The competitive nature of the blockchain industry cannot be underestimated. Huobi Chain, once thought to be a closed-source project, has now made its code accessible to everyone in the world.
Huobi Group is a well-respected entity in the cryptocurrency industry. Most enthusiasts know the company through its Huobi trading platform.
A Smart Call by Huobi Global
Over the years, Huobi Global showed its intent to focus on blockchain ventures. The main project under development is Huobi Chain.
This week, the company confirmed that the blockchain project will be made open source.
This approach can make the technology stack a lot more appealing to developers globally.
The primary selling point of Huobi Chain is its high throughput. It is initially designed to host emerging cryptocurrency projects.
While the code is still under development, open sourcing it seems to be the smart choice.
Huobi is intent on advancing the crypto and blockchain industry to new levels.
Huobi Group CTO Leon Li indicates the venture was always designed to be inclusive.
Allowing the blockchain community to build the technology necessary to do so is a big step forward to achieving this goal.
Huobi is not the only company intent on building its own blockchain. Companies such as Binance and Bithumb have launched very similar ventures over the past few years.
Huobi Chain is the first of these “native” chains to become open source. Binance Chain and Bithumb’s venture remain a closed ecosystem until further notice.
Not that long ago, there were high hopes for private blockchain ventures.
The decision by Huobi Global indicates that approach may not be as feasible after all.