Huobi joins a blockchain alliance supported by the Chinese government


Huobi has become known as one of the largest crypto exchanges in the world, a real competitor – alongside Binance, Coinbase and Bitfinex – for the best trading platform out there.
Even recently, in an independent research, Huobi proved to be one of the main crypto exchanges holding a large Bitcoin supply which indicates the influence this platform holds on Bitcoin’s price evolution, and further on over the entire industry.
Though Huobi may be based in Singapore, the company is fully aware on the large influence of the Chinese market and for this reason its management team decided to join an innovation group dedicated to developing blockchain services in China. More interesting for us is that the group is supported by the Chinese government.
At the beginning of December 2019, the “Blockchain Services Network Partner” conference took place in Hangzhou, China where Huobi was announced as one of the founding members of the new Blockchain Services Network which has been organized by the Chinese authorities.
The research group managed to attract other reputable partners from the blockchain industry and its one of the main purposes is to promote blockchain technology while looking to enhance the interoperability level between various networks.
As several crypto analysts noticed, we can’t have the new blockchain-based Internet unless we find a way to interconnect all available blockchains. In other words, blockchains using different consensus mechanisms still need to find a way to “talk” to each other in an easy manner, at least from the perspective of the everyday user.
This is obviously a positive development to see the Chinese authorities working to establish a blockchain-based environment where various networks can communicate with each other in a predictable fashion for mainstream users.
We are nevertheless forced to consider if the efforts of the Chinese authorities encompass only the private and state-controlled blockchains or this ecosystem would include the popular public names like Bitcoin and Ethereum.
What are the Chinese officials going to do with cryptocurrencies, especially when the central bank finally launches the digital currency of China?

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