The Hadax 2.0 Regime features new optimizations to achieve a democratic, transparent and seamless community backed listing process.
I have been part of many Blockchain and Cryptocurrency projects, mainly as a content writer. The most persistent question set forth in most Cryptocurrency or Blockchain platform startup communities is “when listing?” The angst that drives this question is remotely understood by non blockchain enthusiasts, so I shall aver to explain. Listing on a good exchange is a sure way of driving token utility. The premise on which most blockchain startups are established is to facilitate the digitization of real-world assets into digital value which can be efficiently and securely transferred between entities globally. This function can only be provided by an exchange with a global presence that can facilitate the transfer of ownership of digital value, regardless of the geographical location of its users.
Huobi Global is a world-leading exchange and financial service provider for digital assets. To offer investor security, Huobi Global has a centralized mode of operation which ensures that Tokens are thoroughly evaluated before listing. Despite its obvious advantage, this process results in long waiting periods before audit completion, subjectivity and a limited scope of projects. To address these challenges, Huobi global established a sub-brand; Huobi Hadax (Huobi Autonomous Digital Asset Exchange).
Huobi Hadax was conceived as a platform to provide exchange services to support blockchain startups by addressing the limits of the centralized evaluation methods. On Hadax, the Huobi team only establishes the legality and validity of projects after which the community participates in the listing process of new tokens by voting for the tokens they wish to have on the exchange.
The semi-autonomous listing process provided by Hadax has significant advantages. Firstly it provides any digital asset startups with a democratic access to exchange services. Secondly, since the scope of projects that can be listed is broadened, investors can discover hidden gems to invest in. Most importantly, the process introduces community level responsibility which ensures only reputable projects are listed on the exchange.
The Hadax 2.0 Regime
“HADAX gives investors the choice to vote for tokens they believe are worth trading.” Zhu
Since its rollout in February 2018, Huobi Hadax has made adjustments to improve user experience and to provide a democratized registration and voting services for new tokens. The listing process was suspended in June but after an in-depth review of the voting process, HADAX 2.0 was recently launched. The Hadax 2.0 Regime features new optimizations to achieve a democratic, transparent and seamless community backed listing process.
This service is now available in a rigorous five-stage process:
🔹 Project Application
Any project team can apply through “Huobi Automated Listing Platform” by submitting the relevant documents about the project. The team should be backed by at least one endorser. The project is then reviewed by Huobi Hadax, and on acceptance, moves on the cross evaluation stage.
🔹 Cross Evaluation by Endorser
After registering on the “Huobi Automated Listing Platform”, the project will be anonymously reviewed by endorsers. Hadax will then decide which projects proceed to public voting based on the results of the cross evaluation by the endorsers.
🔹 Project Showcase
After qualifying for the public vote, projects are required to display their project “Huobi Show Center for Blockchain Project”. At the showcase, projects provide their financial and development reports, and any other material that would help users understand the project. At this stage Huobi users, team members and endorsers can freely engage with each other to gain a better understanding of the project.
🔹 Public Voting
After the showcase, the project enters the public voting platform. Currently, the voting process is restricted to a one-hour duration. Project teams are required to allocate a specified number of tokens for incentivizing voters.
“Each project shall define a target vote quantity by HT, and the voting rewards tokens shall be distributed against these target votes. Excess votes will be returned in accordance with the proportion of votes cast by the voters.” Excerpt from Huobi Website.
🔹 Schedule for Listing
The top 2 projects that achieve the voting target, with the highest number of votes will be listed. Projects that fail to achieve the target number of votes will not be listed. Projects that achieve the voting target but fail to be in the top two, will be scheduled for the next round of public voting. The scheduling is done in sequence with Projects that have previously met the target but failed to be listed.
After meeting the target, the projects that have not been listed in 4 consecutive rounds can participate again in the next round.
Definition of terms
In Huobi terms, endorsers are well-established investment institutions in the blockchain industry. Examples include Bitmain Technologies and Genesis Capital. Qualified voters are invite-only and they have to meet the following criteria: For institutional accounts, a minimum account balance of 1.5 million USD or equivalent is required. For individuals, a minimum balance of 450,000 USD or equivalent is required.
You can find more information on the voting process here
THE RESULTS OF VOTING ON HADAX 2.0
The most recent vote on Hadax featured projects such as the Huobi Pool Token, Rate3 Network, Tripio and Machine Xchange Coin.
A brief overview of the Projects from the most recent round of public voting
♦️ Huobipool Platform
The Huobipool is built to solve the problems faced by digital assets producers (miners) by providing a stable, safe and transparent business platform which covers production mechanisms such as Proof of Work, Proof of Stake and Delegated Proof of Stake. The Huobipool Token, HPT, is a subtoken of the Huobi Token. The HPT token is used to incentivize ecological contribution to the Huobi ecosystem through double mining.
♦️ Rate3 Network
Rate3 Network is a dual protocol platform built on etherium and stellar. The project was conceived to target the cross border e-commerce payment s and credit scoring markets. Rate3 network leverages blockchain technology to provide efficient and transparent cross border payments. Additionally, the platform supports token conversion capabilities.
♦️ Tripio
Tripio is start up that aims to provide a global travel marketplace by capitalizing on the decentralized networks provided by blockchain technology. Tripio connects customers and service providers through its platform to reduce the transaction and operational costs in the travel industry. Transactions on the platform will be fueled by the TRIO token, which is an ERC 20 Utility token.
SIGNIFICANCE OF THE RESULTS
HPT token received more than ten times its target at 750, 000 votes. RTE also achieved more than three times its target votes at 210,000 votes. Trio, on the other hand, received more than 50% more than their target of 400, 000 votes. From the results, HPT token and RTE qualified to be listed on Huobi Hadax.
In my personal opinion, since HPT is affiliated with Huobi Global, holders are naturally incentivized to vote for HPT, therefore HPT winning the vote was not unexpected. It is, however, noteworthy that the sheer number of votes, (ten times more than the target), shows remarkable enthusiasm and a majority support for the new Hadax 2.0 regime.
After an in-depth research, I have noticed that the voting results of Rate3 network platform (three times more than the target) concur with the general positive sentiments of crypto reviewers regarding its authenticity and use case.
Conclusion
The only true way to achieve decentralization is to democratize the production and access to digital assets. In line with this vision, HUOBI HADAX is continually making efforts to improve on their platform to provide the best exchange services for all users. The new HADAX 2.0 REGIME will provide opportunities for any worthy digital asset startups to access exchange services.
The new listing process incorporates community level and corporate level responsibility. Corporate-level responsibility is achieved through endorsers, and the community-level responsibility is achieved through communal voting. It is believed that through the stringent listing process, platform users will be safeguarded from the risks of trading with Altcoins by ensuring only reputable projects are listed on Huobi Hadax.
You can register on Huobi Global here