Crypto-asset exchange company Huobi, announced that Huobi Chain, an open-source public blockchain created in partnership with Nervos has now launched.
With a regulator-friendly framework, Huobi Chain was purpose-built for the financial services industry — to deploy DeFi services and applications, including their own blockchains, tokenized assets, payments and identity verification, lending services, decentralized exchanges, and more.
Huobi Chain’s high-performance architecture is designed to support high-volume transactions critical to the financial services industry. Features like cross-chain interoperability, multi-asset support, smart contract capabilities, and multi-and-sidechain architectures also provide banks and financial institutions with a highly flexible, globally scalable framework.
“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. With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”
– Ciara Sun, VP of Global Business at Huobi Group
To encourage increased collaboration between regulatory agencies and the private financial sector, Huobi Chain adopts a flexible governance model based on a variation of the Delegated Proof-of-Stake (DPoS) consensus algorithm. This flexible design enables Huobi Chain to support both regulators and enterprises on the blockchain, through unique features like regulatory nodes, which allow regulators to contribute to the network as validators.
Industry-standard identity protocols like Know Your Customer (KYC) verification ensures 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.
As a public blockchain with on-chain governance and a regulatory framework, Huobi Chain offers innovative features that aim to push the boundaries of blockchain.
Developed to be interoperable with a wide variety of centralized and decentralized networks, Huobi Chain supports user-deployed smart contracts, third-party side-chains, and multiple languages. The testnet currently supports smart contracts written with C programming language, but Huobi Chain will provide future support for other programming languages to further expand ecosystem development.
The chain’s proprietary asset management capabilities will provide support for a wide variety of on-chain and cross-chain asset management services across popular digital assets like BTC and ETH, as well as Huobi-launched assets like HT, HBTC, and HUSD.