Huobi Group announced at the beginning of November that Huobi Chain, the regulator-friendly, public blockchain is open-source and open for all developers at GitHub. Regulator-Friendly Huobi Chain announced as an open source blockchain.
A blockchain development startup firm, Nervos is providing part of technical infrastructure for Huobi Chain.
Huobi Chain, in partnership with Nervos, announced the initiation of open-source blockchain in July. Huobi asserted that open-source blockchain could be used for financial services and applications such as:
- Debit services
- Security token offerings (STO)
Huobi illustrates the open-source blockchain as the first network to support nodes to allow regulators to participate in the network as validators.
During the press release, the Founder and CEO of Huobi Group announced:
“If major banks and financial institutions are to fully embrace and adopt permissionless blockchain technology, we need to create a safe and secure environment that makes it easier for them to transition their products and services to the blockchain.”
As per Bo Wang, a researcher at Nervos, both Huobi and Nervos are working together to develop pluggable components for the platform that would allow regulators to monitor various activities on the blockchain. The regulator can easily monitor the deployment of contracts, asset holdings, and transfers, additionally, the network will also enable regulators to enforce anti-money laundering norms.
Wang also stated that the components would enable various financial organizations like the bank and regulatory bodies to freeze assets and accounts in emergencies utilizing the sidechains.
Additionally, Wang explained how supervision nodes would allow regulators to autonomously execute and manage nodes, pull any required information, and also to take part in monitoring the entire crypto ecosystem. He further noted that Huobi Chain will present the resources for pre-deployment assessments and constant tracking.
Moreover, Nervos is also helping China Merchants Bank to develop a decentralized finance application. At the beginning of November, Nervos’s $72 million token sales were completed and Lina mainnet was launched on November 16, 2019.