{"id":304892,"date":"2023-04-13T15:30:59","date_gmt":"2023-04-13T10:00:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=304892"},"modified":"2023-04-19T18:47:34","modified_gmt":"2023-04-19T13:17:34","slug":"the-whitebit-crypto-exchange-has-launched-a-testnet-of-its-own-blockchain","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/the-whitebit-crypto-exchange-has-launched-a-testnet-of-its-own-blockchain\/","title":{"rendered":"The WhiteBIT crypto exchange has launched a Testnet of its own blockchain"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In August 2022, <a href=\"https:\/\/whitebit.com?&amp;utm_source=media&amp;utm_medium=article&amp;utm_campaign=testnet&amp;utm_content=en_ambcrypto\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">WhiteBIT<\/a> 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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Testnet is a test network that allows testing the blockchain\u2019s 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The blockchain is built based on Geth <\/span><span style=\"font-weight: 400;\">(<\/span><span style=\"font-weight: 400;\">Go-Ethereum) to ensure compatibility with contracts and solutions of the Ethereum ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The WB Network operates on the Proof-of-Authority (PoA) consensus mechanism.<\/span> <span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to low transaction fees, it should also be noted:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The predicted interval between the creation of two blocks;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reliability (protection against a single point of failure);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High TPS (Transactions Per Second) refers to the number of transactions the network can process per second.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to WB Network Explorer, the max network&#8217;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 (<\/span><span style=\"font-weight: 400;\">based on the WBT price as of 12.4.2023).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can already join the network using Metamask and receive test WBTs. Go to the <\/span><a href=\"https:\/\/explorer.whitebit.network\/testnet\/faucet?&amp;utm_source=media&amp;utm_medium=article&amp;utm_campaign=testnet&amp;utm_content=en_ambcrypto\"><span style=\"font-weight: 400;\">Faucet | page WB Explorer<\/span><\/a><span style=\"font-weight: 400;\">, insert the wallet address in the following field, confirm the operation, and click \u201cClaim\u201d. To test the network, you can send assets from one account to another.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 <\/span><span style=\"font-weight: 400;\">documentation<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange also recently expanded the Checkout Mastercard withdrawal method for Checkout Visa\/Mastercard for BGN, CZK, EUR, PLN, and USD currencies.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, WhiteBIT has partnered with the cryptocurrency tax calculator service \u2014 Koinly. It allows importing transactions, matching transfers between wallets, generating tax reports, and more. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can easily calculate your capital gains and income by connecting your crypto wallet and exchanging via API or CSV files. Then you\u2019ll be able to download a complete Tax Report. For more details, visit the <\/span><span style=\"font-weight: 400;\">WhiteBIT blog<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">WhiteBIT<\/span><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the beginning of the full-scale invasion, WhiteBIT has actively cooperated with the Ministry of Foreign Affairs of Ukraine (MFA) to assist the citizens of Ukraine.<\/span><\/p>\n<p><strong>Disclaimer: This is a paid post and should not be treated as news\/advice.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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,<a href=\"https:\/\/ambcrypto.com\/the-whitebit-crypto-exchange-has-launched-a-testnet-of-its-own-blockchain\/\">Continue reading <span class=\"sr-only\">&#8220;The WhiteBIT crypto exchange has launched a Testnet of its own blockchain&#8221;<\/span><\/a><\/p>\n","protected":false},"author":66,"featured_media":304898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[18,2,21],"tags":[],"class_list":["post-304892","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hide-cryptopanic","category-press-release","category-spn-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The WhiteBIT crypto exchange has launched a Testnet of its own blockchain - AMBCrypto<\/title>\n<meta name=\"description\" content=\"WhiteBIT is one of the biggest centralized cryptocurrency exchanges from Ukraine, founded in 2018 with over 700 specialists.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/the-whitebit-crypto-exchange-has-launched-a-testnet-of-its-own-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The WhiteBIT crypto exchange has launched a Testnet of its own blockchain - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"In August 2022, WhiteBIT launched its asset, the WhiteBIT Token (WBT). 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