Huobi to Offer $166 Million Prize for Own Blockchain Creation


Cryptocurrency exchange Huobi announced Wednesday that it plans to allocate 30 million of its Huobi Tokens (HT) to fund the creation of the company's own open-sourced blockchain protocol.

The fund, currently worth around $166 million based on CoinMarketCap data, will be used to launch the Huobi Chain Project, which is also aimed to establish a decentralized autonomous organization (DAO) on top of the proprietary blockchain, the company said at a press conference in Singapore.

The blockchain would serve as a platform for users to participate in token fundraising events (ICOs), as well as to vote for which tokens should be listed on Huobi, said Chen Guang, a director at the company's ecosystem development arm.

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