What Is Huobi Token (HT)?
Huobi Token (HT) is the native token of the cryptocurrency exchange Huobi Global. It is a decentralized digital asset based on the Ethereum blockchain and is ERC-20 compliant. HT’s value is in part reliant upon the reputation of the Huobi crypto exchange, yet other factors also have an impact.
To learn more about this project, check out our deep dive of Huobi Token.
Huobi Token is a relatively young project. It first launched in January 2018, hot on the heels of the release of a native token on rival crypto exchange Binance. Having its own token allows Huobi to build a flexible marketing strategy in order to attract new users and further grow its platform.
One key function of the token is to reduce commissions for trading operations on the exchange, which are usually paid from users' wallets. Yet the token has much more to offer. Using HT, users can purchase monthly VIP-status plans to receive discounts on transaction fees. Token holders have the right to vote on exchange decisions, can receive crypto rewards for seasonal buybacks, and also get early access to special events. HT holders can, at any point, trade the token for other cryptocurrencies.
Who Are the Founders of Huobi Token?
Leon Li is the founder and CEO of Huobi Group. Having graduated from Tsinghua University (Department of Automation), he became a proponent of Bitcoin in 2011. Li began his career as a computer engineer at Oracle, the world's largest database provider. In 2013, he founded Huobi Group, took over the management of the company and transformed it into a leading global player in the provision of financial services in the field of digital assets.
Jun Du is Huobi’s co-founder. Prior to his role at Huobi, he was a community operations director at Comsenz and worked at Tencent. In addition, Du serves as CEO at Node Capital (a venture capital firm with a focus on the blockchain industry), is the founder of Jinse (a blockchain service platform integrating industry news, market information and data) and is co-CEO at BiKi.com (a software provider for digital currency trading). Lastly, he has co-founded companies that include AToken and Chainup.
In 2018, the founder of Crypto Chain University, Herbert Rafael Sim, joined the Huobi Group team. Sim has an impressive track record and has contributed to the development of Forbes, The Huffington Posts and Wardrobe Trends Fashion. At Huobi, Sim is responsible for digital marketing and serves as public relations director.
What Makes Huobi Token (HT) Unique?
The Huobi Token has two main functions. First, the Huobi exchange uses HT for its loyalty program that rewards members with a range of discounts. The company has also decided to use HT tokens to confer voting rights on users of the Huobi Autonomous Digital Asset Exchange (HADAX).
To fulfil these functions, Huobi has attempted to keep HT’s value reasonably stable. To curb inflation, the company allocates 20% of profits for a token buyback program.
HT token holders have several advantages thanks to the token’s circulation, which include:
Reduced transaction fees. The Huobi exchange offers a series of discounts for clients with VIP status. With this option, investors and traders can save a decent amount of funds on commissions.
Convenient means of exchange. The platform does its best to make it easy and convenient to exchange Huobi Token and supports the asset as part of trading pairs with numerous popular cryptocurrencies.
Promotion of new tokens. HT holders receive coins with each listing of new crypto assets and also can also receive a wallet bonus.
Investor Protection Program. The tokens bought out by the exchange are sent to an investor protection fund, whose purpose is to compensate for any financial losses.
Participation in decision making. HT token holders can vote and thereby influence the development of the Huobi exchange and its wider ecosystem.
How Is the Huobi Token Network Secured?
The Huobi ecosystem uses a distributed architecture and anti-DDoS protection system to bolster security. In addition, 98% of the currency is stored in a multisig cold wallet. The exchange also uses a risk control system dubbed “Don’t Be Evil” to ensure the safety of users’ accounts and assets.
Since 2018, the platform has used an asset protection system called the Security Reservation Mechanism. In parallel, Huobi also launched its Investor Protection Fund in January of that year. Thanks to these measures, HT holders are insured against financial losses that may arise as a result of fraudulent activities or other risks associated with cryptocurrency trading.
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Cryptocurrency