One of the most popular and widespread cryptocurrency exchanges, Huobi, has recently unveiled its plans to create a public blockchain that will serve as the foundation for the “next generation financial protocol”.
The news came this Wednesday after the company announced that they are ready to fulfill the dream of the blockchain-based, decentralized autonomous organization (DAO) named Huobi Chain – by enabling the exchange to gradually migrate its operations to a decentralized platform.
The product director behind Huobi Chain, Gordon Chen, spoke with the media and stated that this initiative is an extension of Huobi’s experiment in community decision making. According to him, governance is among the first processes that the company thinks about migrating on the new blockchain.
Chen also said that “our future needs a new type of financial system, where we will do things gradually”. In that way, Huobi hopes to pursue community-driven governance which will include decisions about the development of the blockchain itself. Eventually, this will replace the company’s current corporate governance structure.
There are also plans for building a decentralized cryptocurrency exchange (DEX) around Huobi’s blockchain – something which will let users trade cryptocurrencies without holding their coins in the exchange-controlled wallet. The company is funding the initiative with an investment of $100 million in Huobi tokens (HT) as it seeks to attract technical talent to help develop the new platform.
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