Huobi Chain - Huobi Global Announces Plans To Develop Their Own Public Chain
Huobi Global
It is a well-known fact that this year has been nothing short of stellar for Huobi Global. In addition to Huobi Pro making giant leaps of progress and becoming one of the top 3 cryptocurrency exchanges in the world, Huobi Eco as a whole has grown and flourished. Huobi’s ambitions are global and wide-reaching. A great example of this would be Huobi Australia which has received approval from the Australian regulatory authorities to legally carry out fiat-to-coin trading business. Other recent notable achievements include Huobi’s billion dollar Global Blockchain Fund which promises to take blockchain development to the next level and the launch of the Huobi 10 Index Tracking Fund.
In line with this series of revolutionary announcements, on June 6th, Huobi Group announced the launch of Huobi Chain. With this new initiative, the company aims to take strides towards building a next-generation self-regulating and decentralized financial platform.
Huobi Token Performance
All these achievements and progress have been hailed by investors which is evinced in the price of Huobi Token (HT). As of this writing, HT stands at rank 59 on CMC with a price of $5.74, a market cap of $286,781,147 and a 24-hour trading volume of $125,553,000 (Circulating Supply stands at 50,000,200 HT with a total supply of 500,000,000 HT). And as you can tell by this chart, calling HT’s growth anything less than meteoric would be an understatement.
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Huobi Chain - Huobi Global’s Brand New Public Chain
Huobi Chain will provide individuals and organizations with a reliable financial protocol for value exchange, fundraising, securitization and more. The public chain will allow various types of applications and smart contracts to operate on the chain seamlessly. The freedom to generate, transfer, notarize and confirmation on the public chain will be unprecedented.
This would also result in Huobi Token (HT) utility getting an upgrade from its current use in Huobi Eco to be based on Huobi Chain. Key partners in Huobi Eco will be upgraded to become super nodes on the Huobi Chain.
As per Huobi Global's official press release:
“We firmly believe in a decentralized future, and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community,” said Leon Li, founder, and CEO of Huobi Group. “Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
Huobi plans to kickstart Huobi Chain in a big way. They will do so by seeking out a global leader to lead the development of the Huobi Chain project. Divided into multiple milestones, teams from around the world can join and compete for the prize pool. New groups can enter the contest at any milestone based on the open sourced code from previous milestones.
“Upon completion, all of the code will be open-sourced, and we will also gradually migrate Huobi onto this new public blockchain,” Li explained. “Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”
Huobi Group has also allocated a massive USD$200 million to accelerate the Huobi Ecosystem. They intend to focus on upstream and downstream Blockchain projects, like exchanges, project incubators, media applications, digital wallets, data services, technological research, education, financial products, digital assets etc.
All this is a great indication of Huobi Global’s plans and what’s to come. If the writing on the wall wasn’t clear already, it is now. Huobi is here to do big things and make an even bigger statement with their very own public chain - Huobi Chain.
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