Singapore-based Huobi Group said it would roll out at least 20 million Huobi Tokens with a total estimated value of $100 million to finance the search of a global leader in blockchain development.
The investment will be used to finance the firm’s public blockchain called the Huboi Chain Project (HCP) which in turn will unveil the Huobi Chain Superhero Championship Program (HCSCP). Aside from the initial $100 million in allocation, Huobi said it would earmark a portion of the company’s annual revenues to the program.
Huobi Group founder and CEO Lin Li said:
"We firmly believe in a decentralized future, and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community. Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”
Under the plan, the company will conduct the program for 21 consecutive months in search of a world-class leader to spearhead the advancement of the Huobi Chain project. The program will be clustered into ten separate milestones, each with a corresponding prize pool. Each of the development teams across the world will be competing for a prize in each of the benchmarks, the company said.
According to founder and CEO of Huobi Group, Lin Li, once the program is finished, all the code will be made open source and they will gradually migrate Huobi onto the new blockchain. Li said the company decided to make the public blockchain open source because it wants all users to join and participate in it, including individuals, organizations, enthusiasts, etc. The new platform can be a useful tool for fundraising, securitization, value exchange, and many other things.
The company further stated:
“The Huobi Chain Superhero Championship will incentivize the community to participate in building the Huobi public chain from the ground up. Huobi devotes [sic] to make necessary virtual currency capital contributions which amounts to 30 million Huobi Token (HT) in helping the development of the said project.”