Following almost a year’s worth of preparation and development work, Huobi Chain’s Testnet (“the Testnet”) will officially launch on February 29th 2020. Targeted at the financial sector, Huobi Chain is China’s autonomous cum compliant-ready blockchain platform, and is committed to providing a global, blockchain-based, digital asset financial infrastructure. Key features of Huobi Chain are shown below:
1. World’s 1st Provider Of On-Chain Governance & Compliance Framework
Supports On-Chain Governance & Compliance Framework: Huobi Chain will integrate a decentralized digital identity (DID) at the base infrastructure, which is designed to integrate smart contract execution access with unique user identity characteristics. Concurrently, the concept of a governance node will be introduced.
2. Tailor-made for Financial Products, Without Sacrificing Immutability (no roll-back)
1) Independent development and Customizable DeFi service protocol: Huobi Chain allows users to customize their DeFi services, whilst providing underlying support such as asset management, governance and financial data management services. Through this support infrastructure, Huobi Chain hopes to empower financial applications, and build an eco-system that can flourish into an open financial market.
2) BTC Cum Multi-Asset Support: Using Huobi’s proprietary asset management capabilities, Huobi will provide a variety of on-chain and cross-chain asset management services via a combination of decentralized and centralized technologies (BTC, ETH, HT, HBTC, HUSD, etc).
3. Autonomous Side-Chain, High-Performance DeFi Transaction Support
1) Multi-language, high-performance smart contracts: Huobi Chain supports user-deployed smart contracts, with inherent ability to support complex application development, thus making possible the realization of vertical dimension business services.
Whilst, virtual machines (VM) use open-source RISC-V instruction sets, toolchains are relatively more complete and are inherently more compatible (with gcc/gdb/llvm compatibility). Many community developers have built Ruby, Python, Typescript, Go, and Rust interpreters surrounding RISC-VM, thus enriching the future eco-system. The Testnet currently supports smart contracts written using C-programming language. To meet the demands of different users, Huobi Chain aims to provide users with a richer set of smart contract programming languages in future, further expanding the development eco-system.
2) Designed For Cross-Chain, Supports Third-party Side-Chains: Huobi Chain supports side-chains created and managed by third-parties using Huobi Chain’s blockchain protocol. Huobi Chain was developed with cross-chain interoperability in mind. By providing side-chain support services for users with specific requirements such as open side-chain connectivity, compliance functions and high-performance features, Huobi Chain aims to fulfil high customization development needs.
3) High-Performance On-Chain DeFi Transactions Without Compromising Security Needs: Huobi Chain is positioned as a DeFi public chain, and will, on the basis that security and deterministic output and low latency requirements are met (i.e. no transaction rollback, financial assets kept secure), aim to maximize throughput.
4. Original Innovation, Not Restricted By Other Blockchain Technologies
To meet the technical demands of the next-generation DeFi public chain, all aspects of the underlying blockchain infrastructure (virtual machine, smart contract compiler, consensus protocol, message signature, cross-chain protocol, asset management module, etc.) was independently developed from scratch. Combining Huobi's experience in the blockchain industry and the power of the open-sourced development community, Huobi Chain will continuously undergo several project iterations and technological enhancements. Please refer here for source-code and related technical information Please refer to Huobi’s github for detailed technical documentation.
In view of HT’s long-term value proposition, HT will become Huobi Chain’s sole utility token.
HT is widely-held, has a mature community base and good branding, allowing it to form a synergistic alliance with Huobi Chain. Once the Mainnet goes live, Huobi Chain will announce HT-related events : e.g. pledge HT to be a Super Node, etc.
Detailed rules will be released in a separate announcement.
Huobi Chain is committed to providing a high-performance, blockchain-based, global financial infrastructure. Huobi Chain belongs not just to Huobi, but the entire industry. Although the launch of the Testnet is but a baby step, we hope that it can significantly contribute to the advancement of the global financial infrastructure.
We know that a good blockchain system requires the support of the community. Huobi Chain welcomes overseas developers, researchers, and users to participate in the Huobi Chain Testnet trial, engage in Huobi Chain governance framework discussions, and explore the infinite possibilities of the DeFi application with Huobi Chain.
Following this Testnet Go-Live announcement, HT’s tokenomics will also undergo a change, details to be announced shortly.
March 2, 2020