Ukraine-based centralized cryptocurrency exchange WhiteBIT has launched a test network for its blockchain following the August 2022 launch of its WhiteBIT Token (WBT) asset. The network is built on Geth, offering compatibility with Ethereum-based contracts and solutions, and operates on a proof-of-authority consensus mechanism. The test network allows WhiteBIT to iron out any issues before introducing it to the main network, which would enable it to become a coin rather than a token. It will also offer a predictable interval between the creation of two blocks, reliability, and high transactions per second (TPS) capabilities.
The network has a max TPS rate of 153.5, with an average transaction fee of 0.00002566 WBT. The network allows users to test it by sending assets from one account to another or deploying their own smart contracts via the Remix tool. WhiteBIT has also expanded its Checkout Mastercard withdrawal capabilities, partnering with payment processing company Checkout.com, and has teamed up with cryptocurrency tax calculator service Koinly to enable users to calculate their capital gains and income. WhiteBIT was founded in 2018 and employs over 700 people, with daily trading volume exceeding $2.5bn.