Huobi will provide $166 million to create their own blockchain platform

Cryptocurrency exchange Huobi plans to spend 30 million of their Huobi Tokens (HT) to Finance the creation of their own blockchain with open source. To run the project Huobi Chain will use the money from the Fund, which on current rates is estimated at $166 million.

Funds will be used to develop the project Huobi Chain, which also will be created a decentralized Autonomous organization (DAO). According to the Director of business development ecosystem, the company Chen Guang, a blockchain platform will provide users the opportunity to participate in the ICO and to vote for the tokens, which will then be added to the listing.

In the future, Huobi plans to move their services on the blockchain, becoming a decentralized exchange of digital currencies. However, such a system requires additional conditions of effectiveness and safety, so the timing of its implementation it is not.

According to Kuang, the future of the blockchain in the combination of centralized and decentralized technologies.

«We want to conduct a social experiment. Most likely, the future will not be fully decentralized. It is important to find a balance between the two approaches is the ultimate goal of our research,» he said.

The development of new systems Huobi also intends to allocate part of their income. It is expected that the development of Huobi Chain is 18 months. The whole process will be divided into 8 stages, each will be competition for developers. In the next 2-3 weeks, the exchange will establish a working group to manage the process and establish the rules of the contest fee.

The company is already in talks with representatives of the 10 known blockchain projects that can help in the formation of the working group and in the selection of candidates for the role of project Manager Huobi Chain.

In addition to the above at a conference today in Singapore, Director of strategy Huobi Group Cai Kai said that until the end of June the company will launch a new stock exchange in Australia.

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