Cryptocurrency exchange Huobi announced on 6 June that it plans to allocate 30 million Huobi token Token (HT) for developers, which will help her to create her own opencarry blockchain Protocol. Funds will be distributed in stages on a competitive basis.

Thus, the Fund size of about $166 million (according to CoinMarketCap) will go on working together bloccano Huobi Chain Project, which among other things will be possible to run a decentralized Autonomous organization (DAO). The company announced at a press conference in Singapore.

The blockchain is basically to use a custom platform to ICO. In addition, it will be possible to vote using a special token HT that will be traded on Huobi. This was announced by the head of Department for development of the ecosystem of the company Guan Chen.

Huobi wants to move his exchange on the blockchain, making it decentralized, but such a plan requires careful consideration, since we are talking about a higher level of efficiency and safety.

While Chen says that in the future the blockchain ecosystem, will likely consist of both decentralized and centralized components:

We want it to be a social experiment. The future is unlikely to be fully decentralized, so it is important to find a balance, and this is the aim of our study.

Huobi is interested to help her to develop a new system in stages and is ready to provide 30 million HT as an incentive. In addition, the exchange will allocate a portion of annual income for a mining pool (the exact figures are not yet known).

As expected, the development process of the blockchain will take 18 months and will be divided into eight stages. Each stage represents a competition for developers. The process will lead the special Committee (will create it soon), which will define the policies and rules of the contest.

This Committee shall prepare a list of candidates for the position of the head Huobi Chain Project, and then will vote with tokens HT. The winner will lead the development of the project and distribute the funds for each stage.

Although the exact amount of funding for each stage is still unknown, Chen notes that it will increase as the project progresses.

Also at the press conference, chief strategist Huobi Group Cai Kailong announced that by the end of June the company will launch a new stock exchange in Australia.