Huobi, one of the biggest cryptocurrency exchanges in the world, has announced that it is offering 30 million Huobi Tokens (HT) to fund the development of the Huobi Chain Project. Its ultimate goal is to move its entire operation onto a public blockchain, so that they become decentralized and autonomous.
Exchange Believes in a Decentralized Future
HCP is set to provide a number of financial protocols in a reliable and stable environment. By moving its platform to a public chain, Huobi is reducing the risk of hacks as there won’t be a single point of vulnerability.
Founder and CEO of Huobi Group Leon Li 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 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.”
The HT will be distributed throughout an 8-phase contest that will take 21 months in which developers will compete to produce the best technology for Huobi Chain. Huobi will be establishing a committee of well-known leaders from open-source blockchain projects to oversee the contest and project.
The 30 million HT are worth over USD 150 million at this time, however, only 50 million HT are in circulation, while 450 million are held by Huobi. The 30 million HT will be taken from what Huobi is holding and dumped onto the market during the building of Huobi Chain, increasing circulating supply by 60%, which is expected to drive HT price downwards significantly. Since the announcement of the Huobi Chain bounty, HT price has declined by over 10% due to this expectation.
This is possibly a motive behind Huobi wanting to transform itself into a decentralized autonomous organization; once Huobi achieves its goal it won’t ever have to worry about running away from a nation’s government again. Huobi believes that by going completely digital and decentralized, and no government in the world will be able to disrupt its operations as in the past.
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