Huobi To Fund Public Blockchain Project With 20 Million Huobi Tokens

In order to create its new public blockchain, the Huboi Chain Project (HCP), Huobi will fund a Huobi Chain Superhero Championship Program (HCSCP) with an initial investment of 20 million Huobi Tokens (HT), worth about US$100 million dollars. Huobi will also contribute a portion of its yearly revenue to the program, according to comments by a Huobi official to media outlet Cointelegraph.

Huobi is conducting a 21-month program to find a global leader to lead the development of the Huobi Chain project. The contest is divided into 10 different milestones, each with a prize pool. Each milestone is a contest between development teams from different parts of the world.

According to founder and CEO of Huobi Group, Lin Li, once the program is finished, all the code will be made open source and they will gradually migrate Huobi onto the new blockchain.

The new public blockchain will be open so anyone can join and participate including organizations and individuals. According to Huobi Group, the new platform will be used for value exchange, fundraising, securitization and more, according to the report.

Huobi aims to decentralize its own operations after the release of HCP. "We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization," Li said.

Huobi was founded in 2013 and has over five million users in 130 countries. Last week, Huobi said it is launching a crypto-based exchange traded fund (ETF), a type of mutual fund that divides the ownership of crypto assets into shares. The ETF is called Huobi 10.

China Expert network
Li Dongmei
Li Dongmei is a staff researcher at China Money Network.