Cryptocurrency exchange Huobi will open the competition programme Huobi Chain Superhero Championship, which participants will work on public bloccano Huobi, promises to be a “decentralized Autonomous financial platform for the new generation.” The prize Fund amounts to 30 million HT — native tokens of exchange, or $162 million at the exchange rate at the time of writing the news.
The exchange plans to use the blockchain for equal exchange fundraiser, voting on the assets which are candidates for listing on Huobi, funding and more. Over time, the company plans to fully translate the workflow on the blockchain. So Huobi plans to transition to a business model DAO.
Judging by the comments in the media, the user Huobi has not yet identified a common vision of the decentralization process of the exchange. Chen Guan (Chen Guang), Director of the division for the development of the ecosystem of the company, told CoinDesk:
“We want this to become a social experiment. It is unlikely that in the future will be an exceptionally decentralized organization. In this regard, it is important to find a balance between the two poles — this is the ultimate goal of this project.”
In turn, the CEO and founder of Huobi Leon Li Group (Leon Li) said the following:
“We firmly believe in a decentralized future, and the main task Huobi Chain — to transform the centralized Corporation to DAO, managed the community.”
The process of developing Huobi Chain is about 18 months and will be divided into 4 phases. Now Huobi Group is the first stage: finding developers and members of the special Committee responsible for developing the strategic and regulatory framework of the competition program. Chen mentioned that Huobi is negotiating with a dozen prominent leaders of the cryptocurrency industry, but refused to name names.
After the Committee is formed, they will be selected candidates for the post of head of the project, followed by a General vote. At the end of each stage of development, the best solution will be rewarded with a portion of the prize pool, and all the options will be published as open source. Anyone can join the program during the 18 months.
According to Chen, the size of the reward will increase the closer the development Huobi Chain to the end. In addition, Leon Lee said that part of the annual profit Huobi will support the development of the project; the exact percentage he did not name.
In addition to Huobi Chain, the stock exchange has several projects on the expansion of activities and investment proposals. Last week the exchange announced the launch of the investment Fund on the basis of the index Huobi 10.