Livio Weng, Chief Executive Officer of Huobi Global, commented:
“This is just one more way that Huobi is seeking to improve the global digital asset and blockchain community. Once launched, Huobi Chain will offer users a variety of benefits, including security, transparency, fast, scalability, and smart contract capability.”
Huobi Chain uses BFT-DPoS (Byzantine Fault Tolerance — Delegated Proof of Stake) as its consensus mechanism and will be built from the ground up to ensure security and safety.
The blockchain will feature efficient dual chain functionality: Huobi Chain will be designed to accommodate high speed, high frequency transactions and will support complex applications like business and financial contracts. Regarding governance, Huobi Chain will have both on-chain and off-chain elements.
In late June 2018, Huobi Group opened its London office and appointed Lester Li as European Exchange Director and Josh Goodbody as General Counsel and Chief Compliance Officer at Huobi UK. The digital exchange will leverage London technology talent pools and an open cryptocurrency regulatory environment to achieve growth.
The company has recently obtained a full Distributed Ledger Technology (DLT) license by the financial watchdog in Gibraltar, a British Overseas Territory and headland on Spain’s south coast. The firm founded by Leon Li processed around $1 billion in trades daily as of March 2018, Huobi reported. The full DLT license awarded to Huobi will help the cryptocurrency exchange expand its business in the European Union and set up operations in such fiscally friendly jurisdiction.