Huobi Open-Source DeFi Blockchain Now Live: Huobi, a major cryptocurrency exchange, announced the public testnet launch of its open-source decentralized finance (DeFi) blockchain, Huobi Chain, on Feb. 29. Its aim is to provide a regulator-friendly framework for financial services companies to deploy applications in a variety of finance-related sectors.
Huobi Chain incorporates a flexible governance model that supports both regulators and enterprises. Based on a delegated proof-of-stake consensus, it allows regulators to contribute to the network through unique regulatory nodes.
The implementation of Know Your Customer (KYC) and Anti-Money lLundering (AML) protocols is complimented by a Decentralized Identifier system to provide verifiable digital identities on the network.
For DeFi to thrive, the ecosystem requires regulators and enterprises to establish standards together, according to Huobi Group vice president of global business, Ciara Sun:
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