huobi chain testnet public beta testing
Huobi Chain’s Testnet Now Live For Public Beta Testing
March 3, 2020
huobi chain testnet public beta testing
Huobi Chain’s Testnet Now Live For Public Beta Testing
March 3, 2020

Cryptocurrency exchange, Huobi announced the public testnet launch of its open-source decentralized finance (DeFi) blockchain, Huobi Chain.

On Feb. 29 a press release announced on the news. Its aim is to provide a regulator-friendly framework for financial services companies to deploy applications in a variety of finance-related sectors.

Huobi Chain incorporates a flexible governance model that supports both regulators and enterprises. Based on a delegated proof-of-stake consensus, it allows regulators to contribute to the network through unique regulatory nodes.

The implementation of Know Your Customer (KYC) and Anti-Money laundering (AML) protocols is complimented by a Decentralized Identifier system to provide verifiable digital identities on the network.

For DeFi to thrive, the ecosystem requires regulators and enterprises to establish standards together.

Huobi Group vice president of global business, Ciara Sun:

“With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.”

The chain’s architecture is designed to support the high-volume transactions required by financial services, and its proprietary asset management capabilities provide support for multi-asset, cross-chain interoperability.

ALSO READ :  A Ransomware Attack Targets Government Systems Of Georgia’s Hall County

It has been developed to interact with a wide variety of centralized and decentralized networks, through support for user-deployed smart contracts and third-party sidechains.

The chain supports popular assets such as Bitcoin (BTC) and Ether (ETH), along with Huobi-issued assets, including Huobi Token (HT), which will act as the sole utility token on the network.

Decentralized finance is starting to realize its full potential, with many finance-related sectors adopting DeFi protocols to enhance their services.


Source: Cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!