Hello
Steemians welcome once again to my blog, I'm really excited to do my daily posting about the ongoing spotlight on huobi challenge contest hosted by the @steemitblog, I keep following the blog I also urge everyone reading this to perhaps do so.
What is Huobi ??
It's a very simple question to answer but very complicated depending on the way you look at it, huobi is a cryptocurrency exchange that is headquartered in Seychelles. It is further renowned for the sheer number of cryptocurrency trading pairs available nearly 400, furtherly it is a token that can be used to trade for other currencies on the platform.
To further broden your knowledge about huobi let me tell you that huobi is one of the largest cryptocurrency exchange by trade volume, comparable to Okex, and Bit-z basically it was initiated by the Chinese market but has now expanded to over 130 countries globerly. It's also one of the oldest exchange, it was launched in 2013. Huobi holding company has branch/team in
.south Korea
.japan
.united Kingdom
.Australia
.Canada
.brazil and Hong-Kong
Huobi has a Token, we call it huobi token(HT) it was issued in January 2018. It is indeed listed in coin market cap as one of the top 100 currencies by market cap. Now lets talk about how huobi token it produced
How is Huobi Token produced
Huobi token was initially initiated in 2018,
With a total supply of over 500 million, of that. 300million where giving away as a form of gift to people who purchase something we call a "Point card" on huobi Pro.
As for the rest 100 HT goes for users reward and those who operate the platform while the remaining 100 are for team incentives. The vital purpose of issuing the token is to give a room for huobi to recover after a Chinese crackdown on crypto trading sent trade volumes plummeting. The token where intended to increase popularity and loyalty to the platform
What I think about Huobi in Future
Huobi is not contented with just been a cryptocurrency exchange, it recently launched future trading through its derivative intensed market, the aim is to lure more investors from more established financial market who wants a pie of the crypto pie.
It's also regards the fact that a public block -chain is in the work, this is called the "huobi chain" the goal is to create the world most technological sophisticated chain. Some of the Advisory board includes Randi Zuckerberg, the older sister of facebook owner Mark Zuckerberg.once the block chain is launched the huobi token will be Migrated to it with immediate effect. Huobi's intention is to leave a greater presence world-wide.
Ecosystem huobi transition
Huobi continues to move forward as a crypto power house now the most recent launch of a cryptocurrency derivatives platform. More on the later but huobi as I speak with you stands as the third biggest crypto exchange considering the most recent ranking on the block chain.
Even the block chain liquidity institute the exchange is perhaps doing pretty well with over 100,000 active users and daily volume of $500
Before moving forward to the expanding ecosystem of Huobi, let me briefly look at the history of the Exchange per say. Huobi was founded in 2013 in China by #Leon Li who was working as a Computer Engineer for Oracle at the time. It became one the biggest players in the Crypto space occupying a major chunk of the Chinese Crypto trading market till China decided to ban all the Cryptocurrency exchanges.
Huobi packed its bags & made Singapore its new home base at that particular time of asking . This also marked the beginning of its ambitious expansion plans for the company with office openings in Japan, U.S, Canada, Korea, Hong Kong with its services availability in more than 130 countries of the World excluding #Nigeria.
This was accomplished through its subsidiary Huobi Global which has fostered domestic partnerships in these & many other countries to establish a foothold. The most recent move was the establishment of another of its subsidiaries Huobi Mena in Dubai which will act as the regional headquarter for the Middle Eastern & African markets round the clock.
Huobi still operates in China but under the ambit of a blockchain advisory business with its financiers ZhenFund and Sequoia Capital. Let me review some of the ambitious & promising projects that Huobi has undertaken apart from the investment in 60 upstream and downstream enterprises since its inception. In as far as we have bitcoin minning, we also have huobi minning let's talk about it.
Huobi Minning
The Huobi Mining Pool was. Basically established to meet the needs of the large community of miners by integrating the trading platform with the mining pool. The miners can use this available facility to deposit, withdraw or trade various digital assets on either of the two platforms – Huobi Exchange or Huobi OTC. The pool was created on March 30, 2018 after which it has been going strength to strength currently standing at No. 8 with 3.1% of the total pool. It will interest you to know.
The recent jump came after the issuance of the Huobi Pool Token (HPT) – the first sub token created for the native Huobi Token (HT) of the Huobi ecosystem. With the new HPT in circulation, more than 50% increase in hashing power was seen.
A total of 10 billion HPT have been issued to the current HT holders. Users can also earn additional HPT when mining for BTC & BCH on the mining pool. Huobi intends to include their users in the future development & value growth of the mining pool. As the case may be. It will most likely interest you that huobi is going world wide.
Huobi Lads
This is basically one thing that I like to appreciate about the established blockchain businesses, especially the Crypto exchanges, is their active involvement in promoting the upcoming projects which have promise & potential through the funding of their incubator programs. In the platform per say.
#Coinbase & Binance have established their research wings for this purpose & Huobi is not different either. Huobi Labs was created in May 2018 with an initial allocation of $1 billion in collaboration with a Chinese social media platform, the motive is to assist newcomers to the field. The duo also has an ambitious plan to eventually establish a Blockchain Research Institute in collaboration with Global industry leaders & top educational institutes. The Labs provide a wide range of services including.
.Financial Advice
.Trading Acumen
.Professional Services
.Higher Liquidity
.Token Economics
HUSD stable-coin
We all know that huobi is the
World’s third largest Cryptocurrency exchange, Huobi, also launched a new stable coin HUSD, which it calls as a comprehensive and integrated solution for all stable coins. In the coin market.
HUSD aims to solve the complexity of choosing between the available stable coins & minimizing the conversion costs between them. In all practicality, HUSD is establishing an ecosystem of stable coins where it will be the common medium of exchange or you can also call it the Stable coin of Stable coins! Currently, HUSD system offers support for four of its predecessors — PAX, TUSD, USDC, GUSD with the motive of adding more stable coins to its system once the standards are set in place and initial transactions go smoothly. In addition, Huobi claims these advantages of using the HUSD system.
Users will be able to see their balance as an aggregate of all four stable coins in the form of HUSD where they will also have the choice of cashing out in any of the four stable coins in the system market and trading capability.
We have talked alot about this huobi One more thing I will remind you is about the withdrawal limitations on huobi.
Withdrawal Limitations on huobi
Similar to many other exchanges in the market, huobi itself has withdrawal limitations based on various levels of our verification One thing you need to know is that the withdrawal level vary greatly depending on your nationality, as the case may be. For example if you are a citizen of US, you can't withdraw any fund as an unverified user or with level one verification. The option is only available on level 2 and above. However the amount are low a daily limit of $2,000 and a monthly limit of $10,000. Depending on your currency.
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