Full description of Huobi BTC (ERC-20)
Huobi BTC (HBTC) is an ERC20
Token (?) is supported by Bitcoin and held in custody by the Huobi platform. The company behind the
Cryptocurrency (?) is Huobi Global, which was established in 2013 in China.
The Huobi platform launched the token in February 2020. Pegging to Bitcoin with a strict 1HBTC:1BTC
Exchange (or Cryptocurrency exchange) (?) ratio is the main feature of the cryptocurrency. The feature caters to the needs of those users who wish to preserve the value of BTC while still being able to use it on Ethereum-based
DeFi (Decentralized Finance) (?) markets. HBTC was released to contribute to the growth of the
Decentralized (?) marketplace as Bitcoin is the most widespread and liquid asset.
By issuing one more asset from the H-series based on the ERC20 standard HBTC the developers try to transfer the quality of cryptocurrencies to Ethereum. The injections of liquidity provided by BTC make the DeFi ecosystem more stable. The adoption of a 1:1 ratio contributes to the consistency of the token value with the value on the main chain.
The history of Huobi
Huobi can be truly named as one of the oldest cryptocurrency exchanges. It was founded in 2013 in China by Li Lin who previously worked as an Oracle engineer. Thanks to the angel investments, emerging Bitcoin market, and a huge demand for digital assets in the Asian region, the company quickly achieved success. Thus, its turnover exceeded 4 billion USD in 3 months after the platform went live, while in 2014 its turnover quadrupled.
In 2017, the exchange relocated to Singapore due to the cryptocurrency trading ban issued by the Chinese government. However, the founder of the platform turned this obstacle into an opportunity instead. If previously the facility was primarily focused on the domestic market, with relocation it made a global shift and started promoting its services worldwide. Thus, the platform became an international trading exchange and gained success thanks to a fast trading engine, responsive, clear UI, and an excellent level of security.
In 2018, the company initiated a reverse takeover to become publicly listed. The company was rapidly expanding at that time with the staff of the company exceeding 300 people. The company has gained great success as it has offices in Hong Kong, Japan, South Korea, and the US at the time of writing.
The Huobi platform
The in-house team of the company has developed a specialized distributed architecture that features multi-layer and multi-cluster systems. It helps to solve numerous problems inherent to other exchanges by removing data instability and connectivity issues. Huobi actively develops its own ecosystem offering diverse markets to users. In 2018, it launched Huobi Cloud to deliver a one-stop solution for cryptocurrency exchanges that want to start their own OTCs. Also, in 2018, a derivatives market Huobi DM was launched.
Huobi BTC and other H-Tokens
Huobi has several other H-series assets featuring the same flexibility. Apart from HBTC, the list of H-tokens includes HBCH, HDOT, HFIL, HBSV, HLTC, and HXTZ. All these tokens were created to enable convenient and seamless investment opportunities. With the help of H-series, users get access to high-quality assets on the market of decentralized finances. Also, these assets contribute to the overall prosperity of the DeFi market as they help the DeFi sector to expand rapidly and develop in different areas such as lending, funding, insurance, and trading.
Like other H-Tokens, HBTC is an ERC20 token that maintains the same value as BTC but acquires the functionality of Ethereum. The goal is to create a bridge between the centralized and decentralized market so that users could easily invest in DeFi and use other instruments available in the decentralized industry.
Another offer making these assets special is the multi-agency service. It makes it possible to select an agency for a more convenient transfer of cryptocurrencies. Any agency compliant with local laws can apply and get an independent chain
Address (?) and an ETH address in the H-Tokens project. This address enables users to acquire and redeem H-Tokens with the help of the selected agency.
Benefits of HBTC
As HBTC is an Ethereum-based token, its holders can access various DeFi protocols including such popular platforms as Curve, Uniswap, Nest, or Balancer. The number of HBTC use cases has grown since it was launched, so the recognition of the token increases as well.
The platform guarantees that the asset can always be exchanged to BTC at a 1:1 ratio. In this way, holders of HBTC can always get an equal amount of bitcoins and vice versa. The transaction confirmation period was reduced thanks to a BTC on-chain asset transfer mechanism. What previously took about an hour was reduced down to only 5 minutes. Consequently, the transactions incur the same fee rates as other ERC20 tokens do, which is much cheaper than the fees charged by the BTC network.
The holders of HBTC can be sure of the asset’s high liquidity as BTC is the leading cryptocurrency by market capitalization. HBTC can boast of high speed and low transaction cost as the TX confirmation time becomes 5 times lower. Openness and transparency of the asset are additional benefits of the token. All the exchange details are published on the official website which makes it possible to initiate the audit of the token without any problems.
As has been mentioned above, HBTC provides support to distributed third-party agents’ exchange services. It is possible to exchange HBTC to BTC and vice versa on the official website of HBTC and on Huobi Global. When users deposit BTC, they can mint new HBTC on Huobi Global and withdraw the new tokens.
The smart contract security audit of the cryptocurrency Huobi BTC was conducted by the Slow Mist security company in December 2019. The token has successfully passed all the aspects of the audit and proved its reliability and security.
Huobi team
The company is registered as Huobi International Pte. and belongs to Li Lin, one of the pioneers in the
Blockchain (?) space who founded Huobi. The group of shareholders also includes Atlas Value Ltd.
- Exchange symbol (?): HBTC
- Cryptocurrency type (?): Token (?)
Huobi BTC (ERC-20) for developers
Huobi BTC (ERC-20) social sites
Source: NOMICS
