Huobi launches DeFi blockchain in public beta

Huobi, a leading global blockchain company, recently launched the public test version of its decentralized finance (DeFi) blockchain, Huobi Chain. The launch of Huobi Chain main network is expected to take place later this year.

An open-source blockchain platform is designed to provide an infrastructure for digital assets, where service protocol can be used to build and customize decentralized financial services and applications. As the Vice President of Global Business at Huobi Group, Ciara Sun says:

We want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to widespread adoption of DeFi.

According to the official statement, Huobi Chain adopts a flexible governance model, which allows both regulators and blockchain users to contribute to the network. It also supports the know-your-customer (KYC) verification process to meet anti-money laundering requirements.

The chain’s architecture allows to maintain high-volume transactions. Huobi Chain also supports user-deployed smart contracts, third-party side-chains, and multiple languages.

Due to the statement, the new DeFi blockchain will support popular assets, including Bitcoin (BTC) and Ether (ETH), together with Huobi Token (HT), which is the native token of the ecosystem and will become chain’s sole utility token.

Decentralized Finance (DeFi)

DeFi, or Decentralized Finance, is an open financial ecosystem where users can build financial tools and services in a decentralized manner. It aims to recreate traditional banking services without centralized technologies. DeFi is implemented through decentralized open-source applications, that are developed on top of transparent blockchain systems.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss


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