Huobi announced on June 6 of its goal of creating it’s very own open-sourced blockchain protocol by allocating 30 mln Huobi Tokens as the project’s fund.
The 30 mln Huobi Tokens will be used to pay for any help outsourced from the crypto community which would ensue the organization’s goal.
As of press time, CoinMarketCap estimates the fund to be $166 mln. This will be used specifically for the launching of Huobi Chain Project, serving mainly as a platform for users to proactively participate in fundraising projects for Initial Coin Offerings (ICO), as well as a voting medium for crypto enthusiasts to suggest which tokens ought to be listed on Huobi’s site.
The Huobi Chain Project is expected to be completed in 18 months, separated into eight stages. A guiding committee is expected to be organized this month to commence with the 18-month-long project. Currently, the company has already tapped to at least ten renowned leaders from open-source blockchain projects deemed stellar in their craft as potential committee members; their identities have yet to be disclosed.
Once the committee has been formed, they will proceed with the nomination of candidates they see fit to work on each of the eight stages. Their names will be voted upon by the committee, and the winner will obtain the leadership of the project’s development as well as the allocated funds at their respective stage. How the fund is allocated for each stage remains undisclosed.