The blockchain services firm and cryptocurrency exchange operator “Huobi” is developing a new public blockchain dubbed “FinanceChain” in order to provide decentralized services to businesses. The open source code will expectedly be made available in Q3 2019, which will be followed by a testnet launch in Q1 2020 and finally a full mainnet launch in the second quarter.
Specifically, the launch will enable firms to host lending and payment services, run decentralized exchanges, issue stablecoins, conduct security token offerings (STOs), as well as other digital assets.
Partnership With Nervos Network
Nervos Network is a layered network built to support the decentralized economy. The layer 1 protocol of the Nervos is the Common Knowledge Base (CKB), an open, public and Proof of Work based blockchain. Nervos Network will power the technology behind FinanceChain, and is a joint initiative with Huobi to accelerate the future of decentralized finance.
To make it regulatory compliant Huobi Finance Chain will also support decentralized identifier (DID) and offer identity protocols such as know-your-customer (KYC) verification to make it easier for projects to comply with anti-money laundering (AML) rules. Notbaly, Huobi will further enable regulators to contribute to the network as validators.
Leon Li, CEO and founder of Huobi Group, said: “The mission of Huobi Group is to make finance more efficient and make wealth accessible to all. This project is not only in line with Huobi’s overall strategy, but it also fulfills our core mission. From a strategic point of view, decentralized financial services are still in an early stage of development. The market demand is clear, however, and we believe this is a very definite business opportunity.