Huobi Develops Its Own Blockchain, Huobi Chain, For A Decentralized Huobi Cryptocurrency Exchange

The Huobi exchange house, based in Singapore, wants to migrate its operations to a decentralized and participatory blockchain, for whose development it opened a competition to select the leaders who will carry out the plan. The project is called the Huobi Chain Project (HCP) and was announced by the Huobi Group on June 6th through its blog, adding that the initial investment will be 30 million Huobi Token (HT)(approximately $174 million).

In this regard, the company’s CEO, Leon Li, said that the main objective of the project is to gradually transform Huobi’s centralized platform into a decentralized and open source one, where the community can freely participate and regulate its operation. Thus, in Huobi Chain, the exchange of values, monetary collection, and other applications will be carried out in a decentralized manner.

The plan includes the gradual migration of Huobi to this new public blockchain and the upgrade of Huobi Token (HT) from a general token in Ethereum (ETH) network to one based on the new Huobi blockchain, according to the briefing note.

Huobi announced a Huobi Chain competition for attracting devs to help them move to a decentralized Huobicryptocurrency exchange

To launch its blockchain, Huobi also announced the bases of the Huobi Chain Superhero Championship (HCSCP) program, through which the company will choose the developers of the project, which will be implemented in 18 months, distributed in four stages. The first three months will be dedicated to the election of these leaders through this program, which began on June 6 with a public call for candidates and teams, which can be registered until July 5th.

It is also indicated that after the election, the Huobi Chian project will be led by these leaders, who will work with board members to oversee the process and contribute to its progress into new phases.

It is worth mentioning that Huobi is not the first cryptocurrency exchange platform to implement its own decentralized blockchain. Last March, another important exchange, Binance, announced a similar project when it launched Binance Chain which is a public blockchain designed to facilitate the transfer, commercialization, and generation of blockchain assets, which also required the update of its Binance Coin (BNB) cryptocurrency.

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About the Author: Anna Galvez

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