The first voting round of Huobi’s new HADAX 2.0 offered great returns, 3 project advanced to the next round
We have previously published an article on Huobi’s HADAX and why it would be an important platform for both the users of the Cryptocurrency ecosystem and venture capitalists as well. The HADAX stands for Autonomous Digital Asset Exchange and is a new venture from the Huobi Group, with the aim of building an exchange that gives back power to the community and to their leaders. Venture Capitalists will be able to take part in the system as Super Nodes, which have the ability to do screening on promising projects before leaving them for the community to vote on.
Voting on Hadax
Projects can be registered on HADAX 2.0 by the respective teams after submitting relevant documents, while being recommended by at least one endorser. Before the public voting can happen, the technology must be presented at the Huobi Show Center for Blockchain Projects, and at this point Huobi users, project teams and endorsers can all interact with each other. Public voting will follow after a basic legal evaluation, with the top 2 reputable projects with most votes get listed straight away.
Huobi also has an exchange token, namely Huobi Token (HT)], that plays an important role in the process as users can use these to vote on their preferred reputable projects. This means that the followers of the projects have a direct influence over, which project gets listed on a major exchange and as a result may gain a wider market share and stronger recognition.
Recent results
Since the last round of voting just recently finished, we wanted to take a few minutes to evaluate these and their respective rankings:
► First Place: HPT
HPT or Huobi Pool Token is the first sub-token of the Huobi Token ecosystem. Altogether 10 billion will be issued from it with 2 billion airdropped to HT holders and the rest earned through Huobi Pool and selected projects. Such projects include the incentivization of the holding of EOS, TRX and ONT with varying minimum quantities. Huobi Pool’s main focus is mining and project development, mainly for PoW mining and the EOS super community. The HPT token will give users voting and participation rights.
► Second Place: RTE
The Rate3 network is aiming to build an interconnected tokenized world with cross-chain communication and identity management. The focus is on bridging enterprises to the blockchain, with smart contract standards, stable tokens, unified identity ecosystem and common legal frameworks. The network will use a double protocol layer, with one being the tokenization protocol and the other will be the identity protocol. The tokenization protocol will offer an end-to-end protocol for Ethereum and Stellar, the 2 main networks for smart contracts and tokens currently. Project advisors & investors include Fenbushi Capital, Matrix Partners China and Sequoia representatives, together with experts from Forbes, ING and many more.
► Third Place: TRIO
Honory third place mention is Tripio, which aims to build the world’s first travel marketplace. This will provide travelers and service providers a decentralized and immutable marketplace to close deals without the need for expensive middlemen. Another main aspect of the system is the ability to market services to anyone and anywhere in the world as there are no restrictions as long as you have a smartphone or a PC.
Our verdict
After looking over most of the project on the voting list, we found that the Super Nodes who mainly do the first round of vetting did a great job. There are many unique projects there that we might have missed elsewhere because of various reasons ranging from language differences or that these might have been marketed towards different geographical areas.
The first 2 places, namely HPT and RTE all bring something different to the table. Even though HPT is more of a tool for Huobi to grow its ecosystem and offer a wider range of services, it is still remarkable that the new direction of the company is to let users interact and vote almost everywhere. Rate3 also offers something unique in the sense that it will leverage the 2 existing smart contract blockchains for identity and trust management, while offering secure business solutions (like stablecoins) to those who need it.
HADAX 2.0 and its voting mechanism seems to be one of the potential major paths of future exchanges as it is a mix of centralized and decentralized exchanges that still lets users have major control in the system.
If you are interested on following Huobi’s HADAX 2.0, you can registed here for a single account to gain access to every part of the ecosystem.