About WBT
WBT is a coin issued by our exchange. Coin owners can take advantage of the privileges described below. 400,000,000 WBT coins have been issued and are available on the Whitechain, Ethereum and Tron.
In addition, WBT also is a native coin of the Whitechain, which implies that transaction fees on that network are paid in WBT. Whitechain operates based on the Proof-of-Authority (PoA) algorithm.
White Paper
This document details the specifications, purpose and functionality 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. The features of the cryptocurrency used by the project, including its methods of creation, distribution and security measures are also discussed in this document. You can learn more about White Paper by following the link.
Benefits for users
Since the launch of WBT, WhiteBIT Georgia has provided a wide range of its integrations with exchange products and has implemented two internal reward mechanisms for WBT owners:
- keeping tokens in Owning;
- locking tokens in Holding.
Each WBT owner can keep these tokens on the Main Balance or transfer them to Holding for additional benefits.
If you want your coins to be credited to Owning, you just need to keep them on your main balance. At the same time, coins transferred to Holding are also valid in Owning. Both privileges can be used in this case.
Development Potential & Roadmap
A certain number of WBT coins have been allocated to ensure the sustainability of operation and further development of the exchange. These resources play a key role in supporting various initiatives and ensuring sustainable scaling of the WhiteBIT Georgia platform. To ensure the WBT coin continues to scale, we have implemented several tools to protect against inflation:
- A fixed issue of WBT with a prohibition on creating new coins in the future;
- Application of a commission-based incineration algorithm conducted on a weekly basis. The history of burnings can be found at this link;
- Blocking half of the total number of coins issued and then phasing them into the market according to a well-defined schedule.
We've covered all the details in our White Paper.
The private sale sold a portion of 54 million WBT coins at a price of $1.62 per WBT. These coins were blocked for three months, after which 20% were unblocked monthly for five months. The initial number of coins for private sale, capped between 50-75 million, has been 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 WBT were burned to eliminate their counting 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 from the completion of the last phase of private sale coin unlocking. The schedule for unlocking coins is presented in our White Paper, which shows the time intervals between stages. 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 funds received as a result of unlocking will be used in accordance with the predetermined purposes of the funds.
FAQ
Can new WBT coins be issued?
No, new coins cannot be issued. The total number of WBT coins is limited (400,000,000 WBT) and further creation is not possible.
In addition, WBT is a native coin on 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 remains 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 function to exchange any assets under 5 USDT into WBT. This handy feature helps keep your balance clean and tidy. For more information on other useful features and functions, please read 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.ge;
- Write to the chat using the
button in the lower right corner of the screen.