Categories: Ethereum

Crypto Exchange Huobi Unveils Plans to Put Entire Organization on the Blockchain

Click here to view original web page at www.newsbtc.com

Aiming to be among the first ‘leaders’ of decentralized financial infrastructures, cryptocurrency exchange Huobi — the third largest in the world by trading volume — has unveiled plans to put its entire organization on the blockchain.

Gordon Chen, director of the exchange’s global ecosystem fund Huobi Eco, told Tech in Asia that the process will be completed in phases over an estimated 18-month period, as reported by the South China Morning Post.

Called Huobi Chain, the project is still being built, but the company has launched a program inviting developers from all over the world to participate in creating its new public blockchain. The code behind Huobi Chain, according to Leon Li Lin, Huobi’s founder and CEO, will be open-sourced, which means that teams can start working at any stage of the operation.

The exchange will fund the program with an initial investment of 30 million Huobi tokens, equivalent to about $170 million. The program consists of eight milestones, and teams will get a prize for hitting each one, said Chen.

Chen adds that he believes blockchain ‘brings a new world,’ where decentralized autonomous organizations (DAOs) will replace existing corporations.

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

In DAOs decisions are made by the community, doing away with a hierarchical management structure. To operate, they rely upon things like smart contracts and pre-programmed rules, like setting aside a certain percentage of the company’s earnings for a task or a fund.

Huobi, established in 2013, has become the second largest mainland Chinese cryptocurrency exchange after OKEx. Last year, both exchanges came under scrutiny from the Chinese government, and in September Chinese regulators ordered both exchanges to shut down their cryptocurrency trading operations. Because of this, Huobi moved its operations from Beijing to Singapore.

In the wake of Beijing’s crackdown, Singapore, which was described as ‘friendly to blockchain technology‘ by Ben He, CEO of Ethereum wallet imToken, has become an increasingly popular destination for Chinese companies in the cryptocurrency industry.

Bitmain, which operates the world’s largest mining collective, said earlier this year it was opening a regional headquarters in Singapore. In relation, OKEx said in April that it plans to move its headquarters from Hong Kong to the European island of Malta.

Featured image from Shutterstock.

Tags: blockchain, china, cryptocurrency exchange, Decentralized Autonomous Organization, Gordon Chen, huobi, Huobi chain, Leon Li Lin, OKEx, singapore

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

31 mins ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

31 mins ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

32 mins ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

32 mins ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

32 mins ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

32 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More