WhiteBIT Network Testnet: A Comprehensive Guide
WhiteBIT has launched a testnet of its own blockchain, the WhiteBIT Network, which will use WBT as its utility token.
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WhiteBIT CEO Volodymyr Nosov made the first announcement on Instagram by sharing a link to the test network's blockchain explorer. Later, WhiteBIT Vice President Oleksii Kovaliov revealed more information about the Testnet and its consensus algorithm's features.
While there hasn't been an official announcement regarding rewards for Testnet activities, we have created a useful guide for using the network.
WBT token gets its own blockchain
In August 2022, the native token of the WhiteBIT crypto exchange was finally listed. The coin's smart contract was initially deployed on the Ethereum and Tron blockchains.
However, the team had already announced plans to develop and launch their own network, as outlined in the Whitepaper document's Roadmap. This network is slated to launch in the first or second quarter of 2023. As a result, the Testnet featuring the WBT token as its foundation was not a surprise to the cryptocurrency community.
Announcement of WBT's Own Blockchain (Whitepaper)
The specifics of the upcoming blockchain
The team has selected Proof-of-Authority (POA), which is a unique variation of Proof-of-Stake (PoS), as their consensus algorithm. Essentially, this means that the team is in control and only certain participants can act as validators.
POA and POS are similar, but POA has the owner of the blockchain as the sole validator, unlike POS where block validation can be delegated. We have chosen POA as our consensus algorithm to provide faster, more accessible, and secure access for users and Web3 application developers, taking into account the challenges and pain points of blockchain and the history of consensus algorithms
tweeted Oleksii Kovaliov.
The WhiteBIT blockchain is built using the Ethereum virtual machine, which means it's fully compatible with Ethereum technology. This is great news because it makes integrating existing DeFi applications a breeze, and Ethereum is widely used and respected in the blockchain community.
Right now, the WhiteBIT Network can handle more than six transactions per second, which is impressive. Plus, the average commission fee is currently only 1 Gwei (that's 0.000000001 WBT), making it an affordable option for users looking to transact on the network.
Statistical data on the WhiteBIT Network testnet.
Testing guide for the WhiteBIT Network
First, you need to add the WhiteBIT Network to your Metamask wallet. To do this, follow these steps:
● Go to the WhiteBIT Network blockchain explorer;
● Press “Add WB Network” in the lower-right corner of the page;
● Confirm the transaction in the Metamask wallet.
It's also possible to input network data manually. The team has provided the Testnet parameters in a special document, which you can use to configure your system.
Claiming 10 WBT test tokens
To claim test tokens, simply head over to the blockchain explorer and use the built-in faucet. All you need to do is enter the address of your own wallet and hit “Claim”. You can repeat this transaction once every 24 hours.
Claiming 10 test WBT tokens via the blockchain explorer.
List of activities
At the moment, there are no DeFi applications available on the WB Network, so users are limited to a few potential activities:
● Minting test tokens
● Transferring test WBT between wallets
● Deploying smart contracts and creating tokens on the WhiteBIT Network
To create your own token in the WB Network testnet, you can use the standard ERC20 contract. Once created, your token will be displayed under the WRC-20 standard in the explorer.
Tokens created in the WhiteBIT Network Testnet
Here is a list of steps to deploy a token on the WhiteBIT Network testnet:
■ Head over to Remix Ethereum, and create a new .sol document.
■ Write a smart contract or take a ready-made ERC20 template on GitHub or in the OpenZeppelin digital library;
■ Check the correctness of the contract by using the Compile command;
■ Officially issue the token using the Deploy command. The transaction details and smart contract information will be available in the deployment details or on a blockchain explorer.
Final words
The WhiteBIT Network testnet is already showing great potential. It's handling more transactions per second on average than some of the blockchains running on Mainnet, and transactions are being processed quickly and without any major issues.
By deploying different dApps on the testnet, it will be possible to test the network's capabilities and try out other types of transactions, such as creating NFTs, making swaps on DEX exchanges, and adding liquidity. And be sure to stay up to date on the latest blockchain announcements from WhiteBIT's official social media channels. That's where you'll find the most current information about the testnet's status and any potential plans to transition the network to Mainnet.
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