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 Turkey 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 Turkey 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.

Private Sale

A portion of 54 million WBT coins were sold in a private sale at $1.62 per 1 WBT. These coins were locked for 3 months, after which 20% of them were unlocked each month for 5 months.

The initial amount of private sale coins (50-75 million) was capped at 54 million WBT to reduce the amount of unlocked coins in the following rounds.

In addition to the private sales, WhiteBIT, as a member of the WB global ecosystem, added 1 million WBT to the WhiteBIT Launchpad as part of the IEO. These coins will remain unblocked.

This brings the maximum total amount of coins in circulation during September to 121 million WBT and 175 million WBT over the next 8 months.

25 million WBT have already been burned, so they are not counted in the remaining inventory. Transaction hash: https://etherscan.io/tx/0x451fa272bb289e88e87f56c036160a8c126f1e1b77bbc0f61d87fd5ef4c196be

Coins also continue to be burned, you can track the number of WBTs burned in the “History of burnings” section of the coin page.

Unlock procedure

The remaining 200 million coins will be allocated to special funds for the development of both WBT and the WhiteBIT global project as a whole. They will be unlocked over a 3-year period, starting with the final round of private sale coin unlocking. Exact dates will be determined once the smart contract is deployed and will be included in future versions of this document.

Team and project coins will be unlocked in the final round. Thus, the volume of the first three phases will be about 60% “treasury” coins, and about 40% in the final round. The coins allocated to the funds will be used in accordance with the goals 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 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 email: support@whitebit-tr.com;
• Write to the chat using the button in the lower right corner of the screen (in the upper right corner of the WhiteBIT TR app, click ).