Crypto Exchange Huobi Announced Launch of its First Public Blockchain
Singapore-based cryptocurrency trading and asset management service provider Huobi Group is pushing its envelope in 2019 with the launch of its first public chain called Huobi Chain.
Cryptocurrency trading and asset management service provider Huobi Group announced the launch of its first public blockchain, called Huobi Chain, with the release of its white paper.
In a statement, the company said the public blockchain would be constructed from the ground up to guarantee transparency, security, and fast and high-frequency transactions.
Huobi Global CEO Livio Weng stated:
"This is just one more way that Huobi is seeking to improve the global digital asset and blockchain community. Once launched, Huobi Chain will offer users a variety of benefits, including security, transparency, fast, scalability, and smart contract capability."
According to Weng, the Huobi Chain is being built by a team of experts from Huobi as well as from the industry and is seen to make significant development in 2019. The free chain will be using Utilizing BFT-DPoS (Byzantine Fault Tolerance -- Delegated Proof of Stake) as its consensus mechanism.
The public chain will offer the following features: safety-first infrastructure as Huobi Chain will follow strict security testing and audit; efficient dual-chain functionality with the public chain developed to accommodate high frequency and high-speed transactions that will support multiple uses like financial and business contracts, and effective governance of both on off-chain and on-chain elements.
In its white paper, Huobi said that the public chain’s public objective is “to achieve the settlement of asset transactions on the premise of transparency and regulation.” Huobi noted that at present, “the transparency of digital asset exchanges is limited, and there are hidden security problems surrounding user assets. In addition, exchanges have been questioned on the grounds of illegal trading and money laundering.”
It added that these issues prevent the long-term development of the digital assets space. But the Huobi Chain will offer the solution to these concerns by conducting transactions on-chain and through the regulation of nodes on the network.
Huobi further stated:
“The digital asset market is still in the initial stage of development and is far from the scale of the traditional financial markets. There is great potential for growth. To this end, the Huobi Chain will deploy new business models to meet the needs of future development.”
Huobi has been on an expansion mode lately. Earlier in December, The Singapore-based digital assets trading group said it would build a global digital currency infrastructure to target both institutional and retail customers in 2019.