Huobi Announced Testnet Launch For Open-Source DeFi Blockchain

By Chris Torres | March 3, 2020

The Singapore-based crypto exchange platform Huobi has reportedly made its open-source decentralized finance (DeFi) blockchain – dubbed Huobi Chain – generally available for public beta testing. 

Specifcially, Huobi was developed using a flexible governance model, which will act as a regulator-friendly framework offering services to both regulators and corporations, for application deployment across a wide array of industries associating with finance. 

The Huobi Chain reportedly also comes with a a delegated proof-of-stake consensus, which enable network contribution from regulators, via unique regulatory nodes.

A decentralized Identifier system is reportedly in play, to help implement Know Your Customer (KYC) and Anti-Money laundering (AML) protocols, making verifying digital identities on the network possible. 

“With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, which is critical to the widespread adoption of DeFi.” Ciara Sun, Huobi Group vice president of global business, remarked.

The infrastructure of the chain was particularly created to be able to facilitate the high-volume transactions of financial activities, and its proprietary asset management feature will help with the multi-asset, cross-chain interoperability.

Huobi Chain has also been created with the ability to work with numerous different centralized and decentralized networks, via support for user-deployed smart contracts and third-party sidechains.

Major crypto coins, including Bitcoin (BTC) and Ether (ETH), and Huobi-developed coin Huobi Token (HT), are facilitated by the blockchain project.

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