The Huobi cryptocurrency exchange has opened the source code for its “regulatory-friendly” blockchain Huobi Chain. Developers can access the source code of the project on GitHub.
Huobi Chain allows third-party companies to develop plug-in components so that regulators can monitor the operation of smart contracts, the movement and storage of assets, as well as compliance with anti-money laundering requirements. In addition, companies can create components that allow financial institutions to freeze assets and accounts if necessary.
“For this, special“ monitoring nodes ”can be launched that will allow regulators to independently launch network nodes, extract data and participate in ecosystem management,” said Bo Wang, a spokeswoman for Nervos startup, which provides part of the project’s technical infrastructure.
Work on the Huobi Chain blockchain began last year, and the presentation of the project took place in July this year. Huobi Chain can be used for financial services and applications, including lending services, issuing stable cryptocurrencies, selling tokens and creating exchanges. The highlight of the Huobi Chain is the “oversight hubs” that allow regulators to monitor and manage transactions, as well as act as validators.
“If large banks and financial institutions switch to blockchain, then we need to create a secure infrastructure that will easily transfer the products and services of these organizations to the blockchain platform,” said Leon Li, founder and CEO of Huobi Group.
Recall that earlier this month, Huobi launched the Huobi Cloud cloud platform in the Middle East, designed to create secure and stable digital asset exchanges.