Huobi wallet provides secure, reliable storage for digital assets
The 2008 global financial crisis, triggered by the mismanagement of users funds by centralized banking institutions, forms the background of 2009's Bitcoin launch. The essence of the Bitcoin blockchain was to solve the double-spend problem of digital money and remove the reliance on centralized intermediaries by using a distributed ledger which brings community-level responsibility to the security of users funds. Huobi wallet is a lightweight, multichain cryptocurrency wallet which sticks to the core tenet of blockchain technology; retaining the ownership and control of users funds in their own hands.
Often cited as the biggest hurdles to blockchain adoption, the ease of use criteria measures the ease and convenience of using blockchain technology applications. For practical purposes, blockchain services are designed in a complex minimalist and near skeleton structures. For non-tech enthusiasts, it is almost like staring at strings of code. Huobi wallet seeks to bridge the gap between convenience and functionality through a more user-friendly UX/UI design.
Huobi wallet features a sleek and simple design, which makes assets management to be quite easy. Another key thing to remember is that the wallet provides ultimate protection to users wallets through cutting-edge data encryption and security isolation.
In addition to TRON and EOS, Huobi Wallet supports Bitcoin (BTC), EOS (EOS), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Tether (USDT) and all ERC20 tokens. In October, Huobi wallet became the first wallet to expand support to cover seven stablecoins including, Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), Dai (DAI), Stasis EURS (EURS), and Tether (USDT).
Huobi wallet adds Eos and Tron
As per the scalability trilemma, blockchain projects can only achieve two of the following; decentralization, security and scalability. Yet for practical usage, acceptable levels of tradeoff can be made between decentralization and security to provide scalability. Delegated proof of stake consensus mechanism, relies on participants in the network choosing representatives to maintain the state of the ledger based on how much tokens they stake (hold). The principle relies on the fact that representatives will act honestly to protect the assets they staked. DPoS diminishes the inefficiency of proof of work where people who want to contribute to writing transactions in the ledger have to spend a lot of computational resources and time to solve complex mathematical problems to generate a block. In comparison, DPoS based platforms can generate blocks in less than a second compared to the 15 second average for Etherium and 10 minutes average for Bitcoin.
Eos and Tron both employ Delegated proof of stake, which makes their platforms more scalable. Additionally, both feature in the top twenty most valuable cryptocurrency platforms by a market cap, and are considered by some to be the competitors to Etheriums throne.
On October 31st, Huobi wallet announced an added support for EOS through their official twitter handle.
Huobi wallet's official Twitter announcement on the addition of EOS
Huobi wallet adding EOS is an important step for users. As of writing this article, EOS has a market cap of 2.7 Billion US dollars and is ranked sixth by coinmarketcap which is an open market demonstration of interest in their value proposition. EOS is focussing more on decentralized computing by building a decentralized operating system in which decentralized applications can be built with the same ease with which android or IOS applications are built. To achieve that level of scalability, EOS implements DPoS consensus mechanism, which early affiliated projects like Bitshares and Steemit proved to be quite scalable forming the foundation for the deployment of the EOS platform.
The EOS blockchain infrastructure will allow enterprise-grade apps to be developed and run on its blockchain. To visualize, Facebook or an entire Cryptocurrency exchange can run on the EOS blockchain, which supports millions of transactions per second. EOS has two key features:
Feeless; EOS uses an ownership model in which the network allocates resources proportionately to the stakes owned by an individual or entity which eliminates the need to pay fees for transactions.
Scalable; EOS supports millions of transactions per second through asynchronous communication and parallel processing.
TRON is a platform built for content creators which provides an avenue for creatives to publish and manage their contents based on blockchain based distributed storage technology. Key feature include
- A scalable infrastructure currently averaging 2ooo TPS
- Equitable Rewards redistribution
Tron is championing for a decentralized web, where users maintain control of their data and content. To achieve this, TRON relies on peer to peer transactions which removes the reliance of users and content creators from centralized payment processors. Currently, TRON seems to be specializing in is the entertainment industry. With the decentralization, the cost of content delivery associated with centralized content delivery networks can be reduced, which removes the barrier of entry to new content creators while at the same time redistributing benefits equally among content creators.
Simply put, TRON is striving to be a decentralized entertainment content sharing platform which can pave the way for a decentralized content ecosystem. The TRON mainnet was successfully launched in June this year, and can achieve 2000 transactions per second which are sufficient for its current traffic requests. TRONIX (TRX) is the currency of the Tron network used for rewarding content creators as users pay for services in the network.
Huobi wallet officially added support for TRON on November 20th, through the twitter announcement below. Users can now store their TRX in the Huobi wallet and enjoy the ease of use and security.
Huobi wallet's official Twitter announcement on the addition of TRON
Future additions to Huobi Wallet
Although decentralization evangelists have divisive opinions on semi-centralized, permissioned or institutional blockchains, I opine otherwise. Distributed ledger technology can be used to solve various systematic inefficiencies in our current governance structures. In that regard, I would like to see the Huobi wallet extend support for platform coins like Ripple and Stellar Lumens which are designed for the financial industry to connect financial institutions, payment systems, and people.
Ripple is a hashtree based payment protocol that leverages distributed ledger technology to eliminate some of the frictional costs of cross-border settlements. XRP, the Ripple platform's native currency, acts as an intermediary asset that provides liquidity between other assets. Institutions that integrate their services with the Ripple chain can move financial assets securely and reliably with minimal costs.
Similarly, Stellar is a non-blockchain payment protocol utilizing peer to peer networks and a distributed ledger to provide near real-time settlements on financial transactions regardless of the geographical location of users. Stellar has a native currency Lumens (XLM) for use within the platform. Stellar is a hardfork of the Ripple chain, which makes it Ripples number 1 competitor for the booming financial industry where over $5.1 trillion can be traded on speculative forex markets daily.
To put things into perspective, Ripple(XRP) and Stellar (XLM)are ranked 2nd and 4th valuable cryptocurrencies by market cap as of writing this article. This signifies the investor belief in their value offering to the financial industry where cross-border financial settlements can take up to weeks. To that end, the addition of XRP and XLM support in the Huobi wallet will provide users with options and probably galvanize wider adoption of Huobi wallet by institutions.
Disclaimer: This article is not intended as investment advice. It is for informational purposes. You should always do your own research.