Huobi is currently one of the world’s largest crypto exchanges, and has been on a massive expansion drive of late. Recent initiatives have included an office in Brazil, a new ETF and a new market index – all reported right here on Bitrazzi.
Now, Huobi have announced that they are starting their own public blockchain, and they want members of the public to help build it. To fund the project, they have set aside 30 million Huobi tokens, worth well in excess of $150 million.
The concept of a public blockchain is one that is completely decentralized, with anyone able to add blocks. Huobi’s code will be open-source, and when the blockchain is finished, they plan to move their crypto operations on to it.
The creation process will be divided up into 8 sections, with the token allocation also being divided accordingly, effectively turning the project into a multi-stage contest. Leon Li Lin, the founder and CEO of the Huobi group, said:
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… Our dream is for Huobi to run on the public blockchain and become a truly decentralised autonomous organisation.
Meanwhile, Gordon Chen, the Huobi Eco director, was quoted as saying:
We believe that in the future, DAOs [Decentralized Autonomous Organizations] will replace organizations in some way or form. History will change with or without us, so we are leading this change… This is going to be a gradual process, and it is going to take quite a while. We first have to build the chain then migrate; that is why we are seeing it as an experiment… we don’t know how it would be like. We are trying to see if the entire ecosystem can exist as a decentralized state.
And Huobi are at pains to ensure that the migration, when it happens, does not cause any upheaval to their staff, although they declined to comment on whether they would consider token-based payment for their workforce once operations had all gone on their new blockchain.
Stay tuned to Bitrazzi.com for the latest developments with Huobi and their blockchain.