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.