Introduction to Huobi Global’s Huobi Ecochain (Heco).
What is Huobi Global?
Huobi Global Exchange is a virtual asset exchange established in China in 2013. Leon Li (CEO Huobi), who worked as a computer engineer at Oracle, launched the Bitcoin trading platform and attracted an investment of $10 million in a year. Since then,
Huobi has provided various virtual asset transactions and has entered the global market. Now, Huobi has offices in Hong Kong, Japan, Singapore, and the United States.
Huobi Global is also a very popular and reliable exchange, ranking second in the global exchange ranking of CoinMarketCap as of January 24, 2021. Huobi supports a large number of coin transactions, including BTC, ETH, and ALTS markets. In particular, Huobi Token (HT) as well.
The Huobi token was issued in January 2018 and aimed to maintain and operate the Huobi ecosystem. HT holders can use HT to get a discount on transaction fees and use various blockchain incubating services, including Hadax (Huobi subsidiary) listing voting, Huobi Cloud, OTC, and community services. It can also be used in the mining pool provided by the Huobi platform.
What is Huobi Ecochain?
Huobi Ecochain (Heco), an open platform for Huobi, was officially launched on December 21, 2020. This is a service similar to the Binance Smart Chain (BSC) of Binance Exchange. Just as Binance is successfully operating DeFi services utilizing BNB and Binance Smart Chain, Huobi also utilizes HT to operate and provide various services. Since Heco was developed based on the Ethereum network, it has similar characteristics to Ethereum.
The catchphrase of Heco is “High Performance, Low Gas Fee, and Better Cross-chain User Experience.” In other words, it shows the ambition of realizing its value by providing faster transmission and lower fees compared to the existing Ethereum networks and a more familiar user experience with cross-chain.
Heco has various core functions such as HPoS-based consensus mechanism, reward based on node contribution, cross-chain bridge within the Heco platform, and meta-transaction.
Among these, the key function is meta-transaction. It is designed to give a grade divided into 7 according to the user’s HT holding amount and to get a gas fee discount by the grades. Therefore, the more HT holdings are, the more advantageous it is to use Heco-based DApp services.
Heco was officially launched in December 2020. Starting with the Tinder phase, it has a roadmap of four major phases as follows.
Phase 1 (Tinder, ~ 21.Q1)
Complete basic functions such as improving transaction performance and reducing gas fees, and incubating the DApp ecosystem
Phase 2 (Spark, ~ 21.Q3)
Expanding Heco infrastructure through developer-only toolkits, forums, and various community configurations
Phase (Flame, ~ 22.Q2)
Cross-chain protocol upgrade
Phase 4 (Blaze, ~ 23.Q1)
Implementation of multiple virtual machines and shading scheme
It is currently in the Tinder phase and focusing more on building an On-chain infrastructure.
What is On-chain?
On-chain (blockchain) refers to a situation in an isolated network state with no external connection. Since it is separated from the network, it is naturally very safe and reliable. Still, only when it is connected to the Off-chain (outside world), most of the functions of smart contracts can be implemented in reality. The infrastructure service that connects these On-chain and Off-chain is called Oracle. This is an entirely different concept from the Oracle company, making database software that we have been listening to.
Huobi Ecochain Support Plan
For the vitalization of Heco, Huobi offers three support plans. They are economic support, traffic support, and resource support.
Economic Support — It is to create a separate fund for economic support, discover capable developers, and support incentives. It seems that the meta-transaction has a role here.
Traffic Support — If you successfully launch in Heco’s DApp and meet the listing conditions, you can list it on Huobi Global Exchange.
Resource Support — Projects launched on Heco DApp are introduced through Huobi Global’s official news report and can be promoted worldwide using various marketing service platforms provided. Besides, successful projects will be provided with multiple resources, including participation in the Heco Global Roadshow.
Bitsonic’s Plan
Starting with the BSC Bridge launch this year, Bitsonic is planning a variety of programs for the global market beyond Korea.
As the first step, Bitsonic officially supports Huobi Global’s Heco ecosystem through the BSC bridge. Besides, BSC will join the Heco platform, and a lot of utility services will be provided.
- hBSC is a token based on the Heco blockchain (HRC20) and has exactly the same value as the existing BSC. If you deposit BSC on the BSC bridge platform, hBSC will be issued in the same amount as the amount deposited.
- The deposited BSC is automatically locked up, and newly issued hBSC can be exchanged back to BSC through a 1:1 ratio swap at any time.
- Since BSC and hBSC can be swapped at a 1:1 ratio, the total circulation of BSC does not change due to the issuance of hBSC.
- The two types of BSC (ERC-20 and HRC20) will provide De-Fi services on different platforms, and expand and enhance the utility of BSC. Besides, we are planning hBSC to be listed on other platforms that support Heco blockchain.
- BSC fees will be charged after the swap system is completely activated and other coins’ bridges and transactions are supported. Naturally, the BSC accumulated as a fee will also be burned, and a certain percentage of the fee will be announced later.
- After Heco-related services are settled at a certain level, another mainnet bridge and swapping will be added in sequence.
More details to the Heco blockchain platform in the link below
Thank you.
