Huobi, currently the third largest crypto exchange in the world, plans to allocate 30 million HT tokens for the creation of its own open source blockchain protocol, company announced today
The money from the fund, currently estimated at $ 165 million, will be used to develop the Huobi Chain Project (HCP) and build a decentralized autonomous organization (DAO) on its basis.
Huobi Chain will provide a framework of autonomous commerce: different assets and credentials can be developed, relocated, and confirmed on the open chain as tokens.
The company counts the main features of the Huobi Chain to:
- Mitigate financial risks with supervision and consensus
- Optimize the trading process with blockchain technology
- Safeguard users' rights and interests with community autonomy
Moreover, Huobi declares their trust in a decentralized future so much that they will openly carry out an election for leaders and board members of the Huobi Chain around the world to select the best leaders for the Huobi Chain by voting.
Company has laid out the development plan which has four main phases spread over 18 months.
- Recruitment - selection
- Technical Adaptation
- Testing
- Mainnet Release
Huobi Group will provide 30 million HT as the start-up asset for public chain development.
Company also has a prize pool for development phase:
“In the election process, each milestone builds on the previous milestone. The goals were jointly designed by Huobi team and board members. Each milestone has a prize pool. Winning teams are selected at the milestone node, and they will share the specific prize pool at each stage,” the company explained on their site.
Earlier this month Huobi announced the launch of a 100 billion won ($93 million) investment fund, which will be used to support blockchain startups from China and South Korea