During the San Francisco Blockchain Week, the Huobi Group introduced its new community-based cryptocurrency exchange Huobi NEXT. The platform was unveiled to US investors and blockchain enthusiasts by company executive Lu Mai, who heads Huobi Group’s coin listing team, as well as Huobi NEXT. This is the first time that Huobi attended the SF Blockchain Week.
Introducing the Huobi Next
The platform is designed to connect newer and high-potential coins with investors. It will include cutting-edge coins in their early stages to let investors dive into the ideas during their budding years. Unlike traditional exchanges, Huobi does not decide which coins to list on the platform. The exchange’s community takes this decision, and the listing is decided via a public vote.
Lu commented on the platform’s unique approach saying:
“Huobi is trying to build an open platform for all participants to contribute and share the value.”
He explained that Huobi NEXT is trying to create a more consensus-driven, democratic, and decentralized approach to coin listings. This step is important because traditional exchanges like Binance have been accused by users of listing “shitcoins.”
The Listing Process on Huobi Next
Project teams with early-stage coins will submit their projects for listing on the Huobi NEXT platform. Huobi will then verify the legitimacy and authenticity of these projects. The platform will work with several reputed and respected investment institutions who will act as endorsers. These entities will select projects for consideration and then vote on the top ones as a group.
Lu said that Huobi has already enlisted 40 endorsers globally. He claimed:
“We are always trying to recruit more endorsers to partner with us and to enlarge our ecosystem.”
For the next stage, crypto investors and the Huobi community can participate. They can vote for the projects they support by paying via Huobi’s native token. Project tokens will be distributed as a reward to the voters. Huobi NEXT will then list the top-rated projects on the platform.
The Huobi Group, consisting of 10 enterprises, has an accumulative turnover of more than $1 trillion.
Huobi NEXT Debuts at San Francisco Blockchain Week was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.