In today’s fast-changing digital world, cryptocurrencies and blockchain technology have come forward as exciting ideas that are changing how we see money, transactions, and keeping information safe. Whether you’re really into technology or just beginning to learn about new digital ideas, knowing a bit about cryptocurrencies and blockchain development can give you useful knowledge about this big change.
The core of many cryptocurrencies is blockchain — a groundbreaking technology that can change industries way more than just money. Imagine a digital notebook that keeps records and is shared on lots of computers, like a team. What’s special is that it’s not controlled by one person, and it makes things clear, safe, and unchangeable.
The reason blockchain technology is very safe is that it’s not controlled by just one place. Normal databases are often in one spot, which can be hacked. But with blockchain, it’s spread out on many computers, making it super hard for anyone to change things without everyone agreeing. This makes the blockchain very safe and stops people from messing with digital transactions, which helps us trust it more.
Having its own blockchain is like a superpower for a cryptocurrency exchange. It lets them control things better and make transactions faster and safer. They can create new and cool features, making trading a better experience for everyone. It’s like having a customized playground where they can make things awesome.
📍 When a cryptocurrency exchange creates its own network, it’s a big deal.
⚡ We can begin our journey with WhiteBIT and follow its progression.
Technical Overview (based on its white paper)
⛓️To integrate blockchain technology into people’s everyday lives, making it simpler and better. To provide a convenient and reliable platform within the 🌐WB Network that will contribute to the widespread adoption of blockchain, resulting in a positive outcome.
📝WhiteBIT Principles that make working with the platform a pleasure:
1.Stability: WhiteBIT maintains a stable and reliable environment. Additionally, the team undergoes thorough testing and monitoring to minimize disruptions and ensure consistent performance, providing uninterrupted and seamless user operation.
2.Simplicity: Simplicity and convenience are crucial for my usage. The platform is designed so that any user can easily navigate and interact with the blockchain ecosystem.
3.Environmental Sustainability: The team prioritizes environmental sustainability by implementing energy-efficient solutions. The choice of the Proof-of-Authority (PoA) consensus algorithm minimizes the required computational resources, reducing energy consumption and carbon footprint.
4.Security: Through the implementation of robust encryption measures and stringent authentication protocols, the project ensures that information remains protected from unauthorized access and malicious activities.
5.Speed: Thanks to optimized infrastructure and cutting-edge technology, the project enables fast and unobstructed transactions, reducing waiting times.
6.Transparency: The project places a priority on operational transparency and ensures visibility and accessibility of information recorded on the blockchain. Users can verify transactions and track data, creating a transparent and auditable environment.
Intra-Benefits of Holding and Owning WBT, provided to WhiteBIT users:
➕Discounts on Trading Fees: WBT holders receive reduced trading fees within the WhiteBIT platform.
➕Free Withdrawals of Ethereum and ERC-20 Tokens: Users holding WBT coins can enjoy fee-free withdrawals of Ethereum and tokens based on the ERC-20 standard on the WhiteBIT platform.
➕Free AML (Anti-Money Laundering) Verifications: WBT coin holders are eligible for free AML checks, ensuring compliance with regulatory requirements and enhancing the security and trustworthiness of transactions conducted on the WhiteBIT platform.
➕Increased Referral Rewards: By holding WBT, users can benefit from an enhanced referral rate.
WB Network User Experience
How It Started…
I’ve taken up using the WB Network at its early stages. As soon as Testnet was released in April 2023, I’ve been claiming demo-tokens and carrying out transactions. Apart from this, it was possible to create smart contracts on the chain, and I have undoubtedly been giving it a go several times.
The functionality of WB Network Testnet was soundly limited, yet it managed to comprehensively deliver bits and pieces about the Mainnet. Still, the UI and UX used to be intuitive and consistent. The processes of claiming tokens, connecting the wallet, and performing other on-chain actions were distinguished by comfort and vividness. Gladly, Mainnet followed in Testnet’s footsteps, and the interface and user experience migrated there even with slight enhancements.
In my WhiteBIT Network Testnet Review, you will find a great number of screenshots revealing its UX/UI and telling more about WhiteBIT’s Retrodrop.
Retrodrop became the cornerstone of WB Network Testnet, as it not only brought the community and newcomers together, but also introduced WB Soul — an ecosystem based on soulbound technology, whose pivotal idea is non-transferability and unchangeability of the on-chain data. I’ve created my WB Soul as well, and this process turned out to be simple and intuitive.
Notably, participation in Retrodrop did not only involve taking part in Testnet and completing encouraging community tasks via Zealy. Its essence lied in the amount of $WBT on hold — for instance, level 1 holding starting with 10 $WBT, and level 2 with 60$WBT. The feature turned out to be decisive — and for me it has concluded with decent outcomes. But let’s just take one step at a time.
…and How It Has Been Going
The WB Network Mainnet was finally released on August 3.
Strongly anticipated features found extreme buzz made about it, and not only because of its full potential’s reveal. As a matter of fact, the introduction of Mainnet was followed by Retrodrop rewards claims. While I’ve been waiting for one to come to action, I’ve been studying WhitePaper and found out the comprehensive information about WB Network.
Still, the time has come — and I was genuinely impressed with the outcomes.
Quite a decent revenue for doing a bunch of simple tasks and taking part in such an engaging initiative as testing WB Network.
The rewards by other users mainly indicated rather same digits, yet there were people who neglected some of the Retrodrop’s requirements, and their claims turned out to be lower.
Conclusion: Does WB Network Meet the Hype?
From what has been presented, one might conclude that WB Network did not also prove itself to be a cutting-edge novelty in Web3 dimension, but also turned out to be an engaging user activity and comprehensive ecosystem that ensures benefits. I wish there were more similarly impressive projects as for community engagement as for bringing crypto mass adoption closer.