Our exciting news this week is that we have partnered with Huobi to build a decentralized platform for financial institutions to deploy their own blockchains, stablecoins, and other DeFi services fits perfectly with our vision for the Nervos Network.
“Our vision is to build the infrastructure for the future decentralized economy,” co-founder Kevin Wang said.
“More and more assets are being tokenized and moved to the digital world, including both native cryptocurrencies and traditional physical assets. The financial industry is now at an inflection point, and together with Huobi, we’re well positioned to help it modernize its services for the decentralized future.”
Nervos is providing the technology for the new blockchain platform, which will allow enterprises, financial institutions, and exchanges to deploy their own blockchains, tokenized assets, and DeFi services. By providing the decentralized framework and infrastructure for these entities to build on, we are aiming to make financial services more transparent, inclusive, and efficient.
While some media and commentators saw the project, provisionally called Huobi Finance Chain, as a rival to Facebook’s planned cryptocurrency Libra, our joint project is different in key ways. Libra only focuses on payments, while the Huobi Finance Chain is designed for compliant decentralized financial services. Plus, the Huobi Finance Chain will support crypto assets and multi-side chain architecture.
In the future, there will be many types of blockchains and non-blockchain platforms. They will work together, promote each other, protect each other, and weave together an efficient and reliable digital economy network. Regulatory-compliant blockchains like this initiative with Huobi will coexist with open, public and permissionless blockchains such as Bitcoin, Ethereum and the Nervos Common Knowledge Base (CKB).
That is why we are thrilled to be the creators of the Huobi Finance Chain as we look forward to working with the leading crypto exchange and many other financial institutions in the future. CKB and the Huobi chain have complementary focuses: CKB is about issuance and preservation of crypto-assets while the Huobi chain focuses on providing high performance decentralized finance service transactions.
We are grateful for the vote of confidence from Huobi in our expertise in blockchain development and design for this win-win partnership that is expected to open source in Q3, testnet launch in Q1 2020, and mainnet launch in Q2 2020.
“We’re extremely excited to be working with the Nervos team on this,” CEO of Huobi Global and Vice President of Huobi Group Livio Weng said. “We believe this project has enormous potential to do for established and emerging financial products and services what cryptocurrency is doing for the world of money.”
For more details on the project, here is the official press release.
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