Huobi Group, running one of the most successful Korean exchanges, will build a decentralized market in the future, running on its own blockchain. Huobi plans to launch a “next-generation self-regulating and decentralized financial platform”.
“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 Lin 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.”
The new platform will be seeking a leading team by organizing a competition. Divided into 10 milestones, teams from around the world can join and compete for the prize pool. New teams can join 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.”
The Huobi Chain Superhero Championship will incentivize the community to participate in building the Huobi public chain from the ground up. Huobi will fund the project with an initial investment of 20 million Huobi Token (HT), which is about $100 million dollars at the current exchange rate.
The Huobi exchange has current volumes of $1.1 billion, with Huobi Token (HT) and Tether (USDT) increasing liquidity.
In April 2018, Huobi Group bought the Huobichain.com domain for 20 Bitcoin. Now, the usage of the domain has become clearer - a decentralized project aimed at developers and teams worldwide.
The Huobi Token (HT) had a bull run lately, reaching a record against Bitcoin, as well as a peak in dollar terms. The asset has grown by more than 40% in the past week, to $5.38, retreating a bit from a peak at $5.94. The Huobi move to build its own blockchain follows Binance, which will also migrate its Binance Coin (BNB) token in the near future.
About Huobi Group
Houbi Group has built the world’s largest blockchain and digital asset ecosystem. Established in 2013, Huobi’s digital asset exchange has accumulated a trading volume of US $1 trillion, and serves more than five million users in over 130 countries.
Huobi’s international presence offers the growing blockchain and crypto community access to a range of resources through Huobi Capital, Huobi Labs, Huobi Global Eco Fund, Huobi Academy of Blockchain Application, Huobi Augmented Blockchain, and Huobi Mining Pool.
This article appeared first on Cryptovest
