The market of digital assets provides a range of different crypto assets, which are divided for coins, tokens, altcoins, NFTs, DeFi tokens, stablecoins, etc. People often wonder what the difference is between crypto token vs coin. Coins are issued by projects based on their own blockchain, like Bitcoin blockchain and BTC, Ethereum blockchain and ETH, etc. These are “coins”. Tokens are developed and deployed on other blockchains, for example, the WBT token was built on the Ethereum and Thron blockchains. Let’s take a closer look at this particular digital asset and understand what it serves for.
What is WBT?
Different projects launch their tokens with different purposes. Some tokens are attracted to securities and called security tokens; some are DeFi tokens, NFT tokens, etc. One more type of token is a utility token, which means its essence is to serve a platform it was launched at. The WBT token is a utility token on the WhiteBIT crypto platform, where it serves for:
- providing rewards and bonuses for token holders;
- lowering transactions costs for token holders;
- providing access to additional products;
The WBT token was launched in August 2022, and in September, the WBT price was around 2 dollars. As of October 2022, its rate significantly increased – the most traded crypto pair with this token is WBT USDT, and its price is now 11 dollars.
A part of sold tokens is locked for a while to maintain asset demand and is unlocked gradually. Also, the project’s developers implement a burning mechanism to liquidate some tokens regularly. That also helps to maintain the token’s rate.
To date, WBT token is traded on the WhiteBIT and Huobi exchanges, but after a while, you will be able to buy cryptocurrency on other large and credible platforms. Keep track of the news about the WBT token on WhiteBIT social networks and the WhiteBIT blog.
Blockchain is a digital ledger technology that allows the creation of a decentralized and secure database of transactions that can be shared across a network of computers. The technology enables the creation of a chain of blocks, where each block contains a set of transactions that are verified and validated by a network of users, using complex cryptographic algorithms.
Each block in the chain is linked to the previous one, creating an unbreakable chain of data. This ensures that once a transaction is recorded on the blockchain, it cannot be altered or deleted, providing a high level of security and transparency.
Blockchain technology has gained popularity due to its potential to revolutionize various industries such as finance, healthcare, and supply chain management, among others. It offers the possibility of creating decentralized, secure, and transparent systems that can operate without the need for intermediaries or central authorities.