- Huobi Chain uses a variable governance model that complies with the requirements of regulators and enterprises
- The chain backs crypto such as Ether (ETH) and Bitcoin (BTC) and assets issued by Huobi
According to a report by Cointrust, cryptocurrency exchange Huobi has disclosed the public testnet roll out of its open-source decentralised finance (DeFi) blockchain Huobi Chain. It aims to offer an infrastructure that complies with regulatory guidelines for financial service providers to install apps in finance associated industries as per the report.
Decentralised identifier tool
The report added that Huobi Chain uses a variable governance model that complies with the requirements of regulators and enterprises. Based on an assigned proof-of-stake consensus, it allows regulators to offer their inputs to the network through distinct regulatory nodes. As per the report, compliance with KYC (Know Your Customer) and Anti-Money Laundering (AML) is done parallelly with a Decentralised Identifier tool. This tool will offer confirmable digital identities on the network.
As per the report, the chain backs crypto such as Ether (ETH) and Bitcoin (BTC) and assets issued by Huobi. It includes Huobi Token (HT), which will function as the only utility token on the network.