According to a statement in the company’s official blog, Huobi will be cooperating with a layered blockchain network called Nervos in order to create a public blockchain which will provide decentralized financial services to companies and enterprises. The underlying technology for the product will be developed by Nervos.
The approximate roadmap has been announced as well:
- Q3 2019 – the project will open source
- Q1 2020 – the testnet will be launched
- Q2 2020 – the mainnet will be launched
Bringing blockchain to the masses
In the announcement blog post Leon Li, CEO and Founder of Huobi Group, made the following statement that reflects the goals the company wants to achieve by launching the platform, currently known as Huobi Finance Chain:
“The mission of Huobi Group is to make finance more efficient and make wealth accessible to all. This project is not only in line with Huobi’s overall strategy, but it also fulfils our core mission.”
He also pointed out that although platforms like Huobi Finance Chain are still in their early days, there is a clear demand for them already. The cryptocurrency exchange business giant plans to use all the expertise accumulated during the past 6 years to use this business opportunity to its full potential, keeping up with the major changes that Li predicts will happen to the cryptocurrency industry in the future.
Designed to meet regulations
In order to meet all the requirements of Anti-Money Laundering (AML), ensuring full regulatory compliance, Huobi Finance Chain will:
- Support decentralized identifier (DID)
- Implement identity protocols such as Know Your Customer (KYC) verification
What’s more, it will be possible for regulators to join Huobi Chain and contribute to the network as validators.
A highly competitive market?
Huobi, although one of the largest companies in cryptocurrency space with plans to launch a public blockchain platform, is certainly not the first. For example, Waves Platform has recently launched Vostok, a platform with similar goals; it is very probable that the second half of 2019 will see more such projects arise.