What is Bitkub Chain (KUB)?
Bitkub Chain has the distinction of being the first blockchain infrastructure solution out of Thailand. And with an aim to provide affordable infrastructure that is also secure and scalable, Bitkub Chain is becoming a place where projects can flourish and benefit from much lower gas fees.
Bitkub Capital Group Holdings is the company behind Bitkub Chain, and consists of 6 subsidiaries whose functions range from venture firms to focusing on the development of Bitkub’s technology and ecosystem.
Some notable projects/features in Bitkub Chain’s ecosystem are Bitkub NEXT, a digital wallet; Fans Token, which tokenizes the popularity of online influencers and content creators; and Bitkub NFT, an ecosystem-native NFT platform.
Narrative by numbers
According to its whitepaper, Bitkub Chain’s system claims that users will only have to pay 5 gwei per transaction.
Currently, there are > 66M registered transactions on the chain, with > 2.2M registered wallets on the chain, and the ecosystem has seen > 500K users over the past 10 months.
What does Bitkub Chain have in its roadmap?
In Q3 & Q4 of 2022, the project plans to → Launch EarnKuB, Loyalty, Bitkub Metaverse, NEXT Launchpad, BKC Scan 2.0 platforms + conduct the move to PoSA & PoS consensus.
How does Bitkub Chain work?
Bitkub aims to utilize a consensus mechanism called “Proof-of-Staked-Authority” (PoSA), which in short is a combination of two different consensus mechanisms: Proof-of-Stake (PoS) and Proof-of-Authority (PoA). Before describing PoSA, let’s go into what PoS and PoA are:
Proof-of-Stake is a consensus system whereby nodes “stake” a certain amount of a token for a time in order to have the chance to be selected and produce the blockchains next block. This, as opposed to Proof-of-Work systems which are employed by the likes of the Ethereum and Blockchain networks, is less CPU intensive and more scalable.
Proof-of-Authority on the other hand reaches consensus by choosing pre-authorized validators that are chosen through a vetting process.
Now, let’s talk about Proof-of-Staked-Authority, or PoSA:
PoSA works through pre-authorized validators that have proven their reputation by staking tokens. In the case of Bitkub Chain, in order to become a node on the chain, a company must prove their reputation by staking 250,000 or more KUB Coins.
What PoSA promises is that the network will be able to efficiently support 10 times more transactions than PoA, meaning more decentralization and hopefully leading towards more adoption. The network has plans to adopt this mechanism after the blockchain is fully developed using PoA.
In the pursuit of making its network as easy to use as possible, Bitkub supports various Javascript libraries including Web3.js, Ether.js, and Truffle.js library. In this way, developers enjoy Javascript libraries that also prioritize ease-of-use, making the whole creation and deployment process that much less prohibitive.
Bitkub Chain has also prioritised decentralization, and as such supports the use of decentralised wallets such as MetaMask. Meaning when users interact with Bitkub Chain’s network, they truly own the assets in their wallet, giving them ownership and security.
Bitkub Chain has made the choice to offer apps developed on Ethereum to also be deployed on Bitkub Chain.
About $KUB
KUB is Bitkub Chain’s native cryptocurrency. Holders can use KUB to pay gas fees, convert to fee credits, and redeem for products and services among Bitkub’s recognized partners and merchants, as well as benefit from the Lock & Drop program. Lock & Drop is where holders can lock up their KUB for a certain period of time and earn various digital assets and lifestyle rewards. There is a 110M supply of KUB, with an initial circulating supply of 85M.
How to acquire $KUB
KUB is available on multiple exchanges like Poloniex! You can acquire WLKN through trading a USDT or USDD trading pair: KUB/USDT | KUB/USDD.
Feeling ready to get started? Sign-up is easy! Just hop on over to https://poloniex.com/signup/ to start your crypto journey🚀
was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
