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   1265

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 Chain to Go Open Source

According to the GitHub label, it is written in Rust
13 November 2019   96

Huobi Chain developers have posted a source code for DeFi services-oriented blockchain on GitHub. Later, regulatory control tools are integrated into it, reports CoinDesk.

Part of the technical infrastructure of the project is provided by the Nervos blockchain startup. Company representative Bo Wang explained that the built-in components will allow regulators to control the placement of contracts, asset ownership and transactions.

Regulators and financial institutions will be able to block assets and accounts through sidechains in case of emergency, Wang added.

It is anticipated that these decisions will ensure compliance with anti-money laundering standards.

Supervision nodes will enable regulators to independently run and maintain nodes, extract data, and participate in the ecosystem’s supervision.
 

Bo Wang

Researcher, Nervos

Huobi Chain will also provide tools for pre-auditing deployed applications.

It's worth noting that Rust is noted as a programming language of the Huobi Chain at the GitHub.

Huobi announced the development of the blockchain in July. It was expected that the network code will be open in the III quarter, and the test network will work at the beginning of next year.