Huobi Exchange Set to Release Huobi Chain Project, a Public Blockchain and DAO
Even though blockchain technology seems to be flourishing, it is still considered to be in its infancy. Now, the third-largest cryptocurrency exchange based on trading volume is making the push to launch a transfer option to a public blockchain.
The move could be a strategic one. Public blockchains have no restrictions concerning access – anyone can connect, make transactions, and validate transactions. Further, many cryptocurrencies use public blockchains, including Bitcoin and Ethereum. Further, public blockchains introduced the concept of ICOs and allowed startups to raise capital, and Decentralized Autonomous Organizations use them.
Once Huobi transfers operations to a public blockchain, it will become a DAO at the conclusion of the project. The DAO will replace traditional forms of management with communities and codes and all decision making will take place through community votes without a decentralized authority.
If all goes well, Huobi may venture into future expansion of the project. For the expansion to be successful, a healthy ecosystem with proper security and matching technology are necessary. The platform expects that all industries will have chains and once that happens, they will merge into a single blockchain network.
The platform is also working on expanding its influence globally, shown through its establishment of exchanges in different countries, including the United States and South Korea.