Crypto exchange Huobi plans its first decentralised blockchain

On Wednesday, crypto exchange, Huobi announced that it is allocating Huobi Tokens of 30 million to fund in the developing its own open sourced blockchain protocol. In the scenario of public blockchain, where Bitcoin and Ethereum operates in which anybody can add new blocks as there is no central entity that owns and controls.

Leon Li Lin, founder and CEO of Huobi Group said,

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. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization

The Huobi states at a press conference in Singapore, the 30 million fund will be used to launch the Huobi Chain Project. Since it is aiming to build decentralized autonomous organization (DAO) based on blockchain. However, after completing its new blockchain project, the company will move its crypto operation to the platform.

The director at the Huobi Group ecosystem development arm, Chen Guang explained that blockchain platform will help user to participate in ICO events and also to vote for tokens that should be listed on Huobi. Chen believes that the future of blockchain ecosystem must be a combination of both decentralization and centralization.

Find the Orginal Source of the Info: Huobi Crypto Exchange made a new and bold move