Huobi group, on March 1 this year, announced the launch of her own blockchain called Huobi Chain. The Huobi Chain is an open-source public blockchain designed for providing a global, blockchain-based, digital asset financial infrastructure. The high-performance decentralized finance (DeFi) chain was made live for beta testing in March.
In order to ensure that the technical aspect of the blockchain is well taken care of, Huobi group entered partnership with Nervos.
As a technical development partner, Nervos will work with Huobi chain to provide a regulator-friendly blockchain framework for financial organizations to deploy DeFi services and applications, including their own blockchains, tokenized assets, payments and identity verification, lending services, decentralized exchanges, and more.
Speaking on the new blockchain, Ciara Sun, VP of Global Business at Huobi Group said;
DeFi has become one of the most promising applications of blockchain technology but its future requires both sides—regulators and enterprises—to work together to establish the standards and guidelines of the new decentralized economy. With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.
On Regulation
In a way to ensure an effective collaboration between agencies handling regulation and the private financial sector, Huobi chain has adopted a governance model that is flexible based on a variation of the Delegated Proof-of-Stake (DPoS) consensus algorithm.
Through the flexible design, Huobi chain can roll out support for both regulators and enterprises ready to do business with them on the blockchain through unique features like regulatory nodes, which allow regulators to contribute to the network as validators.
According to the Huobi Chain press release;
Industry-standard identity protocols like Know Your Customer (KYC) verification ensures the network meets Anti-Money Laundering (AML) requirements. Huobi Chain also utilizes a Decentralized Identifier (DID) system to provide verifiable, decentralized digital identities on its network, making cross-border compliance and regulation more easily achievable at scale.
On How Financially Specific The Houbi Chain Framework is
The press release has it that the Huobi Chain was purpose-built to enable financial enterprises and it is purely open-source to give the needed flexibility for the open financial market to thrive.
Its customizable DeFi service protocol allows users and third-party developers to custom-build financial applications to their specific needs and use cases, thus ensuring that the potentials of the project can be harnessed and subsequently improved upon.
The high-performance architecture on which the Huobi chain infrastructure is built allows for high volume transactions in an amazing speed there is and can compete effectively in the global digital market.
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