Bithumb Coin (BT) allows transactions within Bithumb Chain and provides the necessary mechanism to facilitate incentives and value within the protocol.
Bithumb Global announced the launch of its cryptocurrency, Bithumb Coin (BT), which will function as the native token of the Bithumb chain.
The Bithumb Coin token will be called BT and allows transactions within the Bithumb Chain that serves in different use cases.
In a press release, the exchange stated:
“Bithumb Chain is the decentralized open source protocol that drives products, services and infrastructure within the Bithumb family ecosystem that helps capture the value of both the commercial business and the up and down business.”
To further strengthen the infrastructure of the Bithumb Chain ecosystem, Bithumb Family has a variety of new technologies that add to the Blockchain value network, including a creative EaaS (Exchange-as-a-Service, Exchange as a service), which It is a unique protocol PSP (Protocol of Participation in Benefits). Explains the exchange that EaaS allows users to access the service with a single click, and adding to this structure to incentivize users is Bithumb Coin (BT). Indicates:
Bithumb Coin (BT) allows transactions within Bithumb Chain and provides the necessary mechanism to facilitate incentives and value within the protocol. The first principle of the design of the Bithumb Coin (BT) mechanism is to facilitate the value flow of the Bithumb family ecosystem, thus promoting sustainable development.
The token distribution has been described as follows: 30% of the token distribution is based on the user incentive group, while another 30% is allocated for business incentives with a point system that will be disclosed later .
As reported, the other functionality of the currency is the following: Utility within Bithumb Chain to manage rates, rights to use the Bithumb chain system and pay the transaction fees of the Bithumb Global platform, as well as payment procedures for new products in the future.
In addition, users can also lease their BT for rewards. Also, according to reports, BT holders can vote and participate in the Bithumb Chain government, which includes the nomination of the list of projects. The exchange says in its statement:
Bithumb Chain participants not only participate in the formulation and direction of network development, but also in Bithumb Chain investment decisions.
Relationship between BT and Bithumb Chain
The exchange statement also explains that 25% of BT’s token distribution is based on the development and sustainability of the chain. «The interrelation of Bithumb Chain with BT can be analogous to how an intelligent blockchain city would work. Bithumb Chain would represent the city block, while several members of the Bithumb family would represent individual structures within the city and Bithumb Coin (BT) serves as the interconnection road between the different structures within the city block ».
The supply of Bithumb Coin tokens will be 300 million tokens minted indefinitely.
As part of Bithumb Korea, one of the largest exchanges in South Korea, Bithumb Global operates from Singapore with an average daily trade volume of nearly $700 million.