The well-known cryptocurrency exchange Huobi has announced the launch of its open source public blockchain for DeFi.
In detail, the Huobi Chain public testnet launched today for beta testing, the goal is to provide a global digital financial infrastructure for high-performance decentralized finance and foster greater collaboration between regulatory agencies and the private financial sector.
This blockchain was created in collaboration with Nerves and provides a friendly framework for regulators based on the blockchain for financial organizations that want to provide DeFi services and applications, such as tokenized assets, payment and identity verification, loan services, decentralized exchanges and more.
Huobi Chain uses a flexible governance model based on a variant of delegated participation test (DPoS) which allows regulators to contribute to the network as validators through features such as regulatory nodes.
The network is also equipped with KYC to meet the requirements against money laundering and uses a Decentralized Identifier (DID) system to provide verifiable and decentralized digital identities.
Is platform DeFi It is customizable and allows third-party users and developers to create financial applications according to their needs and uses.
The architecture is designed to support large volumes of transactions, interoperability between chains, support for multiple assets, smart contracts and side and multiple chain architectures.
Huobi Chain was presented as the world's first public blockchain with a regulatory and chain governance framework, and currently, the testnet supports smart contracts written with the programming language C. In the future, it is expected that it will also be extended to other programming languages.
The exchange token, Huobi Token (HT), will become the only utility token in the Huobi Chain.
The Vice President of Global Business of the Huobi Group, Ciara Sun, said:
“DeFi has become one of the most promising applications of blockchain technology, but its future requires that both parties, regulators and companies, 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 collaboration throughout the industry, which is essential for the widespread adoption of DeFi.
By providing the infrastructure to make financial services more transparent, inclusive and efficient, we want to help create a more equitable economy where wealth is accessible to all. ”