According to CoinMarketCap, Huobi Pro is the third largest exchange based on trading volume currently at $896,992,726. Since launch few years ago, Huobi Global has launched several successful financial products that have immensely contributed to its meteoric rise. Earlier last week, at a press conference held in Singapore, the company announced that they were building a next-generation public chain, Huobi Chain. Leading blockchain assets solution provider has before the recent announcement launched several financial products like the Huobi 10 index and HADAX. You can create a free account on Huobi and start trading.
The announcement revealed the launch of the Huobi Chain Project (HCP) and the Huobi Chain Superhero Championship Program (HCSCP). Both projects are to facilitate the building of the world’s next generation self-regulating and decentralized financial platform. HCP “will provide individuals and organizations with a reliable financial protocol for value exchange, fundraising, securitization and more.” Individuals and organizations will have the freedom to generate, transfer, notarize and confirm transactions at an unprecedented speed not seen on a public chain. Also, various types of applications and smart contracts will be able to work seamlessly on the Huobi Chain. Current key partners of Huobi Global will be upgraded to the level of SuperNodes on the chain.
As a way of kickstarting the program, the company is seeking out a global leader who will lead the development of the Huobi Chain project. Some have claimed that both private and public chains are decentralized. While we will not proceed to argue that point, the fact remains that a public blockchain network is more open compared to a private blockchain network. In light of this, Huobi Chain is a truly public blockchain as anyone can join and participate in its development.
Backing this up, Leon Li, founder, and CEO of Huobi Group had this to say about HCP: “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. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
In the spirit of decentralization and open source, the Huobi Chain project will adhere to a roadmap having milestone points. Individuals and teams from around the world can join and compete for the prize pool for a milestone achievement. It is not chronological, thus participants in the contest can try their hands at any milestone based on successful open source codes from previous milestones. Explaining why this approach is being taken, Li said: “Upon completion, all of the code will be open-sourced, and we will also gradually migrate Huobi onto this new public blockchain. Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”
Of course, as an incentive, the Huobi Chain Superhero Championship was also launched alongside HCP. This is a reward system to incentivize programmers worldwide to participate in the building of the Huobi Chain from the ground up. As a result, 30 million Huobi Token (HT), currently valued at $5.59 per HT at the time of this writing, has been set aside for the development of HCP. You can sign up for the Huobi Chain Superhero Campaign here.
Huobi is a vibrant company, always coming up with innovative projects. It would be great to see all its services running on its own dedicated blockchain. You can subscribe to their YouTube to keep up to date with events. You can also set up a free Huobi Pro account and start trading.