Huobi test-launches Huobi Chain public blockchain

by Blocks99

7 months ago

Huobi Group has announced the public testnet launch of its open-source Huobi Chain public blockchain, designed to provide a global digital asset financial infrastructure.

Huobi Chain public blockchain, a decentralized finance (DeFi) chain, is now live for beta testing. Cryto exchange Huobi says it created Huobi Chain in partnership with technical development partner Nervos, and that it provides 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 and decentralized exchanges.

“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,” says Huobi Group VP of Global Business Ciara Sun. “With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”

Regulator-friendly network

Houbi also says its new public blockchain aims to encourage collaboration between regulatory agencies and the private financial sector by Huobi Chain adopting a flexible governance model based on a variation of the delegated proof-of-stake (DPoS) consensus algorithm. This flexible design supports both regulators and enterprises on the blockchain through features like regulatory nodes, which allow regulators to contribute to the network as validators.

Industry-standard identity protocols like Know Your Customer (KYC) verification ensure that 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, according to Huobi. Based on a customizable DeFi service protocol, Huobi Chain aims to allow users and third-party developers to custom-build financial applications to their specific needs and use cases. Its architecture is designed to support high-volume transactions critical to the financial services industry.

(Source: PR Newswire)