT crypto exchange has cultivated a vast ecosystem, with WB Network being a pivotal milestone in its development. Over this period, they successfully released their own token, WhiteBIT Token (WBT), conducted a network Testnet, and carried out a successful retrodrop, culminating in the launch of the WB Network blockchain.

The presence of a Testnet and retrodrop (the system of rewarding users for testing the blockchain) underscores the significance of the community in shaping the WB Network's development. The project's primary objective is proactively integrating technology into the real economy. In pursuit of this goal, the WhiteBIT team has introduced several incentive programs, including a commission and reward distribution system, grant opportunities for ambitious projects, and various other initiatives.

The newly created blockchain works on the Proof-of-Authority (PoA) consensus algorithm.

Commented Volodymyr Nosov, founder and CEO of WhiteBIT: "From the very first day of the exchange's operation, we promised each other that if we set about something, we would reach the goal at the highest level because otherwise there is no point in doing it. And now, four years later, we are launching WB Network, and we as a team are very pleased with the result. The idea was to create a sustainable infrastructure for the activities of ambitious blockchain developers and crypto enthusiasts, so to speak, to pass on our best practices to the crypto community and give life to new blockchain ideas. After all, this is what we are all here for. For WhiteBIT users, this is a new level of using the exchange and new opportunities for interaction with decentralized technologies. For us, there is space for creating even more large-scale products and services."

(Source: CoinTelegraph)