All about WBT Coin

Briefly about WBT

WBT Coin is a native coin issued by our exchange. Users who own this coin can enjoy the privileges described below. A total of 400,000,000 coins have been issued and are available on the Whitechain, Ethereum and Tron networks.

In addition, WBT also acts as a native coin on the Whitechain network, which implies that transaction fees on this network are paid to WBT. The Whitechain network operates based on the Proof-of-Authority (PoA) algorithm.

White Paper

This document details the technical specifications, goals, and functionalities of our product. It provides information about the intended actions of our project, the methods of implementation, the technologies chosen, and the expected benefits to users. It also discusses the features of the cryptocurrency used within the project, including its creation methods, distribution, and security measures.

We invite you to read the White Paper in more detail.

Benefits for users

Since the launch of WBT, WhiteBIT has provided a wide range of its integrations with exchange products and has implemented two internal reward mechanisms for users owning WBT:

  • by holding tokens in the Main Balance (Owning);
  • locking tokens in Holding, more information in our article.

Each WBT owner can keep them on their Main balance or transfer the coins to Holding, thus gaining additional benefits. You can find more information about the benefits of Owning and Holding in our article at this link.

In order for WBT coins to be enrolled in Owning, it is enough to keep them on your Main Balance. At the same time, coins transferred to Holding are also valid in Owning. In this case, both benefits can be used. More detailed information about the benefits of WBT ownership for users can be found in this article.

Development Potential & Roadmap

A certain number of WBT coins have been allocated to ensure the sustainability of the exchange's operations and further development. These resources play a key role in supporting various initiatives and ensuring sustainable scaling of the WhiteBIT platform.

To ensure further scaling of the WBT coin, we have implemented several tools to protect against inflation:

  • A fixed WBT issue with a ban on creating new coins in the future;
  • Application of a commission-based burn-in algorithm conducted on a weekly basis. The history of the burnings can be found at this link;
  • Blocking half of the total number of issued coins followed by their phased release to the market according to a well-defined schedule.

 

All the details were covered in our White Paper.

 

A portion of the 54 million WBT coins were sold in a private sale at a price of $1.62 per 1 WBT. These coins were locked for three months, after which 20% were unlocked monthly for five months. The initial number of coins for private sale, capped between 50-75 million, was reduced to 54 million WBT to limit the amount of unlocked coins in subsequent phases. Additionally, 1 million WBT was offered to WhiteBIT users on the WhiteBIT Launchpad as part of the IEO and was not blocked. As a result, the maximum number of coins in circulation was 121 million WBT during September and 175 million WBT in the following eight months. In addition, 25 million WBTs were burned to eliminate their accounting in circulation. The address for the incineration is 0x0000000000000000000000000000000000000001.

You can verify the authenticity of the incineration by following the link.

Treasury Coins will be unlocked for three years, starting from the completion of the last phase of private sale coin unlocking. The timeline for unlocking the coins is provided in our White Paper, which shows the time intervals between phases. About 60% of Treasury Coins will be unlocked during the first three phases and the remaining 40% will be unlocked during the final phase. It is important to note that Team Coins and Company Coins will be unlocked last. The proceeds of the unlocking will be used in accordance with the predetermined objectives of the funds.

FAQ

Will there be an opportunity to use WBT coin in Margin trading, Futures trading and for Crypto Lending in the future?

We ask you to expect official news on our social media channels regarding this. We will be sure to notify our users of any additional features of WBT functionality.

 

Can new WBT coins be released?

No, no new coins can be released. The total number of WBT coins is limited (400,000,000 WBT) and no further coins can be created.

 

In addition, WBT acts as a native coin in Whitechain's own blockchain. To ensure a smooth transition, we have implemented a method to transit tokens from smart contracts on the Ethereum and Tron networks into Whitechain coins. However, the WBT tokenomics remain unchanged, ensuring that the WBT transition does not impact users or the market.

 

What other useful features does WBT Coin have for everyday use?

On the Trade Balance page, you will find a feature to exchange any assets under 5 USDT into WBT. This handy feature helps keep your balance clean and organized, you can read more details in our article at this link.

For more information on other useful features and functions, please see our Whitechain White Paper.

Support

In case of any questions related to the functionality of our exchange, you can:

  • Leave a request on our website;
  • Write to the support e-mail: support@whitebit.com;
  • Write to the chat using the button in the lower right corner of the screen.

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