On Tuesday (November 12), crypto exchange Bithumb Global officially announced "Bithumb Coin" (BT), the native token of "Bithumb Chain", the custom blockchain being built by its parent, Bithumb Korea (which is one of South Korea’s largest exchanges).
Bithumb Korea announced Binance Chain at the Bithumb Family Conference in Seoul on November 6. Here is what was said about Binance Chain:
Bithumb Chain aims to enable the transfer of value, the flow of information, and vertical business integration within a shared blockchain ecosystem. Bithumb Chain is designed as a powerful supplement to existing products, services, and infrastructure. This, in turn, should help every product and platform of the Bithumb Family to capture value from both upstream and downstream of the trading business.
Some key members of the Bithumb family are:
- Bithumb Korea (the crypto exchange serving customers in South Korea (this is also the new name of the main parent company of the various Bithumb subsidiaries)
- Bithumb Singapore (the crypto exchange dealing with customers in Singapore)
- Bithumb Global (the crypto exchange for customers outside of South Korea and Singapore)
- Bithumb DEX
- Bithumb Custody
- Bithumb DEX
Back then, Bithumb told Coindesk that it is hoping that the Binance Chain testnet will be ready to go live before the end of 2019 and that the mainnet launch of Bithumb Chain was expected to take place in Q1 2020. Bithumb also said that Bithumb Chain would be using a “revolutionary consensus model.”
Today's press release by Bithumb Global says that Bithumb Coin (BT) "enables transactions within Bithumb Chain and provides the necessary mechanism for facilitating true incentives and value within the protocol."
30% of the allocation of Bithumb Coin is for the user incentive pool and another 30% is for "trading incentives with a point system."
Bithumb Global says here are some other use cases for Bithumb Coin:
"Utility within Bithumb Chain for handling fees, usage rights of the Bithumb chain system and paying the transaction fees of the Bithumb Global platform as well as payment procedures for new products in the future. Through the system lease contract, users can also lease their BT to obtain leasing rewards. Moreover, BT holders can vote and participate in the governance of Bithumb Chain which includes project listing nomination."
Bithumb Coin's total supply will be capped at 300 million.
Featured Image Courtesy of Bithumb Global