Huobi to Launch Billion-Dollar Blockchain Incubator for Chinese Startups

  • Huobi is set to launch a billion-dollar global blockchain industry fund and build a 40,000-square meter blockchain incubator.
  • Huobi China’s headquarters will be relocated to the Hainan Ecological Software Park.

Huobi is set to launch a $1 billion fund for Chinese blockchain companies. It’s set to provide startups technical and strategical support, and access to software so they can test their products and/or systems.

Huobi Labs, a venture the company plans to launch, is an incubator belonging to the cryptocurrency exchange, Huobi, one of the largest in the world with a daily trading volume of well over $1 billion.

By introducing the $1 billion fund, Huobi seeks to expand its influence within China and across the world. The initiative comes alongside a new strategic cooperation agreement made with Chinese social media company, Tianya. The two companies are seeking to jointly launch a ‘Global Cultural and Creative Blockchain Lab’.

This year, China has announced a more open approach towards international trade, and has proposed the creation of a global free-trade zone in Hainan Province, which is where Huobi and Tianya plan on launching their Blockchain Lab.

The global free-trade zone is expected to come into full effect by 2020, with the Global Cultural and Creative Blockchain Lab being one of the first to take advantage. Huobi’s founder, Li Lin, has outlined the broader aspirations the company has, and its strategic partnership with Tianya.

The incubator in question, Huobi Labs, will see both the capital and vast knowledge of both blockchain technology and China pooled together between the two companies. The decision to place the incubator’s headquarters in Hainan is both to benefit the local economy, and to put Huobi in a commanding position, especially as it transitions into a global free-trade zone.

Earlier this year, Huobi entered the UK, as it established offices in London, while also preparing to set foot in San Francisco. The footholds across continents come as a sign of renewed growth in the wake of the breakdown of a partnership between SBI and Huobi in March.

New Public Blockchain Hedera Hashgraph Launches with 26 Dapps

Michael LaVere
  • Hedera Hashgraph launches open access to its mainnet blockchain with 26 dApps. 
  • Network will support 10,000 transactions per second, in addition to smart contracts and file services. 

The Hedera Hashgraph team has announced the successful launch of its public blockchain mainnet on Sept. 16, which includes 26 decentralized applications. 

Hedera Launches Public Mainnet

According to the release, Hedera Hashgraph is now open to the general public after months of being in a closed beta network for select developers.

Hedera claims to be have a faster consensus algorithm than the blockchain used by Ethereum and Bitcoin, capable of supporting 10,000 transactions per second. The open-access mainnet also allows users to operate smart contract and files services, with the team planning to increase the network’s speed “methodically throughout the remainder of 2019.”

Heredera’s Hashgraph achieves this transaction throughput thanks to a unique feature called gossip, which sees nodes within its network share information – gossip - on transactions, and subsequently gossip on gossip to record each event on the network and create a hashgraph of information.

The network reportedly achieves consensus and is secure by a virtual voting process, where the hashgraph technology uses nodes to ensure Byzantine fault tolerance. Hedera further has a Consensus Service under development that will be made available to the public later in the year. 

Mance Harmon, co-founder and CEO of Hedera Hashgraph, said, 

We are thrilled that, through open access, dozens of decentralized applications are now live and running on the mainnet, along with mirror nodes and other parts of the ecosystem designed to expand Hedera’s reach and adoption.

Hedera uses “council members” to run nodes and maintain the decentralization of the blockchain. The 39 council members, which include IBM and Boeing, also govern changes to the software. 

The enterprise-focused network has earlier this week seen its cryptocurrency, HBAR, get listed on leading cryptocurrency trading platform OKEx as three new trading pairs – HBAR/BTC, HBAR/USDT, and HBAR/USDK were added.

In a press release Andy Cheung, OKEx’s Head of Operations, stated:

Hedera and OKEx share the same goal of building a trusted, safe, and fair digital future for everyone through developing a neutral, open-access infrastructure. With such a powerful, enterprise-grade ledger technology, we believe it is a big step forward in mainstream adoption of decentralization. We are excited to support the Hedera platform and continue to lead this industry forward.

To celebrate listing HBAR, the cryptocurrency exchange launched a 500,000 token giveaway that will see holders and market makers who create maker orders on OKEx have a chance to win a share of the HBAR tokens being given away.

The first 5,000 traders to trade a HBAR trading pair, OKEx’s announcement reads, are also entitled to a share of 150,000 of the half a million HBAR being given away, in proportion to the volumes they trade.

Featured Image Credit: Photo via Pixabay.com