Huobi Finance Chain Launches Public Beta
Huobi Chain, created in partnership with Nervos, is an open-source public blockchain. With a regulator-friendly framework, Huobi Chain was purpose-built for the financial services industry — to deploy DeFi services and applications, including their own blockchains, tokenized assets, payments and identity verification, lending services, decentralized exchanges, and more.
The high-performance decentralized finance (DeFi) chain is now live for beta testing by developers, enterprises, regulators, miners, and the rest of the blockchain ecosystem.
Huobi Chain’s high-performance architecture is designed to support high-volume transactions critical to the financial services industry. Features like cross-chain interoperability, multi-asset support, smart contract capabilities, and multi-and-sidechain architectures also provide banks and financial institutions with a highly flexible, globally scalable framework.
Ciara Sun, VP of Global Business at Huobi Group, believes “DeFi has become one of the most promising applications of blockchain technology, but its future requires both sides — regulators and enterprises — to work together to establish the standards and guidelines of the new decentralized economy. With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”
Regulator-Friendly Framework
To encourage increased collaboration between regulatory agencies and the private financial sector, Huobi Chain adopts a flexible governance model based on a variation of the Delegated Proof-of-Stake (DPoS) consensus algorithm. This flexible design enables Huobi Chain to support both regulators and enterprises on the blockchain, through unique features like regulatory nodes, which allow regulators to contribute to the network as validators.
Industry-standard identity protocols like Know Your Customer (KYC) verification ensures the network meets Anti-Money Laundering (AML) requirements. Huobi Chain also utilizes a Decentralized Identifier (DID) system to provide verifiable, decentralized digital identities on its network, making cross-border compliance and regulation more easily achievable at scale.
Blockchain Innovation
As the world’s first public blockchain with on-chain governance and regulatory framework, Huobi Chain offers innovative features that push the boundaries of blockchain.
Developed to be interoperable with a wide variety of centralized and decentralized networks, Huobi Chain supports user-deployed smart contracts, third-party side-chains, and multiple languages. The testnet currently supports smart contracts written with C programming language, but Huobi Chain will provide future support for other programming languages to further expand ecosystem development.
The chain’s proprietary asset management capabilities will provide support for a wide variety of on-chain and cross-chain asset management services across popular digital assets like BTC and ETH, as well as Huobi-launched assets like HT, HBTC, and HUSD.
For further details about Huobi Chain’s features, visit https://huobiglobal.zendesk.com/hc/en-us/articles/900000258383
Ongoing Updates
Leading up to the network’s planned mainnet launch in Q3 2020, Huobi will continue to leverage its domain expertise in blockchain and financial technology to explore new opportunities to bolster the financial market infrastructure of Huobi Chain. Current priorities include expanding support for third-party developers and various asset classes, including traditional assets, as well as developing a more robust on-chain framework for compliance and regulation. Huobi’s Ciara Sun added, “By providing the infrastructure to help make financial services more transparent, inclusive, and efficient, we want to create a more equitable economy where wealth is accessible to all.”
About Huobi Group
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established by Leon Li in 2013, the company’s Huobi Global exchange accumulative turnover exceeds US $2 trillion. Huobi proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.
For more info, visit www.huobi.com
