Blockchain technology has been around for a while now. Even so, the technology is still considered to be in its infancy.
Over the years, the industry has gone through dramatical changes. Most of them came after the introduction of cryptocurrencies. At first, there was only Bitcoin that has quickly started to rise in popularity and value. It became the representative of the first generation of digital coins. Several years later, Ethereum was launched and it became the biggest blockchain of the second generation.
Now, cryptocurrencies are at the peak of their popularity and will likely become even more significant in years to come.
After Bitcoin’s appearance, a need to trade coins emerged as well, and cryptocurrency exchanges were born. In 2013, cryptocurrency exchange called Huobi was launched. At the time, it was considered to be a venture with a lot of potentials. Despite this, it was still a risky move. But, Jun Du, its co-founder, felt like it was the right one to make, reports ZDNet.
Now, five years later, Huobi is the third-largest cryptocurrency exchange in the world by trading volume. It was also the largest one in China, before the country’s ban on cryptocurrency trading. The ban forced Huobi to move to Singapore.
Public Blockchain and DAO
Public blockchain is a type of blockchain that has no restrictions regarding access. Everyone can connect to it, make transactions, or become its validator. Public blockchain is used by Bitcoin, Ethereum, and similar cryptocurrencies. It introduced the concept of ICOs and provided startups with a new way of raising capital.
Public chains also allowed DAOs (Decentralized Autonomous Organizations) to appear. Even Huobi itself plans to transfer its operation to Huobi Chain Project and become a DAO after the project is complete. DAO will replace a traditional form of management with communities and codes. In short, all decision making will be done through community votes with no centralized authority.
Huobi even has plans for the future expansion of this project. But for all this to succeed, there needs to exist a healthy ecosystem, proper security, and matching technology. At some point in the future, all industries will have their chains. When that time arrives, the goal is to merge them into a single blockchain network.
The network would connect celebrity businesses, gaming, financial industry, healthcare, and everything else.
Huobi is also working on expanding its reach globally, which is why it is opening exchanges in different countries. These include the U.S., South Korea, and many more future projects. With all of them working together, Huobi plans to help blockchain technology expand and reach mass adoption.
Featured image from Shutterstock.
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