Huobi Eco Chain, an open-source, decentralized public blockchain, today announced 11 new partners, including Hong Kong-based blockchain gaming company Animoca Brands and crypto data website CoinMarketCap — which is owned by Huobi rival Binance — that will run validating nodes to improve the stability and decentralization of the network.
Fast facts
- Other new validators include decentralized finance projects Lightnet, MDEX, Coin98, CoinWind and Allnodes, a hosting and staking platform. The new validators will run nodes that can make operational decisions for platform management and will receive on-chain transaction fees as rewards. Nodes are points of communications distributed across a network performing tasks such as providing information about transactions.
- The 11 new nodes were elected by the Huobi Eco Chain community following a node election campaign in May 2021 that saw more than 300 projects apply to become validators, according to a statement shared with Forkast.News. Each candidate had to submit a 5,000-Huobi Token staking deposit and pass know-your-customer checks. Huobi Eco Chain currently has 20 active validators.
- “Nodes play a crucial role in the long-term success of a public blockchain network, so we were thrilled to have received inquiries from more than 300 projects interested in serving as nodes on HECO,” said Leo Su, head of Huobi Eco Chain. “As we continue to focus on the decentralization and globalization of the HECO chain, we look forward to welcoming contributions from more top-tier organizations and individuals.”
- Huobi Eco Chain is an Ethereum virtual machine-compatible chain that uses a hybrid proof-of-stake consensus mechanism. More than 200 projects have deployed on it, with US$6.037 billion in total value locked since its mainnet launch in December 2020, including DeFi projects such as MDEX, the third-largest decentralized exchange by trading volume.