Bithumb Global, a Korean bitcoin and cryptocurrency exchange company, today officially announced its new native crypto-token, Bithumb Coin (BT). It will help power the company’s forthcoming Bithumb Chain.
Bithumb Chain is a decentralized open-source protocol that will power products, services, and infrastructure within the Bithumb ecosystem.
To bolster the infrastructure of the Bithumb Chain ecosystem, the company is introducing a variety of new technologies to add value to its network, including an EaaS (Exchange-as-a-Service), which is a unique protocol PSP (Profit Sharing Protocol). The EaaS allows users to access the service through one-click and adding to this structure to incentivize users is Bithumb Coin (BT).
Bithumb Coin
Bithumb Coin (BT) enables transactions within Bithumb Chain and provides incentives and value within the protocol. The first principle of the Bithumb Coin (BT) mechanism design is to facilitate the flow of value of the Bithumb Family ecosystem, thereby promoting sustainable development.
30% of the token distribution is based on the user incentive pool, while another 30% is allocated for trading incentives with a point system that will be disclosed at a later time.
Other functionalities of the coin are as follows: utility within Bithumb Chain for handling fees, usage rights of the Bithumb chain system and paying transaction fees on the exchange as well as payment procedures for new products in the future. Users can also lease their BT to obtain rewards.
Moreover, BT holders can vote and participate in the governance of Bithumb Chain which includes project listing nomination, formulation, investment decisions, and direction of network development.
Examples include BT allowing holders privileges in the platform’s marketing activities, including additional raffle tickets to BG Staging and additional rate of return when participating in token staking. Other perks of holding BT include participating in Bithumb Chain events such as fair token distributions. Bithumb Coin has many perks designed for the holder.
Relationship between Bithumb Coin (BT) and Bithumb Chain
25% of BT’s token distribution is based on chain development and sustainability. The interrelationship of Bithumb Chain to BT can be analogous to how a smart blockchain city would function. Bithumb Chain would represent the city block while various members of the Bithumb Family would represent individual structures within the city and Bithumb Coin (BT) serves as the interconnecting roadway between the different structures within the city block.
An example of this in action is as follows: BT holders can stake a choice number of tokens to become a community node of the Bithumb Global platform and regularly participate in Bithumb Family listing nominations. 50% of the platform revenue will also be used for BT buyback until 150 million tokens remain. Bithumb Coin (BT) would facilitate the exchange of value and information across the Bithumb Chain, thereby promoting the sustainable development of all on-chain products, platforms, and services.