The crypto trading giant’s Huobi Chain Project will be developed by coding teams competing for $100m worth of cryptocurrency.
Huobi Group has launched the Huobi Chain Project (HCP), and decided to seek a Reality TV-style solution to creating “building a next-generation self-regulating and decentralised financial platform” with the Huobi Chain Superhero Championship Program (HCSCP).
Houbi Group has, using its Huobi Token (HT), been steadily building its digital asset exchange since 2013 – and has now accumulated a total trading excess of US$1 trillion from over five million users in over 130 countries. It also has a number of other crypto-related concerns, including the Huobi Mining Pool. Now, it is looking to expand and develop its blockchain platform by incentivising teams of coders to compete against each other to complete a set of tasks that effectively form the roadmap for its future development.
The HCSCP – which the Huobi press release describes as a competition to find “a global leader to lead the development of the Huobi Chain project” – will pit teams of coders against each other as they attempt to complete 10 specific milestones set by the company. The teams who complete the tasks will receive a chunk of the competition’s prize pool. That pool, which initially stands at 20 million of the platform’s Huobi Tokens (HT), is being staked by the company – and at current prices is worth something in the region of $100m. Huobi Chain Project will eventually, the company says, “provide individuals and organisations with a trustworthy and autonomous platform for value exchange, fundraising, securitisation and more” in the form of a completely new public blockchain.
“Upon completion, all of the code will be open-sourced and we will also gradually migrate Huobi onto this new public blockchain,” says Lin Li, founder, and CEO of Huobi Group. “Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”