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Home NEWS Blockchain

Huobi to Develop as Decentralized Autonomous Organization

Coinworldstory by Coinworldstory
June 9, 2018 - Updated on September 28, 2018
in Blockchain
Reading Time: 3 mins read
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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.

Huobi Chain, building a next-generation self-regulating and #decentralized financial platform, has officially launched today.

For more information: https://t.co/PTWggedxZJ#Huobipro #Hadax #HuobiGlobal #Autonomous #DAO #Financial #HuobiChain #HuobiEco pic.twitter.com/qBxn3KHfID

— Huobi Pro (@Huobi_Pro) June 6, 2018

https://platform.twitter.com/widgets.js

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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.

[su_quote]Quote This article is writing on 09 June 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]

Article Disclaimer

The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .

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