Huobi Group has announced the launch of the public beta of Huobi Network, an open-source public blockchain designed to provide a global financial infrastructure for digital assets.

The High Performance Decentralized Finance (DeFi) Chain is now in beta testing.

Created in partnership with technology development partner Nervos, Huobi Blockchain provides a blockchain-friendly framework for regulators and financial institutions to deploy DeFi services and applications, including digital assets, payments and identity verification, lending services, and decentralized exchanges…

Ciara Sun, Vice President of Global Business at Hubei, said:

DeFi has become one of the most promising applications in blockchain technology but its future requires both sides – regulators and companies – to work together to set standards and guidelines for the new decentralized economy.

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Added:

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

Regulators friendly network

To encourage greater collaboration between regulators and the private financial sector, Huobi Network adopts a flexible model of governance based on a variety of Proof of Stake consensus (DPoS) algorithm.

This flexible design enables the Huobi network to support both regulators and organizations on the blockchain through unique features such as organizational nodes, which allow regulators to contribute to the network as validators.

Industry-standard identity protocols such as Know Your Customer (KYC) verification ensure that the network meets anti-money laundering requirements.

The Huobi network also uses a Decentralized Identifier (DID) system to provide verifiable and decentralized digital identities on its network, making cross-border compliance and regulation more accessible at scale.

Define the financial framework

The Huobi network is designed specifically for the financial services industry and is completely open source to provide the flexibility needed for open financial markets.

The customizable DeFi service protocol allows users and third-party developers to build financial applications tailored to their specific needs and use cases.

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Huobi’s high-performance network architecture is designed to support large transactions that are critical to the financial services industry.

It also provides features such as cross-interoperability, support for multiple assets, smart contracting capabilities, architecture of multifaceted structures for banks and financial institutions and provides a highly flexible and globally scalable framework.

The group’s asset management capabilities will support a wide range of asset management services across the network and across popular digital assets such as Bitcoin and Ethereum, as well as Huobi-launched assets such as HT, HBTC and HUSD.

encourage innovation

As the world’s first public-key blockchain network with an on-chain administrative and regulatory framework, Huobi Network offers innovative features that push the boundaries of the blockchain.

Developed to be interoperable with a wide range of centralized and decentralized networks, Huobi Network supports user-deployed smart contracts, third-party sidechains, and multiple languages.

The beta version currently supports smart contracts written in the C programming language, but Huobi Network will provide future support for other programming languages ​​to further expand the development of the ecosystem.

For more details about the features of the “Huobi” network, visit Location.

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Network Updates

Ahead of the network’s mainnet launch later this year, Huobi will continue to leverage its domain expertise in blockchain and fintech to explore new opportunities to enhance Huobi’s network financial market infrastructure.

Current priorities include expanding support for third-party developers and various asset classes, including traditional assets, as well as developing a more robust framework on compliance and regulation.

The Huobi Token, the original ecosystem token of the digital asset exchange platform, will become the only token of the Huobi network.

With a strong community base and brand recognition, HT coin will play an important role in the Huobi network ecosystem.

Sun added in her statement:

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 available to all.

Reminder

“Huobi Group” is a group of several companies engaged in mining and marketing, and it is a global leader in the blockchain industry.

Huobi Global was established after the cumulative role in the Huobi trading platform, which was established by Leon Li in 2013.

3 trillion US dollars is the value of the secure trading and asset management services of cryptocurrency that Huobi provides to millions of users in more than 170 countries.

As for Nervos, it is a set of protocols and ecosystems in the public blockchain that aims to solve the biggest challenges facing the Bitcoin and Ethereum blockchain.

Founded by the creators of Spark Pool, the largest Ethereum mining pool, who designed the world’s largest Ethereum wallet, Nervos is the largest and most well-known blockchain engineering team in China.

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