Huobi Global has announced its plans to develop its own public chain, dubbed as Huobi Chain, for the deployment and operation of various decentralized apps and smart contracts.
Huobi Global’s Rise to Glory
Tracing its roots back to the year 2013, Huobi Global has rapidly grown and gained a global user base of more than 5 million in 130 countries. According to Coinmarketcap data, Huobi ranks third on the list of cryptocurrency exchanges based on trading volumes. Some of its top highlights include being the first crypto exchange with 24/7 customer support, an investor protection fund program and an independent crypto evaluation system.
Huobi Global has made an indelible mark in the global crypto community by virtue of the fact that it is always taking the initiative to launch new products into the market. One of its most recent releases was Huobi 10, an index tracking product launched on June 1st, 2018 which makes it easy for traders to avert crypto volatility. Traders who use this index enjoy the benefits of passive market tracking and do not have to rely on the success of any single coin.
Another key innovation was the Huobi Autonomous Digital Asset eXchange (HADAX) which launched in February this year. Under this system, Huobi users get to vote the cryptocurrencies they would like to see listed on the exchange. But in order to avert the risky nature of cryptocurrency projects, HADAX makes use of what it refers to as Super Nodes. These are professional investment firms which assess the viability of projects and vote them up. The HADAX expert team also plays its part in confirming the legitimacy and authenticity of interested projects before allowing users to vote on them.
This is a mere fraction of the innovations that are constantly materializing on the platform. If you have not already done so, create an account on Huobi Global by clicking here, and take advantage of these and many other opportunities available.
Huobi Chain Project
Huobi Chain Project is the latest innovation under development on the platform, announced at the Huobi Group Global Rebranding event which took place in Singapore on June 6th, 2018. The project seeks to establish a top-notch, self-financing public chain which aims to offer individuals and organization the infrastructure needed for developing applications. It is part of the platform’s business shift from being an exchange to an integrated blockchain service provider.
Just like Ethereum and EOS public chains, Huobi Chain will offer a decentralized platform open to all for carrying out peer-to-peer transactions on a distributed ledger system. Huobi’s objective in this initiative is to create an unrivalled and unparalleled blockchain system for transaction generation, notarization and confirmation. To this end, it has dedicated 30 million Huobi Tokens (HTs) to the project and pledges to devote additional resources as the need arises to make it the best public chain yet. According to current market rates, one HT unit is selling at $5.78 as at press time.
Once the chain is operational, HT utility will be upgraded from its current ecosystem to the new blockchain. Additionally, it will form a seven-member council, which will include two or more of Huobi’s directors for the institutional design and technical architecture of the new chain. With the move to its own public chain, Huobi will finally realize its vision of becoming a decentralized autonomous organization.
Set to be completed in an estimated 18-month period, the project is welcoming developers from all corners of the globe to participate. Since it is set to be an open-source code project, the global team can join in at any stage of the development process. Divided into eight milestones, the program will have prizes for the teams at the completion of each one.
Do Not Miss Out
Huobi Chain is one of many new projects on the verge of implementation on the dynamic Huobi Global platform. No doubt, you would like to get in on the action while you still can and the first step to do so is by subscribing to the Huobi YouTube channel. On this channel, you can get insights on Huobi’s upcoming and ongoing projects as well as the latest news developments and announcements. Learn how Huobi operates from their informational videos and get updates on the state of the global crypto market.
And in order to enjoy firsthand the benefits of crypto trading on a next-generation platform, make sure you create your own account on this easy sign-up link.