Powered by the native Bitkub coin (KUB), Bitkub Chain is a collaborative blockchain development network with Ethereum smart contract support. Also, the platform uses the Proof-of-Authority (PoA) consensus mechanism in conjunction with the native KUB coin to secure the network. However, in the future, we can expect the project to transition to a Proof of Staked Authority (PoSA) consensus model before finally moving to a Proof-of-Stake (PoS) model. Furthermore, the broader Bitkub Chain ecosystem is home to a wealth of decentralized applications (dApps), tools, and services, including the Bitkub Exchange and the Bitkub NEXT crypto wallet.
In this article, we’re going to dive deep into the Bitkub Chain crypto ecosystem. We’ll explore the native Bitkub coin, the Bitkub NEXT crypto wallet, the Proof-of-Authority (PoA) consensus mechanism, and the transition towards Proof of Staked Authority (PoSA). Also, we’ll look at some of the projects built on the platform and some of the exciting milestones in the project’s roadmap we can look forward to.
If you want to gain a firm understanding of blockchain technology, check out the Blockchain & Bitcoin 101 course at Moralis Academy. Also, see our Ethereum 101 course to learn about programmable money, smart contracts, the Ethereum Virtual Machine (EVM), and more!
Following this, be sure to check out our Bitcoin Monetary Revolution course! Here, we teach students about the history of money and currency. Plus, we discuss the critical role that blockchain will play in this shifting paradigm. Moralis Academy is the ultimate Web3 and blockchain education suite online. Start your crypto journey today and join our passionate community of over 30,000 students at Moralis Academy!
What is Bitkub Chain?
Bitkub Chain is a decentralized blockchain ecosystem that aims to provide an equitable platform for creating low-cost, interoperable blockchain-based applications. Users of the network benefit from ultra-fast transaction confirmations and Etheruem smart contract support. Plus, Bitkub Chain boasts transaction fees of around 5 Gwei. Accordingly, Bitkub Chain aims to promote the mass adoption of blockchain technology.
Bitkub Blockchain Technology Co., Ltd
Based in Bangkok, Bitkub Blockchain Technology Co., Ltd. is the parent company of Bitkub Chain and the first blockchain infrastructure provider in Thailand. Also, Bitkub Blockchain Technology Co., Ltd. is one of four subsidiaries of Bitkub Capital Group Holdings Co., Ltd, which also incorporates Bitkub Online Co., Ltd., Bitkub Ventures Co., Ltd., Bitkub Labs Co., Ltd..
This ecosystem combines to offer individuals and new start-ups a comprehensive platform for developing interoperable, scalable decentralized applications (dApps) and digital assets on the blockchain with minimal costs. Plus, the group is responsible for Bitkub Exchange, one of the leading crypto exchanges in Thailand.
Bitkub Exchange
Bitkub Exchange is one of the most popular Thailand crypto exchange platforms. Available for mobile and desktop, the exchange offers market, limit, and stop-limit order types along with TradingView chart integration. Also, KUB coin holders can redeem trading fee credits on Bitkub Exchange to receive a reduction in fees.
Mission
The overall aim of the Bitkub Chain ecosystem is to “revolutionize people’s financial way of life” using blockchain technology. Also, the project promotes financial inclusion using decentralized technologies to bank the unbanked. Furthermore, the project aims to assist businesses in integrating blockchain technology infrastructures to gain access to a diverse range of next-generation financial services with the goal of “democratizing the world’s internet of value”.
Bitkub Coin (KUB)
The native Bitkub coin (KUB) is the primary medium of exchange throughout the Bitkub ecosystem. Accordingly, KUB coin is essential for paying transaction fees and voting on governance proposals to make changes to the platform. Also, it serves as an incentive for validator nodes that secure the network and validate transactions.
Furthermore, KUB holders can take advantage of the Lock & Drop feature of the Bitkub NEXT wallet. This feature allows users to lock up KUB coins for a specific period and earn a passive income with crypto.
Moreover, Bikub Chain is introducing new utilities to the native KUB coin. This includes economic incentives, gas credits, trading fee credits for the Bitkub Exchange, and partner merchant offers. Following new updates to the platform, KUB coin has a reduced supply of 110 million from 890 million. Also, at the time of writing, KUB coin is trading at around $7.34, with a market cap of $823 million, according to CoinGecko.
Bitkub Chain Technology
Bitkub Chain supports collaborative software development for businesses and individuals. Also, Bitkub Chain technology aims to address real-world issues with a range of tooling for flexible smart contract-based decentralized applications (dApps). From lending protocols to oracles and decentralized data, the platform offers a diverse range of tools and services for building next-generation blockchain products with minimal fees. Furthermore, Bitkub Chain makes it straightforward to launch decentralized finance (DeFi) protocols using common Ethereum tooling.
The network consists of a decentralized network of nodes running a virtual machine to maintain consensus and support arbitrary computations against a distributed ledger. Moreover, this network of nodes helps to maintain consensus throughout the ecosystem using the Proof-of-Authority (PoA) consensus mechanism.
Proof-of-Authority (PoA) Consensus
Bitkub Chain uses a Proof of Authority (PoA) consensus algorithm for validating transactions throughout the network. Under this model, blocks are produced every five seconds for optimum efficiency. Furthermore, PoA addresses the often-excessive energy requirements of Proof-of-Work (PoW) blockchains by offering extremely low transaction fees and high throughput.
PoA essentially augments the Proof-of-Stake (PoS) consensus mechanism while maintaining the same levels of transparency. Initially, Bitkub Chain will use the PoA consensus mechanism. However, the platform is transitioning to an advanced Proof of Staked Authority (PoSA) model and will eventually move to a PoS model.
Validators
Validators are responsible for reaching consensus, verifying transactions, and committing new blocks to the network. Also, Bitkub Chain validators must reveal their identity and trust in the network via a proof of authority. The identity of validators is made available to the network voluntarily to prove that they have the right to validate blocks. Additionally, validator nodes must stake an amount of KUB coins to have “skin in the game” and incentivize honest behavior. This is because any validator who acts dishonestly could lose their KUB stake and be removed from the network.
Interoperability
Interoperability has become an essential feature of modern blockchain networks. Accordingly, Bitkub Chain offers Ethereum smart contract support to promote adoption and enable developers to take advantage of common Ethereum tooling for smart contract development. Also, users gain access to several JavaScript libraries, including Web3.js, Ether.js, and Truffle.js. Plus, Bitkub Chain offers support for MetaMask, Solidity, and Remix IDE.
If you want to learn how to create your own smart contracts on Ethereum, be sure to check out the Ethereum Smart Contract Programming 101 course at Moralis Academy! Also, see our Ethereum Smart Contract Programming 201 course if you’re pursuing a career as a smart contract developer! Here, we teach students how to use advanced Ethereum tooling such as Truffle Suite and OpenZeppelin to build, test and deploy their own smart contracts on Ethereum.
Then, why not put your smart contract development skills to the test with our Ethereum dApp Programming course? This course teaches students how to build a CryptoKitties NFT marketplace clone from scratch! There has never been a better time to learn a new skill in an emerging tech field. Plus, blockchain developers are in such high demand, they can command a handsome salary! Become blockchain certified today with Moralis Academy!
Bitkub Chain Ecosystem and Use Cases
Bitkub Chain aims to provide a comprehensive ecosystem of tools and services for blockchain developers and businesses of all sizes. Also, the project has identified several partnerships in various industries to help add further utility to the Bitkub ecosystem. Among these partnerships is the FANS Token project, which operates as a blockchain-based decentralized fan engagement platform. Also, Bitkub Chain is working in partnership with Miss Universe Thailand to create the world’s first NFT beauty pageant. Moreover, the Bitkub Chain ecosystem aims to provide a seamless pathway for blockchain-based startups and enterprises to scale quickly and efficiently.
Bitkub NEXT Wallet
One of the key product offerings from Bitkub Chain is the Bitkub NEXT crypto wallet. Developed by Bitkub Blockchain Technology Co., Ltd., the Bitkub NEXT wallet is essential for building and using decentralized applications (dApps) throughout the ecosystem. Also, users of the BitKub NEXT wallet gain access to staking features and exclusive rewards via the Lock & Drop initiative.
Furthermore, the Bitkub NEXT crypto wallet has two modes. Firstly, the Pro Wallet mode is a non-custodial decentralized wallet. Secondly, Lite Wallet offers a centralized service. Throughout the BitKub Chain ecosystem, the Bikub NEXT wallet is used for decentralized finance (DeFi), non-fungible tokens (NFTs), interacting with various decentralized applications (dApps), swaps, transfers, and more. Plus, users can sign up using just a mobile number.
FANS Token
FANS Token is a decentralized fan engagement and entertainment project founded by a group of influential Thai YouTubers. This includes big names such as Bie the Ska, VRZO Channel, Kyutae Oppa, Kaykai Salaider, and Spriteder SPD. FANS tokens can be used to purchase exclusive non-fungible tokens (NFTs) and access exclusive benefits.
Morning Moon Village
Morning Moon Village is an exploration farming game and the first play-to-earn (P2E) gaming platform built on Bitkub Chain. The game features an automated market maker (AMM), staking, yield farming, and non-fungible token (NFT) functionalities. Plus, players can build farms, sell crops, and collect resources to build new equipment to advance in the game. Additionally, the project aims to make yield farming more accessible while also bringing further utility to NFTs.
KKUB
KKUB is a KUB coin wrapping service that uses the Bitkub KAP-20 token standard. Also, KKUB transactions can be paused and, in some cases, recovered in the event of a rug pull or stolen private keys. Similar to the Ethereum ERC-20 token standard, the KAP-20 standard provides a common token standard for use between various DeFi platforms across the Bitkub ecosystem. Other KAP-20 assets include KBTC, KETH, KUSDC, KUSDT, and KDAI.
Bitkub Chain Roadmap
- Q1-Q2 / 2021
Much of the Bitkub Chain development took place between Q1 and Q2 of 2021. Also, during this period, the platform secured various partners to operate as validator nodes. Furthermore, Bitkub NEXT wallet integration went live during this period, along with the Bitkub coin public sale. Additionally, Bitkub Chain saw the deployment of the FANS TokenPUBG Esports projects during this time, plus, the Bitkub Chain whitepaper was also published.
- Q3-Q4 / 2021
Between Q3-Q4 of 2021, the Bitkub Chain whitepaper V2 launched. Some of the most notable updates during this period include additional Bitkub coin utility, the launch of the Proof of Staked Authority (PoSA) consensus mechanism, and multiple project launches on the Bitkub Chain network.
Exploring Bitkub Chain and KUB Coin Summary
Bitkub Chain offers a flexible development environment for blockchain developers. With high throughput, low transaction fees, and Ethereum compatibility, the platform is fast becoming one of the top smart contract-enabled blockchains. Also, following the success of projects such as Miss Universe Thailand, Fans Token, and PUBG NFTs, the ecosystem is diversifying into exciting new territories.
Following the various updates to the platform, including the Proof of Staked Authority (PoSA) consensus mechanism and new economic incentives, Bitkub Chain offers a compelling solution for developers of decentralized applications (dApps). Moreover, with a diverse suite of projects, tools, and services, the Thailand-based project is quickly becoming one of the go-to smart contract-enabled blockchain networks in and around the region.
If you want to take your decentralized finance (DeFi) game to the next level, you’ve come to the right place! Check out the DeFi 101 course at Moralis Academy to learn how to safely interact with some of the most prominent DeFi protocols in the industry, including Uniswap, Aave, Compound, and Synthetix. Plus, we teach you how to install and use the number-one Web3 wallet, MetaMask!
Also, our DeFi 201 course teaches students about yield farming, flash loan programming, crypto arbitrage, liquidity pools, and much more! Start your DeFi journey today with Moralis Academy! Also, don’t forget to follow us on Twitter @MoralisAcademy! We’d love to hear your thoughts about Bitkub Chain and KUB coin!
