A source from BusinessWire confirms that Bithumb Global announced the release of its very first crypto asset, Bithumb Coin (BT), the native token of Bithumb Chain.
The source explains what the Bithumb Coin is below:
Bithumb Chain is the decentralized open-source protocol that powers the products, services, and infrastructure within the Bithumb Family ecosystem which helps capture value from both upstream and downstream of the trading business. To further bolster the infrastructure of the Bithumb Chain ecosystem, Bithumb Family has a variety of new technologies adding to the value network of the blockchain, including a creative 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 incentivise users is Bithumb Coin (BT).
Bithumb Coin (BT) enables transactions within Bithumb Chain and provides the necessary mechanism for facilitating true 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.
Token distribution has been described as follows: 30% of the token distribution is based on the user incentive pool, while another 30% is allocated for trading incentives with a point system which will be disclosed at a later time. The other functionality of the coin are as follows: 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. In effect, Bithumb Chain eco-participants not only participate in the formulation and direction of network development, but also the investment decisions of Bithumb Chain. 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 includes participating in Bithumb Chain events such as fair token distributions. Bithumb Coin has many perks designed for the holder.