Huobi Rolls Out Native Blockchain Testnet, Targets DeFi

Huobi, a leading crypto exchange, announced on Saturday the launch of the public testnet of its proprietary Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

Developed in partnership with Nervos, the blockchain will be utilized for offering decentralized finance (DeFi) services, providing a framework for financial organizations to deploy such services and applications, including their own blockchains, tokenized assets, Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and identity verification, lending services, and decentralized exchanges.

Commenting on the development, Ciara Sun, vice president of global business at Huobi Group, said: “DeFi has become one of the most promising applications of blockchain technology but its future requires both sides—regulators and enterprises—to work together to establish the standards and guidelines of the new decentralized economy.”

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

Targeting banks and financial institutions

The beta version of the public blockchain has been rolled out within seven months of the commencement of the partnership between the two companies.

Dubbed Huobi Chain, the blockchain offers a flexible governance model based on a variation of the delegated proof-of-stake (DPoS) consensus algorithm.

In addition, to provide verifiable decentralized digital identities on its network, Huobi Chain is utilizing a decentralized identifier (DID) system, making cross-border compliance and regulation more easily achievable at scale.

To maintain the transparency and flexibility needed for the financial market, the blockchain has been kept open-source with customizable DeFi service protocol.

With features like cross-chain interoperability, multi-asset support, smart contract capabilities, and multi-and-sidechain architectures, both Huobi and Nevos are targeting banks and financial institutions that are considering entering the DeFi ecosystem.

Known for running one of the widely used digital asset exchanges, Huobi is also expanding its business in the industry by launching services like crypto brokerage and white-label solutions.

“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 accessible to all,” Sun added.