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Bitkub Chain

Bitkub Chain is a blockchain network associated with . Bitkub Chain serves as a decentralized ledger system that supports various -based functionalities.

Overview

Bitkub Chain is a infrastructure developed by Bitkub Blockchain Technology Co., Ltd. It aims to provide an accessible infrastructure solution for various partners. These partners can operate and serve as within the network. The primary goals include reducing transaction fees, ensuring fast transactions, maintaining security and performance standards, and facilitating integration with other projects on Bitkub Chain. [1]

Proof of Stake

Bitkub Chain is a employed on Bitkub Chain, allowing participants to become Validators or Delegators by staking KUB Coin. This mechanism offers benefits such as energy efficiency, scalability, faster transactions, and security measures to maintain network integrity, contributing to the security and decentralization of the blockchain network. [2]

Validators

A is a group of individuals responsible for validating transactions on the Blockchain Network to ensure transaction security and decentralization. There are two types of validators: [2]

  • Solo Node: A Solo Node on Bitkub Chain provides complete control and full participation rewards on your node. Individuals interested in solo staking should possess a minimum of 10 KUB and maintain a computer connected to the internet 24/7.
  • Pool Node: A Pool Node on Bitkub Chain allows delegators or users to delegate their KUB Coin to this node type, thereby increasing staking power and the chances of the node validator to mine blocks on Bitkub Chain. Those considering pool staking should have a minimum of 100,000 KUB and maintain a computer connected to the internet 24/7.

Delegators

Delegators are individuals who collaborate with Validators in transaction validation. They collectively stake KUB coins with Validators, delegating authority for validation and receiving rewards based on staking power, without requiring technical expertise or infrastructure. [2]

Types of Delegation

  • Delegation with Official Node: Official nodes feature robust security measures to prevent slashing incidents. Managed by trusted entities, they ensure compliance with network guidelines, minimizing the risk of slashing and enhancing node stability. Opting for an official node offers delegators a consistent staking experience. The expertise and resources of node operators maintain high uptime, ensuring the validator node remains operational, and guaranteeing a steady flow of rewards without interruptions. [2]
  • Delegation with Pool Node: Pool Nodes, operated by various individuals or corporates aiming to become validator nodes, offer a more flexible approach to delegation. Unlike official nodes, which may require only a Bitkub NEXT wallet for participation, pool nodes allow delegation with any wallet, such as , providing accessibility to a wider range of delegators. [2]

Products

Bitkub NEXT

Bitkub NEXT is a digital asset wallet developed by Bitkub Blockchain Technology Co., Ltd. It enables users to conduct transactions and store digital assets, including cryptocurrencies and . The wallet also allows connectivity to on Bitkub Chain. [3]

Bitkub NFT

Bitkub NFT is designed for the creation and management of NFT solutions to meet the demand from both government and private sector entities for real-world NFT applications. The platform facilitates marketing campaigns in both online and offline media, providing simple, convenient, and user-managed features through an integrated platform to enhance the Web3 experience. [4]

BKC Scan

The Bitkub Chain explorer is a tool designed for inspecting and analyzing EVM-based blockchains, specifically tailored for Bitkub Chain Networks. It provides users with the capability to examine transaction histories, monitor network activity, and gain insights into various aspects of the blockchain ecosystem. [5]

BKC Developer Center

The Bitkub Chain Developer Center, also known as BKC Developer Center, is a platform developed by Bitkub Blockchain Technology Co., Ltd. Its purpose is to enable developers to create Decentralized Applications (DApps) on the Bitkub Chain. The platform provides developers with access to various resources such as SDKs, IPFS, and RPC, allowing them to connect their projects to Bitkub Chain's ecosystem. [6]

BKC Oracle

BKC Oracle is a tool for developing or dApps, serving as a bridge for transferring data from off-chain to on-chain via smart contracts. This functionality enables smart contracts to interact with real-world data. [7]

The Bitkub Chain offers core features including Data Feeds, which allow users to retrieve the latest prices and data points of assets, and Verifiable Random Function (VRF), enabling users to access randomness data directly on the Bitkub Chain. [8]

BKC Faucet

The BKC Faucet enables developers to access a designated amount of KUB for testing their applications. This tool allows developers to evaluate and refine their applications without needing actual funds. By utilizing the BKC Faucet, developers can simulate real-world scenarios and ensure the functionality of their applications before deployment on the Bitkub Chain network. [9]

BKC Port

BKCPORT is a portfolio designed for Bitkub Chain Networks, offering users a platform to manage their assets within the ecosystem. It provides users with an interface to track holdings, monitor performance, and make informed decisions regarding their investments and activities on the Bitkub Chain network. [10]

Bitkub Metaverse

Bitkub Metaverse is a digital world operated by XRB Galaxy and designed by the Monk Studio. It integrates Bitkub Chain features and , allowing users to interact and engage in activities with other users within the virtual environment.
[11][12]


The official launching event took place at Siam Paragon, Bangkok. [13]

Loyalty Platform

The Bitkub Reward program enables KKUB holders to earn points and redeem them as vouchers for products and services, along with discounts from Bitkub Chain’s partners. The rewards may change monthly or as specified by the company. [14]

The Loyalty Platform was announced through a collaboration involving Bitkub Blockchain Technology, Buzzebees, TV Direct, and Hotto Bun. The development of the Loyalty Platform started with the implementation of the "KKUB Redemption" feature, enabling users to convert their KKUB into vouchers. Additionally, KKUB could be used to redeem vouchers via the "Loyalty Platform" feature. [15]

EarnKUB

EarnKUB 2.0 allows users to claim rewards in KUB coins or special NFTs by completing missions in both physical and digital realms, such as attending events or holding NFTs. [16]

Quests include activities such as completing stamp rally missions during offline events, proofing NFTs on the Bitkub Chain, and participating in opening events in the Bitkub Metaverse. [17][18][19]

KUB Token

The Bitkub Coin (KUB) functions as both a native and utility token within the Bitkub Chain ecosystem. It is used for tasks such as covering transaction fees, participating in Staking or Delegating activities on the Bitkub Chain's Proof-of-Stake (POS) system, redeeming trading fee credits on the Bitkub Exchange, and facilitating peer-to-peer transfers between users. [20]

Use Cases

Some use cases of KUB include: [21]

  • Gas Fees: fees serve as a metric for quantifying the workload undertaken by a Validator on the Bitkub Chain network, encompassing tasks such as transaction validation, block generation, and transaction security. Users are obligated to remit Gas fees using KUB, with the amount contingent upon the complexity and scale of the transaction conducted on Bitkub Chain. These Gas fees facilitate the transaction fees for various operations on the blockchain network, including asset transfers and storage, and the usage of smart contracts or Decentralized Applications (DApps) on the blockchain network.
  • Fee Credit: KUB, being tradeable on a digital asset exchange operated by BO, possesses distinctive attributes compared to other native tokens. KUB holders have the option to convert KUB into Fee Credit for the digital asset exchange operated by BO, with details provided through BO's website.
  • Proof-of-Stake (PoS) Staking: KUB holders can stake their tokens to partake as Validators or Delegators in the Proof-of-Stake consensus mechanism on Bitkub Chain.
  • Redemption of goods or services from BBT partners: KUB holders have the opportunity to acquire special goods or services from BBT partners using their KUB tokens. However, these utilities are exclusively tied to marketing campaigns, and KUB is not intended for use as a direct payment method for goods or services.

Tokenomics

With a total coin supply of 110,000,000 KUB, KUB serves as the primary unit for transactions and operations within the system. There are approximately 78,000,000 KUB in circulation, facilitating various activities such as transactions, staking, and governance within the Bitkub Chain network. [21]

The allocation of funds within the Bitkub ecosystem is structured to support various aspects of its development and growth. The Ecosystem Fund, comprising 15,000,000 tokens, accounting for 13.64% of the total, was scheduled to unlock upon the launch of Bitkub Chain V1.0. Similarly, the Strategic Partners Fund, consisting of 9,394,897 tokens, also unlocked at the V1.0 launch, constituting 8.54% of the total fund. The Community Development Fund, with a total of 15,000,000 tokens, equivalent to 13.64% of the total, is released quarterly over a span of two years, starting from September 2021. The Initial Airdrop Fund, totaling 10,000,000 tokens, or 9.09% of the total, has been fully allocated and completed. The BCGH's Reserve Fund, comprising 10,000,000 tokens, representing 9.09% of the total, follows a structured release plan, with a three-year locking period before unlocking yearly for the subsequent three years, commencing from September 2024. Finally, the Liquidity Provision Fund, totaling 50,605,103 tokens, accounts for the largest portion at 46% of the total allocation, and it has been completed. [21]

Ecosystem Fund

This fund, overseen by BBT, is utilized for various purposes within the Bitkub ecosystem. It supports project development on Bitkub Chain, assists Validators, covers Gas Fees, and aids in infrastructure development to foster long-term growth. On August 9, 2021, 285,000,000 KUB were burned, reducing the total to 15,000,000 KUB. [21]

Community Development Fund

This fund is managed by BBT for the purpose of establishing a user network and promoting the usage of the Bitkub Chain through community education, with the goal of creating a stronger ecosystem. On August 9, 2021, 225,000,000 KUB (from the total amount of 240,000,000 KUB as specified in Bitkub Chain Whitepaper V1.0), were burnt to 15,000,000 KUB. In 2024, Bitkub Chain will implement the project “BKC Contributor Grants” to motivate and encourage users in the ecosystem to engage in activities that support the ecosystem’s extension and development. The users that participate in the project will receive KUB coin, which is offered to (1) Developer Grants that create projects that promote user participation and sustainability of the ecosystem in the future, and (2) Community Grants that support user engagement in various forms to build a strong community that impacts the overall ecosystem. [21]

BCGH’s Reserve Fund

This fund, managed by BCGH, serves as a reserve for emergencies or other approved purposes determined by the board of directors. On August 9, 2021, 290,000,000 KUB were burned, leaving 10,000,000 KUB remaining from the original total of 300,000,000 KUB specified in the Bitkub Chain Whitepaper V1.0. [21]

Liquidity Provision Fund

This fund, overseen by BBT, is designated to enhance the liquidity of KUB upon its initial trading day on the digital asset exchange operated by Bitkub. On August 9, 2021, 49,394,897 initially locked KUB were burned, while the remaining 50,605,103 KUB that were purchased remain in circulation within the digital asset market. [21]

Strategic Partners Fund

This fund, under the management of BBT, is intended to establish partnerships with business entities interested in participating in Bitkub Chain. On August 9, 2021, 40,605,103 KUB (out of the total of 50,000,000 KUB specified in Bitkub Chain Whitepaper V1.0) were burned, leaving 9,394,897 KUB remaining. [21]

Initial Airdrop Fund

This fund, previously overseen by BO, was used to distribute KUB to customers who met specific criteria regarding minimum collective purchase volume and timing. The fund was fully distributed at the beginning of the KUB launch period. [21]

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Bitkub Chain

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Edited On

March 24, 2024

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