Huobi Chain aims at building the next-generation of self-regulating and decentralized financial platforms, with Huobi Token (HT) powering the ecosystem. The advantages of running blockchain-based financial platforms in comparison with legacy businesses are numerous, with, amongst other things, the possibility of creating a more liquid and transparent ecosystem while at the same time allowing people from all over the world to gain access to these assets without price discrimination, regardless of their place of residency.
Given the decentralized nature of the project, users have the possibility to vote for the person (not the team) who is to lead the development of the project, and be rewarded for doing so in the form of airdrops.
The public chain leader will have to create the chain in accordance with Huobi’s vision to “make finance more efficient and making wealth freer”. To that extent, they will have to report to the board of directors, organize the team which will develop and maintain the chain, design the technology of the chain, advise on the distribution of the 30 million HT tokens escrowed for the creation of the project, and last but not least, promote and ensure continuity of operations.
Huobi Chain Leader Selection Process
The voting process will take place in 3 phases, with the first one already begun on July 20th, and the last finishing on September 28th, with the Huobi Chain Superhero Gala taking place on the same day, where the last 5 remaining candidates will have a face-to-face debate which is to be broadcasted live on Huobi’s social media channels. Each round will see the numbers of candidates diminish from 147 contenders to 5 for the final phase. The requirements to vote are simple: you need to hold a minimum of 100 HT (1 HT being equal to 1 vote), go to the voting page and simply cast a vote for your favorite candidate.
To motivate HT holders to vote, a reward pool has been set up by the sponsors equivalent to $300,000 in the form of the sponsoring project’s native tokens. The first round is to be sponsored by SSP and TOS, the second by GNX and LBA, and the third by MDS and YCC. Users can receive a part of this reward pool by voting for any candidate
What we find potentially damagin is that most do not provide any insights on how they aim to build the Chain, nor on who they are, which in our opinion is fundamental for any type of voting; while some others do provide these, they tend to be only the Chinese projects. While it might not be an issue for well-known blockchain figures such as Sunny Lu, VeChain’s CEO, or the likes of Elastos, Bottos or Ontology; it is an issue when it comes to exploring VCs and non-public blockchain developers. Below we describe three (out of 147) candidates. The complete list of candidates can be seen here.
Candidate 1: Dr. Steven Melnikoff; Penta Global Blockchain Foundation.
Among the main contenders for the position, we find at the second position Dr. Steven Melnikoff, CTO of Penta as of September 30th, with 38,085,771 votes. The insights provided by Dr. Melnikoff are amongst the most complete from all the ones provided by the other candidates, and describe how his involvement in the development of Penta’s blockchain can provide a good foundation for the Huobi Chain.
The main concern of Penta is that nowadays, in order to allow for scalability, most blockchains have become increasingly centralized – especially with the increasing number of supernode-based blockchains. Penta is all about creating a fair incentive structure (or consensus algorithm), and remaining highly decentralized while still being scalable. To allow for the blockchain to be decentralized, while still allowing for scalability, Penta created a new consensus algorithm called Dynamic Stake Consensus (DSC).
In a few words, DSC selects voters, using a randomized algorithm, to validate the transaction, and then distributes rewards according to the amount of Penta Tokens staked by the user. In essence, everyone holding some Penta Token in the system has the same chance of becoming a validator; however, the rewards are distributed proportionally to the amount of Penta Token owned – allowing for scalability without sacrificing inclusion and fairness.
The team already launched a proof of concept, with for instance a food security blockchain which allows consumers to scan a QR code on a bag of rice and see the entire supply chain of the rice grains, as presented at a Huobi conference in London.
Candidate 2: Sunny Lu, CEO VeChain
Former CIO and CTO of Louis Vuitton China, Sunny Lu is one of blockchain’s most known figures. He has plenty of experience in IT and cybersecurity and has co-founded VeChain – a prominent and promising blockchain project. Not only did they lock in partnerships with some extremely well-known companies around the world in their respective industries – such as DNC GL or PwC – but also have a solid foundation in China with, for instance, Gui’an infrastructure building.
Not only do we have a vested interest in VeChain (VET) at BitShouts.com, but believe that the professionalism and the dedication of the team to solve the bottlenecks of the business makes Sunny one of the most appealing candidates to lead the Huobi Chain project.
Candidate 3: Jae Hoon Choi, CEO of Pledgecamp
Lastly, we would like to present Jae Hoon Choi, CEO of Pledgecamp, a Kickstarter-like company built on top of blockchain technology. PledgeCamp develops a crowdfunding platform powered by blockchain technology, which aims at promoting trust and cooperation between investors and entrepreneurs. To protect investments, the protocol will allow for the creation of a smart contract that holds campaign funds in a digital escrow, with the fundings being available only when specific milestones are being hit, which, among other things, helps facilitate crowdfunding for startups evolving outside of the cryptocurrency space.
To conclude, we recommend anyone who has a vested interest in seeing Huobi, thus HT, growing to vote for their favorite candidate, as it benefits not only token holders and Huobi users in the long-run, but also the blockchain industry as a whole.
If you do not have any HT in your possession but would like to vote, you can easily purchase some by clicking here.