The year 2018 might have been bad for the prices of most crypto assets in the crypto market but development on the blockchain has been impressive. Huobi Group recently released a white paper for Huobi Chain, a public blockchain.
Introducing Huobi Chain
The public blockchain has the vision to enable the real economy and promote the development of the digital economy. It also aims to promote “publicity, transparency and co-construction” in the digital world.
Huobi Group, which is one of the world’s leading blockchain company, released a press release via PRNewswire, which outlined an English whitepaper for Huobi Chain, the company’s first foray into native blockchain development. It says Huobi Chain will utilize BFT-DPoS (Byzantine Fault Tolerance — Delegated Proof of Stake) as its consensus mechanism.
“This is just one more way that Huobi is seeking to improve the global digital asset and blockchain community,” said Livio Weng, CEO of Huobi Global, commenting of the launch. “Once launched, Huobi Chain will offer users a variety of benefits, including security, transparency, fast, scalability, and smart contract capability,” he explained.
Huobi Group has an accumulative turnover exceeding USD 1 trillion. It provides cryptocurrency trading and asset management services to users in over 130 countries. The Singapore cryptocurrency exchange holds a full Distributed Ledger Technology (DLT) license by the Gibraltar Financial Services Commission (GFSC) last month.
As per the roadmap in the whitepaper, a working version of the blockchain might go live in the fourth quarter of 2019. The paper says that Huobi’s developers will collaborate with industry experts. Moreover, this will help it to make significant progress on the project over 2019.
At first, Huobi Chain will put its trading activities on the chain to enable “asset trading and clearing with openness, transparency and regulatory compliance”. Huobi Chain will also put the order book, order limits, and settlements on a chain.
Features of Huobi Chain
Huobi Chain plans to adopt a double-chain architecture on the blockchain. Moreover, the two parts are:
– H Exchange Chain – this will provide payment and settlement functions, such as placing orders, matching, depth and other functions.
– H Contract Chain – this will support smart contracts.
According to the press release, Huobi Chain will design from scratch to ensure security and safety. The public chain will also accommodate high speed, high-frequency transactions. Moreover, it will support complex applications like business and financial contracts.
Binance, another cryptocurrency exchange, earlier this year announced it will launch a new decentralized exchange. Changpeng Zhao “CZ”, Binance founder confirms that the Binance Chain expects to go live in early 2019.
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