Huobi to Fund 30M Own Tokens to Build Own Blockchain

The money from the fund, currently estimated at $ 165 million, will be used to develop the Huobi Chain project
06 June 2018   641

The Huobi Exchange has announced that it is planned to allocate 30 million HT tokens for the development of its own open source blockchain protocol, CoinDesk reports.

The money from the fund, currently estimated at $ 165 million, will be used to develop the Huobi Chain project, on the basis of which a decentralized autonomous organization (DAO) will also be formed.

The blockchain will be used as a platform that will allow users to participate in the initial coin offerings (ICO) and vote for the tokens, which will subsequently be added to the main exchange.

In the future, the company intends to transfer its services to the blockchain, thus transforming into a decentralized exchange of cryptocurrencies, but these plans have not yet been approved, since such a system will require additional security and efficiency conditions.

We want this to be a social experiment. The future is not likely to be entirely decentralized. As such it's important to find the equilibrium that balances the two polars, which is the ultimate goal of this exploration.
 

Chen Guang

Huobi

Huobi intends to attract outside assistance to develop a new system and, in addition to its own tokens, is ready to spend part of its income on these purposes.

It is expected that the development of Huobi Chain will take 18 months, and the whole process will be divided into 8 stages, each of which will be held a competition for developers. In the next 2 or 3 weeks, the exchange will organize a council that will manage the process and establish the rules for competitive selection.

Chen said that currently his company is negotiating with 10 leaders from among the well-known participants of the blockchain space, who can help in forming the council, but refused to give their names.

Subsequently, the council will compile a list of candidates for the role of the head of the Huobi Chain project. Exchange users will choose the winner themselves by voting using HT tokens.

Size of funding that will be allocated for each stage of the project is unknown, but Chen argues that the amount will grow as Huobi Chain develops.

Huobi Derivatives Platform Volume to Break $1B

CEO believes that these offerings engages those who wish to control risks in a volatile climate
29 December 2018   393

Huobi Derivatives Market (DM) daily crypto contracts trading volume passed $1B. This is reported by Cointelegraph.

Huobi Global launched Huobi Derivatives Market in November. New platform features BTC and ETH contracts, allowing users to arbitrage, speculate, and hedge. 

The $1B point was passed on Dec. 25. Today, Market expands its contacts with EOS. Administration said that its crypto contacts control risk and uncertainty via price limit mechanisms and supervision tools.

Huobi Global CEO Livio Weng has stressed out that the offerings aim to engage those who wish to control risks in a volatile trading climate. Strong engagement on both the newly-launched DM platform and Huobi’s main crypto exchange was spotted on December 25; their combined daily traded volume was purportedly $2 billion.

Huobi DM’s launch comes at a moment when trading volumes across various exchanges are reported to have fallen real good.

Additionally, recent report from the Blockchain Transparency Institute (BTI) claimed that the majority of the top 25 Bitcoin (BTC) trading pairs listed on CoinMarketCap (CMC) are based upon highly inflated false volumes,