The well-known Singapore Huobi exchange has announced the launch of its public open-source blockchain for DeFi.
In detail, the public Huobi Chain testnet was launched today for beta testing, the aim is to provide a global digital financial infrastructure for high-performance decentralized finance and to encourage greater collaboration between regulatory agencies and the private financial sector.
This blockchain was created in collaboration with Nervos, and provides a blockchain-based regulator-friendly framework for financial organizations that want to provide DeFi services and applications, such as tokenized assets, payment and identity verification, loan services, decentralized exchanges and more.
Huobi Chain uses a flexible governance model based on a Delegated Proof-of-Stake (DPoS) variant that allows regulators to contribute to the network as validators through features such as regulatory nodes.
The network is also equipped with KYC to comply with anti-money laundering requirements and uses a Decentralized Identifier (DID) system to provide verifiable and decentralized digital identities.
This DeFi platform is customizable and allows third-party users and developers to create financial applications according to their needs and uses.
The architecture is designed to support high transaction volumes, cross-chain interoperability, multi-asset support, smart contract and multi-and-sidechain architectures.
Huobi Chain was presented as the world’s first public blockchain with on-chain governance and regulatory framework, and currently, the testnet supports smart contracts written with the C programming language. In the future, it is expected to be extended to other programming languages as well.
The token of the exchange, Huobi Token (HT), will become the only utility token of the Huobi Chain.
Huobi Group’s vice president of Global Business, Ciara Sun, 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.
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”.