Huobi unveils plans to create its own open-source blockchain protocol

June 06, 2018
Richard Reed

Singapore-based crypto exchange and coin issuer Huobi has announced plans to create its own open-source blockchain protocol.

Huobi will seed the project with 30 million of its Huobi tokens, worth roughly $166m. Huobi is currently the 59th largest crypto currency according to coinmarketcap, with a market capitalisation of £277m, and the world’s third largest digital currency exchange by trade volume.

The company says the Huobi Chain Project will provide individuals and organisations with a reliable financial protocol for exchange, fundraising and securitisation.

“We firmly believe in a decentralised future, and the main goal of the Huobi Chain project is to transform a centralised corporation to a decentralised one that’s run by the community,” said Leon Li, founder, and CEO of Huobi Group.

“Our dream is for Huobi to run on the public blockchain and become a truly decentralised autonomous organisation.”

Chain Superhero Championship

Huobi is also launching a Chain Superhero Championship to incentivise the developer community to take part in building the Huobi public blockchain.

The project is expected to take roughly 18 months, and will be divided into milestones, with teams around the world able to join in and compete for the prize pool. New groups can enter the contest at any milestone based on the open-source code from previous milestones.

“Upon completion, all of the code will be open-sourced, and we will also gradually migrate Huobi onto this new public blockchain,” Li explained.

He said a percentage of Huobi’s yearly revenue would also be made available to fund the programme.

Huobi has also announced today that it will be launching a new cryptocurrency exchange in Australia by the end of June.

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