Huboi, currently the third-largest cryptocurrency exchange by its 24-hour trading volume, just announced its big plans to unleash a public blockchain.
The Huobi Group is set to launch a 21-month program for the developer community named the “Huobi Chain Superhero Championship.” This program is aimed specifically at building the Huobi Chain, public blockchain from the ground up.
The Huobi group aims to develop a “next-generation decentralized autonomous financial platform,” which would be the first of its kind. Huobi Chain would give both organizations and individuals a trustworthy and autonomous platform for both value exchange and fundraising.
CEO and Founder of Huobi Group, Lin Li, stated in a press release sent via email:
“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 one that’s run by the community. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization… Upon completion, all of the code will be open sourced. Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”
Later on, Huobi hopes to then build a decentralized cryptocurrency exchange (DEX) around this blockchain, which will enable its users to trade crypto without holding their coins in an exchange-controlled wallet, which is typically where hackers attack first.
The group plans on funding the project with $100 million worth of Huobi Tokens (HT).
Huobi Token’s (HT) Rise
HT reached an all-time high yesterday of $6.10 a coin after news broke to the media about the group’s new initiatives. For the week, the Huobi Token is up almost 60%. Huobi Tokens are used very similarly to that of Binance Coins (BNB), in which they give investors discounts for trading fees – up to 50 percent. HT’s can be extremely useful for day-traders and usually offer all pairings on its respected platform.
At press time, an HT is trading at $5.42 a coin, down -6.29%, in 24 hours.
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