Cryptocurrency exchange Huobi announced that it planned to allocate 30 million token HT to create their own blockchain Protocol, with open source, writes CoinDesk.
Money from the Fund, currently estimated at $165 million, will be used for project development Huobi Chain, which also will be created a decentralized Autonomous organization (DAO).
The blockchain will be used as a platform that will allow users to participate in primary offerings of coins (ICO) and to vote for the tokens, which will then be added to the main floor of the exchange.
In the future the company intends to migrate its services to the blockchain, thus transforming itself into a decentralized cryptocurrency exchange, but these plans have not yet been approved because such a system would necessitate additional safety and efficiency.
Development Director ecosystems Huobi Chen Guang believes that the future for a combination of centralized and decentralized technologies: “We want to conduct a social experiment. Probably, the future will not be fully decentralized. Thus, it is important to find a balance between the two poles, that is the ultimate goal of our research.”
Huobi is going to attract outside help for the development of the new system and in addition to its own tokens are ready to spend for this purpose part of their income.
It is expected that the development Huobi Chain will take 18 months, and the whole process will be divided into 8 stages, each of which will be competition for developers. In the next 2 or 3 weeks exchange organizes the Council, which will manage the process and establish the rules of competition.
Chen said that at present his company is in talks with 10 leaders from among the most famous members of the blockchain space, which can help in the formation of the Council, but declined to name them.
Subsequently, the Council will establish a list of candidates for the role of head of project Huobi Chain. Users of the exchange will choose the winner by voting using tokens HT.
What funding will be allocated for each stage of the project is unknown, however, Chen argues that the amount will increase with the development of Huobi Chain.
Also today at the conference in Singapore, Director of strategy Huobi Group Kailong Tsai said that his company is launching a new stock exchange in Australia. It is expected to be commissioned before the end of the month.