Blockchain

Huobi and Nervos Join Hands to Make Huobi Chain Open Source

On Tuesday, November 12, Huobi Group announced that a high-performance public blockchain, Huobi Chain, become open-source and publicly available to developers.

Huobi partnered with Nervos, a blockchain development startup, to developed high-performance Huobi Chain, which was unveiled last year, will be publically available for developers to further enhance and build solutions on top of the blockchain.

This move from Huobi towards open-source shows the company’s commitment to being a leading decentralized network. It essentially means that now anyone can track the project’s progress on GitHub. Not only can developers build on top of the blockchain, but also it allows regulators to access the code at any time. Thus Huobi stands true to its goal of creating an inclusive ecosystem where all stakeholders, including developers and regulators, can collaborate to leverage the full potential of blockchain technology.

Huobi Group’s Founder and CEO, Leon Li, believes that the Huobi Chain, being the first “regulator-friendly financial blockchain,” is sternly positioned to become a leading financial blockchain. He stated,

If major banks and financial institutions are to fully embrace and adopt permissionless blockchain technology, we need to create a safe and secure environment that makes it easier for them to transition their products and services to the blockchain.

Nervos has previously collaborated with Ethereum as a technical blockchain partner to build the imToken ETH wallet and the Sparkpool ETH mining pool. The company has also contributed significantly to the research and development of Bitcoin’s core protocol.

Shedding light on the recent partnership, Bo Wang, a Nervos researcher, confirmed that they are developing real-time pluggable components for the network, which will allow regulators to supervise contract deployments, asset holdings, asset transfers, and implementation of anti-money laundering regulations.

In Wang’s words,

Supervision nodes will enable regulators to independently run and maintain nodes, extract data, and participate in the ecosystem’s supervision.

Huobi Chain will also be providing all the essential tools for executing pre-deployment audits and continuous tracking.

The pluggable components will largely aid banks and regulatory agencies by allowing them to freeze assets and accounts through sidechains in case of emergencies. Li explains that if banks and financial institutions completely adopt permissionless blockchain technology, it will then create a safe and secure environment for everyone to shift their products and services to the blockchain.

As earlier reports have highlighted, the Huobi Finance Chain testnet is expected to be launched in Q1 2020, whereas the mainnet will be unleashed in Q2 2020.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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