What is Bitkub Chain?
Bitkub Chain is a blockchain network developed by Bitkub Blockchain Technology Co., Ltd., with the aim of being Thailand's first blockchain infrastructure to support projects and development plans in the society and country that utilize blockchain technology. It is an open platform for everyone to build or exchange digital assets quickly, securely, and transparently without intermediaries.
Bitkub Chain Features
Bitkub Chain is based on the same technology as Ethereum and Binance. Therefore, it supports the same type of smart contract as Ethereum and Binance. Bitkub Chain stores all transactional data from users in the system, and for transparency, users are free to check and verify their transactions anywhere and anytime.
Bitkub Chain and Gas Fee
Gas is a transaction fee that users pay to miners or validators on a blockchain network. Each system uses a different digital currency as its gas fee. Currently, smart contracts on blockchains such as the Ethereum Chain require high gas fees and they tend to go higher in the future.
Bitkub Chain strives to solve this problem by providing lower gas fees for transactions to facilitate entrepreneurs, students, developers, and organizations who want to integrate blockchain technology into their roadmap.
Bitkub Chain uses Bitkub Coin (KUB), the native coin, as a gas fee payment. Details of the gas fee payment will be announced in the future.
The Consensus Algorithm is the "heart" of the blockchain. It is the agreement between users to verify every transaction on the blockchain for reliability and security. Most of the time, users who confirm the transaction must stake something so that the network can accept the decision and add a new block to the chain. There are various consensus algorithms with different methods and stakes. You can learn more about consensus algorithms from this article >> What Is a Blockchain Consensus Algorithm?
Bitkub Chain uses Proof-of-Authority (POA) as the first consensus algorithm. The algorithm consists of data collectors (nodes) and transaction validators (node validators). This system is reputation-based, so all stakeholders must be validated for their identity and reliability. To gain users’ trust, we partner with several of Thailand's leading private companies, which also act as node validators in the Bitkub Chain. You can check Bitkub Chain’s official node validators here >> https://www.bitkubchain.com/node-validators
Talking about the advantage of POA, transactions can be confirmed fast and with lower fees. It produces less carbon footprint compared to other methods, which is good for the environment. In the future, this consensus algorithm will be adjusted to Proof-of-Staked-Authority (POSA), where our node validators are selected to stake their KUB coin on the Bitkub Chain. Bitkub Chain will be finally changed to Proof-of-Stake (POS), a fully decentralized network. POS allows all users to stake their KUB coins on the blockchain accordingly. These modifications help the community engage more with the network and foster a truly decentralized network for Bitkub Chain.
Once Bitkub Chain completed its transition to POS, Bitkub Blockchain Technology Co., Ltd. will join the node to drive further development of Bitkub Chain. In the meantime, Bitkub Blockchain Technology Co., Ltd. may join the node at any time to ensure a smooth operation on the network or in case of node validators’ problems.
Projects on Bitkub Chain
Fans Token is the first project that runs on Bitkub Chain, followed by PUBG NFT. Bitkub has also just launched Bitkub NEXT, a digital assets wallet where users can store the cryptocurrencies and NFTs on Bitkub Chain.
In the near future, the company will develop Bitkub Chain’s connectivity to other coins such as KBTC, KETH, and KUSDT. We will also launch our second highlighted project Bitkub NFT Marketplace during the third quarter of this year, plus there are many more upcoming projects with our partners. You can follow the official projects running on Bitkub Chain through >> https://www.bitkubchain.com/projects
Bitkub Chain strives to build an ideal ecosystem for every developer, SME, startup, and general user to easily access Blockchain technology. Developers will soon be able to build their projects on Bitkub Chain, but they have to comply with Bitkub Chain’s tokenization protocol on smart contracts and Bitkub Compatible All Protocols (KAP-20).