Crypto Exchange Huobi to Bankroll Own Blockchain With $100 Mln Dev Fund
Huobi, is launching its new public blockchain, the Huboi Chain Project (HCP), the company's representative told Cointelegraph.
As of press time, Huobi is the world's third biggest crypto exchange in terms of trading volume, as shown on Coinmarketcap.
So as to make the new blockchain, Huobi will support the Huobi Chain Superhero Championship Program (HCSCP) with an underlying investment of 20 mln Huobi Tokens (HT), worth about $100 mln dollars. Huobi will likewise contribute a portion of its yearly income to the program.
The 21-month program will "[seek] out a worldwide leader to lead the development of the Huobi Chain project." The challenge is grouped into 10 unique "stages," each with a prize pool. Every breakthrough is a challenge between development team from various parts of the world.
As indicated by Founder and CEO of Huobi Group Lin Li, once the program is done, all the code will be open source and they to will relocate Huobi onto the new blockchain in a gradual process.
The new public blockchain will "be open so anybody can join and partake" including individuals and organisations. As indicated by Huobi Group, the new platform will be utilized for "value exchange,monetary pledges, securitization and lot more."
With the arrival of HCP, Huobi expects to decentralize its own operations. As indicated by Huobi Group, it is the first such activity of its kind, Li stated:
"We solidly have faith in a decentralized future and the principle objective of the Huobi Chain venture is to change a centralised enterprise to a decentralized one that is controlled by the network. Our goal is for Huobi to keep running on the public blockchain and turn into a genuinely decentralized autonomous organisation."
Huobi was established in 2013 and has more than 5 million users in 130 nations. At press time, Huobi has a 24 hour trade volume of $1.12 bln. A week ago, Huobi reported it is launching a crypto-based exchange traded fund (ETF), a kind of mutual fund that divides the ownership of cryptocurrency assets into shares. The ETF, called Huobi 10, will be founded on a recently made market index.