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    Blockchain & Crypto Analysis

    TRON & Ontology Mainnet Token Swaps on Huobi Pro

    Wednesday, June 13, 2018

    TRON (TRX) and Ontology (ONT) are currently in the process of preparing for their respective mainnet token swaps. To facilitate the token swap process for its users, Huobi Pro will automatically swap any TRX and ONT tokens that are deposited to the exchange.

    What is a Mainnet Token Swap?

    In the world of cryptocurrency, many new projects are looking to build their own blockchain platform, but need a temporary token of sorts to raise ICO funds. In order to do this, most developers use Ethereum’s ERC-20 standard, which defines a set of rules for token generation and usage. The ERC-20 standard allows projects to specify their own token economics, and the generated tokens can be stored in an ETH wallet. Similarly, the NEO platform also offers a token standard called NEP-5.

    After a project’s mainnet, or live network, has been launched, developers may choose to do a 1:1 swap of the ERC-20/NEP-5 token to tokens that can be utilized on the mainnet. In this case, TRON and Ontology have launched their mainnets. The TRX ERC-20 and ONT NEP-5 tokens won’t have any function on the mainnet, so they will lose all value following the token swap. Thus, it’s important to receive your mainnet tokens, which will retain their value because they can be used on the mainnet for staking, purchases, etc.

    Token Swap on Huobi Pro

    Huobi Pro, which recently finished its EOS token swap, is now supporting both the TRX and ONT token swaps. Here are two reasons why you should use Huobi Pro to swap your tokens.

    Swap TRX on Huobi Pro, and trade against USDT.

    1. Manually swapping the tokens can be challenging, especially for new investors. For example, manually swapping ONT NEP-5 tokens require sending the tokens to a specified mapping address in addition to one’s private keys. With so many phishing scams at the moment, sending your tokens to an exchange is a safer and more convenient solution.
    2. If you perform a manual swap, your tokens won’t be liquid during the swap process, which can take up to 24 hours. If you’re an active trader, this means you won’t be able to react to market news because your tokens will be “stuck” during the token swap. On the other hand, if your tokens are on Huobi Pro, you’ll still be able to trade freely during the swap process.

    TRON & Ontology in the Future

    TRON and Ontology are two of the biggest projects in the blockchain space. Just a few days ago, TRON’s Justin Sun announced an acquisition of Bittorrent, Inc. While not many details were revealed about the acquisition, TRON stated it is interested in building a “decentralized Internet”.

    Ontology, while newer in the blockchain space, has made a number of significant accomplishments as well. Recently, Ontology formed a partnership with CarBlock, a blockchain-based transportation solution. Ontology has also formed the Ontology Olympus Accelerator, a program that “invites technology and product experts across fields to collaborate in entrepreneurship and build new distributed business applications.”

    Don’t miss out on TRON and Ontology’s exciting future by forgetting to swap your tokens. The swap process will start soon, so sign up for Huobi Pro today, and let them handle the token swap for you.

    BnkToTheFuture & the Future of Finance on Huobi Talk

    Tuesday, June 12, 2018

    On this week’s episode of Huobi Talk, Simon Dixon, CEO of BnkToTheFuture, will share his views on the current system of banking and how blockchain has the potential to disrupt the industry.

    BnkToTheFuture, which is currently traded on Huobi Pro, is a blockchain-based global investment platform that gives users access to fintech investment opportunities that are usually reserved for venture capitalists and angel investors. Investments can be made in both fiat and cryptocurrencies, and BnkToTheFuture handles all documentation, administration, and payments for its investors and deals. Lastly, BnkToTheFuture only charges a service fee after a successful deal has been made, and its pooled investment structure allows for tax-efficient exposure.

    BnkToTheFuture’s platform token, BFT, began trading in late March at ~$0.073. After a surge to $0.35 in early May, BFT has retraced to $0.17 with $1.8 million of 24 hour volume. Today, BFT’s market cap sits at $106,870,260 with 30% of BFT trading volume occurs on Huobi Pro against BTC and ETH.

    BnkToTheFuture’s Investments

    BnkToTheFuture’s extensive investment portfolio includes a number of industry-leading companies, and two of the most well known ones are Exodus and Factom.

    Exodus

    Exodus is an all-in-one app to secure, manage, and trade blockchain assets. The wallet enables users to secure their own private keys for many cryptocurrencies and offers exchange services via the built-in ShapeShift support. BnkToTheFuture participated in a $250,000 funding round for Exodus, and 291 investors provided $368,222 of capital in exchange for convertible notes.

    Factom

    Factom is a blockchain solution that enables users to write cryptographic hashes of a secured data and documents on an immutable ledger. Factom, which is “often it is described as a publishing and auditing engine,” doesn’t store actual documents, but instead stores irreversible hashes that prove the authenticity of a government. In a $5 million “Series A” funding round on BnkToTheFuture, Factom was able to raise $8 million from 129 investors for 17% equity in the company.

    BnkToTheFuture’s Roadmap

    Currently, BnkToTheFuture is working on a voting portal that will be used to vote on potential investment listings, a beta wallet that allows whitelisted users to legally hold and trade tokenized securities, and developing an order book for tokenized securities through a clearinghouse partner and a cryptocurrency exchange for additional liquidity. Later this year, BnkToTheFuture will launch its full tokenized securities marketplace, as well as an investment index for blockchain-related companies.

    To learn more about BnkToTheFuture, be sure to subscribe to Huobi Talk on YouTube and tune into this week’s episode featuring Simon Dixon. Lastly, be sure to check out Huobi Pro if you’re interested in the BFT token.

    Decrypto Daily Update – June 8, 2018

    Friday, June 8, 2018

    Market Snapshot

    • Total Market Cap: $339,056,139,543
    • 24 Hour Volume $14,250,839,610
    • BTC Dominance: 38.3%
    • BTC-O: 7,650.82
    • BTC-H: 7,741.27
    • BTC-L: 7,650.82
    • BTC-C: 7,678.24

    Huobi announces its public blockchain, Huobi Chain.

    Over the next 18 months, Huobi will be developing its own public blockchain platform similar to Ethereum and EOS. The platform is designed to “mitigate financial risks with supervision and consensus, optimize the trading process with blockchain technology, and safeguard users’ rights and interests with community autonomy.”

    • The price of HT (Huobi Token) has exploded recently, thanks to many announcements from Huobi – Huobi 10 crypto index, HADAX trading platform, and now Huobi Chain. It’s great to see an exchange working so hard to innovate and create new products instead of just accepting millions of dollars from completed ICOs to list their s***coins before fleeing to Malta to find a bank to store all that money. Oh don’t worry, I’m not talking about any exchange in particular…
    • Similar to Ethereum and EOS, Huobi Chain is a public blockchain platform that will offer smart contract execution, financial value exchange, fundraising capabilities, securitization, and more.
    • HT ERC-20 tokens will be swapped to mainnet tokens following Huobi Chain’s launch in 18 months.
    • I wonder what kind of incentives there will be to use Huobi Chain. How will Huobi attract developers and users away from  the likes of Ethereum and EOS – projects that aren’t tied to any specific exchange.

    Bithumb is cleared of allegations of tax evasion.

    Korea’s National Tax Service has successfully completed a tax audit of South Korean cryptocurrency exchange, Bithumb. The exchange has been cleared of any allegations of tax evasion, and have been ordered to pay its original tax bill of $28 million.

    • Wow, that took a while… Almost 5 months!
    • I wonder if we’ll start seeing some classic Korean volume from Bithumb again. At one time, Bithumb was one of the leaders in trading volume. Today, the exchange ranks 28th in BTC volume. Yikes.

    ICON announces a partnership with Deloitte Startup Advisory Group.

    ICON Foundation has signed a MOU with Deloitte SAG to collaborate on development and commercialization of blockchain projects.

    • This is a huge partnership. Deloitte is one of the largest accounting firms in the world, and their extensive client list includes many Fortune 500 companies you’ve probably heard of.
    • It sounds like partnership is mutually beneficial. ICON is interested in building up its network to make novel connections between them – this will likely result in business workflows that are not possible without blockchain. Deloitte is interested in using ICON’s technology and expertise to stay competitive in the real world.

    Huobi Chain – A New Public Blockchain

    Since it’s inception in 2013, Singapore-based Huobi Pro has risen to become one of the largest exchanges in the cryptocurrency industry. Currently, Huobi Pro is responsible for over $800 million in daily trading volume, and consistently sits in the top three for BTC-USDT and ETH-USDT volume. If you’re interested in trading on a high liquidity exchange with industry-standard TradingView charts, sign up for Huobi Pro.

    HT (Huobi Token), which can be used for fee reduction, access to exclusive events, HADAX voting, and more, recently experienced explosive price appreciation from $1 to over $5.75 in just two months. This is especially impressive in the current crypto bear market, and the positive price action has propelled HT to #59 in market cap rankings. The price discovery for HT is no doubt in part due to all the news and announcements coming from Huobi lately. After unveiling the Huobi 10 crypto index and the HADAX trading platform, Huobi announced it’s latest product yesterday – Huobi Chain.

    Similar to Ethereum and EOS, Huobi Chain is a public blockchain platform that will offer smart contract execution, financial value exchange, fundraising capabilities, securitization, and more. Huobi Chain is currently in early development, and they are currently appointing project leaders and board members via a DAO-based voting process.

    Huobi has allocated 30 million HT (~$160 million USD) to kickstart the development of Huobi Chain. The project’s development process has been split into four major milestones over 18 months.

    • Recruitment & Preliminary Election (3 months)
    • Technical Application (9 months)
    • Test-Ecology (4 months)
    • Mainnet Release (2 months)

    Following the mainnet release, HT will be migrated from an ERC-20 token to a mainnet token on Huobi Chain. For more information on each major milestone, visit Huobi Chain’s official website.

    Over the next year and a half, Huobi will have a ton of news and information to share about the Huobi Chain Project. To stay up to date with the progress of the project, be sure to subscribe to Huobi’s official YouTube channel where they share interesting insights during their weekly Huobi Talk series. Lastly, if you haven’t checked out the Huobi Pro exchange platform, make an account and start trading on one of the industry’s biggest exchanges.

    VC Firms are Investing in Huobi’s HADAX Super Voting Nodes

    Thursday, June 7, 2018

    As is the case with other reputable exchanges, Huobi Pro has a strict set of guidelines when it comes to listing potential cryptocurrency projects on their flagship exchange. Since no exchange has infinite manpower, it’s simply impossible to keep up with all the new projects in the space while adhering to these guidelines. To solve this problem, Huobi created HADAX.

    What is HADAX?

    HADAX, short for Huobi Autonomous Digital Asset Exchange, is Huobi’s user-voted exchange platform designed to keep up with the ever growing number of digital assets added to the cryptocurrency market on a daily basis. This exchange platform relies on the HT (Huobi Token) holders and super voting nodes to come to a consensus on which ERC-20 tokens to add to HADAX. In this post, you’ll learn more about the HADAX platform and a few venture capital firms who have applied to be super voting nodes.

    HADAX’s trading interface is nearly identical to Huobi Pro’s, with the most obvious difference being the presence of a number of tokens you’ve probably never heard of. Personally, as someone who’s fairly active in the crypto space, SEELE is the only coin I know anything about on HADAX. This factor isn’t necessarily a negative though – actually, quite the contrary. HADAX gives educated investors an early opportunity to speculate on “bleeding edge” assets and their inherent volatility before they’re thoroughly reviewed by the bigger mainstream exchanges like Huobi Pro, Binance, Kucoin, and more. Lastly, HADAX enjoys the same level of excellent security as the Huobi Pro flagship exchange. In other words, HADAX’s risk factor comes from the volatility of the listed assets, and not the security practices of the platform.

    HADAX Token Listing Process

    HADAX, in its current form, only supports ERC-20 tokens, and this is what the token listing process looks like.

    1. Fill in the Application Form

    Projects that are interested in listing their ERC-20 token on HADAX must fill out an application form for compliance and risk control purposes. The form asks for general information such as the names of the people involved, a brief introduction to the project, token economics and distribution, other potential exchange listings, and more. This crucial first step allows Huobi to filter out any obvious scams and whitelist the project for community voting.

    2. Project Review by Huobi

    After an application is received, Huobi’s Compliance & Risk Control Department will review the application. If the project in question passes this initial seven day review period, it will be sent to the super voting nodes.

    3. Voting by Super Voting Nodes

    Super Voting Nodes (SVNs) are “composed by professional investment organizations with an excellent reputation in the industry”, and their job is to review and select high quality projects that will move on to public voting by the Huobi community. In order to become a SVN, the interested institution must hold a minimum of 1 million HT (~$5 million USD) and disclose their investment portfolio and philosophies to Huobi via this application process. This large minimum HT investment ensures the SVNs will have the best interests of the community in mind.

    At the moment, HADAX already has dozens of Super Voting Nodes and new members are being added on a consistent basis. The presence of such a large number of institutions with varying financial interests aids in decentralizing HADAX’s token selection process, ultimately resulting in a carefully curated collection of digital assets for the final public voting stage.

    4. Public Voting

    After the final candidates have been chosen by the Super Voting Nodes, HT holders in the general community can vote for their favorite projects. Voters are also able to share incentives set by the various projects they vote for. For example, “the total amount of the incentive set up for the A project is 1 million tokens. The users cast a total of 1 million votes. One token is given to each vote, and the incentive tokens can be adjusted by the project team in the voting process, but it can only be raised and can not be lowered.” Following the public vote, the tokens for the winning projects will be listed in the next five day listing cycle.

    Why VC Firms are Investing in Super Voting Nodes

    Now that we’ve established what HADAX is and what the token listing process looks like, let’s talk about why so many venture capitalist firms are interested in becoming Super Voting Nodes.

    1. Become a Super Voting Node is a great way to network with new and upcoming projects in the blockchain and cryptocurrency space. Since SVNs act as gatekeepers in this approval process, I’m sure projects interested in listing their tokens on HADAX will have to make pitches to SVNs. This is beneficial to SVNs because they just may end up hearing from the next “crypto unicorn” at an early stage in the investment cycle.
    2. Successful projects that receive votes from all the Super Voting Nodes and receive adequate trading volume following a successful HADAX listing will be considered for listing on the flagship Huobi Pro exchange. This presents a situation where SVNs can profit from investing in high quality projects before they are listed on a higher volume exchange.
    3. The Super Voting Node model is mutually beneficial for both parties involved. Huobi receives investments and funding to innovate in the space, while SVNs receive access to Huobi’s resources and connections.
    4. Super Voting Nodes are invited to participate in conferences hosted by Huobi Pro. For example, Huobi recently hosted Blockchain Festival Vietnam in Ho Chi Minh City, where representatives from various SVNs were able to speak about their institutions and companies. These huge conferences represent great marketing, publicity, and networking opportunities for the SVN participants.
    5. Super Voting Nodes are invited to workshops and podcasts hosted by Huobi. This gives participating institutions a chance to interact with the latest developments in the blockchain and cryptocurrency industry.

    HADAX currently has dozens of Super Voting Nodes, but two of the most well known institutions that have become SVNs are Hashed Capital and Bitmain.

    #Hashed Capital

    #Hashed Capital is one of the most influential blockchain-related institutions in South Korea. The cryptocurrency fund currently manages over 50 digital assets equivalent to ~$250 million in USD value, with ICX, EOS, and ONT representing the majority of their holdings.

    #Hashed is also involved as a blockchain accelerator, and actively invests in many upcoming projects. Lastly, #Hashed has also participated as a judge in Deblock DApps Day, a joint collaboration between ICON and AD4th that showcases new blockchain projects in South Korea.

    Bitmain Technologies

    Bitmain Technologies is the world’s largest manufacturer of ASIC mining equipment for mining BTC, LTC, and more. The company, which is estimated to have made over $3 billion in profits last year, was founded by Jihan Wu and Micree Zhan in 2013.

    While Bitmain has been criticized for mining centralization, they have also invested in various blockchain-related startups and services – one of the latest being Huobi’s HADAX.

    Conclusion

    The introduction of HADAX as a gateway to the latest digital assets is a great way for educated investors to speculate on future market leaders. The initiative is supported by some of the biggest companies and institutions in cryptocurrency, and I expect many more to sign on in the future. Visit HADAX’s official website to sign up today.