China’s Huobi Group, a blockchain asset solutions provider, announced on Wednesday the launch of the Huobi Chain Project (HCP), with the aim of building what it called a “next-generation self-regulating and decentralized financial platform.”
According to Huobi Group, the project will provide individuals and organizations with a reliable financial protocol for value exchange, fundraising, securitization and more.
While both private and public chains are decentralized peer-to-peer networks, the network within public chains is entirely open, so anyone can join and participate.
“We firmly believe in a decentralized future, and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community,” said Leon Li, founder, and CEO of Huobi Group. “Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
According to Huobi Group, it will kickstart the program by seeking out a global leader to lead the development of the Huobi Chain project. Divided into multiple milestones, teams from around the world can join and compete for the prize pool.
“Upon completion, all of the code will be open-sourced, and we will also gradually migrate Huobi onto this new public blockchain,” Li explained. “Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”