Huobi To Offer $166Million Worth Of Tokens To Search For Global Blockchain Leader
Huobi announced Wednesday that it plans to allocate 30 million of its Huobi Tokens (HT) to fund the creation of the company's own open-sourced blockchain protocol.
The investment will be used to finance the firm’s public blockchain called the Huobi Chain Project (HCP) which in turn will unveil the Huobi Chain Superhero Championship Program (HCSCP). Aside from the initial $100 million in allocation, Huobi said it would also set aside a portion of the company’s annual revenues to the program.
Huobi Tokens are one of the most bullish coins on the market. Over the months of April/May, the coin rallied to a price gain of about 85%. The value increased despite the decline around the rest of the market. It commands very high trading volumes. It currently trades at $5.38 against the US dollar and has seen a total of $231 million Huobi tokens traded over 24 hours. Its market cap is at $269 million, though the coin has dropped by 8%.the drop is one of the token’s aspects to watch.
Lin Li, the CEO of Huobi Group said,
“We firmly believe in a decentralized future, and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
In his opinion, once the program is finished, all the code will be made open source and they will gradually migrate Huobi onto the new blockchain. Li said the company decided to make the public blockchain open source because it wants all users to join and participate in it, including individuals, organizations, enthusiasts, and so on.