Huobi token is the Huobi Global cryptocurrency exchange native token which is a decentralized electronic asset that is based on the Ethereum ERC-20 specifications. In general, the value of the Huobi token is to some extent hinged on the reputation of its mother platform, the Huobi Exchange, however, other factors could also affect changes in its value.
The Huobi token is useful for several things. Among its functions is its application in the purchase of VIP status on the network to enjoy major discounts on transaction fees. This function allows the Huobi token holder to enjoy a reduction in the cost of executing trades on the platform. A few would ordinarily come out of the user’s wallet.
It also helps give participants priority notices when there are crypto rewards to be received from buybacks, vote on the platform changes and enjoy a special invitation to its events.
Who are the Founders of Huobi Token (HT)?
Huobi, as a project, is relatively young to the cryptocurrency scene in that it launched in January 2018.
The platform was founded by Leon Li and Jun Du. Li graduated from the department of animation at Tsinghua University, before getting involved with Bitcoin in 2011. In time, Li gain employment at one of the world’s largest database providers, Oracle, and worked as a computer engineer there. The blockchain mastermind founded the Huobi group in 2013 and took control of the company. Li became the CEO of the company and over the years, he morphed it into one of the top-rated financial providers of digital assets.
The Co-founder of the Huobi system, Jun Du is also well-read and equipped with extensive experience in the cryptocurrency field. Du worked with several organizations before deciding to join the Huobi network. Some of these include Tencent and him working as the community operations director at Comsenz. Currently, he doubles as the CEO of Node Capital, a leading firm focused on blockchain-based solutions and Being the founder of Jinse, a blockchain data providing company. In addition to the other positions held, Du is also a co-CEO at BIKI.com, a company that provides software for the exchange of digital assets. Du was also part of the founding team of Chainup and AToken.
In 2018, Herbert Rafael Sim, the founder of Crypto Chain University became a part of the Huobi group. Just like the other parties involved in the creation of the system, Sin also has an impressive track record. Before founding his company, he was a part of the Forbes development team. In the Huobi network, Sim has the responsibility of overseeing the digital marketing department and is also the director of public relations.
What is Huobi Token (HT) used for?
The Huobi token is generally the transactional toke used on the Huobi exchange platform. The token is majorly used to facilitate transactions between the involved parties in the network. However, the Huobi token holders enjoy certain advantages. Among these is transacting at a reduced fee and enjoying services limited to token holders alone.
In addition to all the services provided by the network, the token itself is also valuable. As such, it can be traded with other cryptocurrency pairs for interested participants that want to enjoy the services provided by the token system.
What Is the Unique Point of Huobi Token (HT)?
The users of the Huobi network generally enjoy two main functions of the system. The first being that the platform uses Huobi Tokens for its loyalty process that rewards long-term members of the platform with a series of discounts. The platform also assigns voting rights to its participants through the Huobi Autonomous Digital Asset Exchange.
Fulfilling these functions as stipulated by the system, the Huobi network has an obligation to keep its token at a reasonable level of value. To do this and prevent inflation in the same strike, 20% of the Huobi system’s profits are allocated to a token buyback scheme.
With an overall increased circulation level of the cryptocurrency, the users of the network enjoy some other unique services. For starters, in addition to enjoying discounted fees, the system also has an exchange platform, making the exchange of its coin for its participants seamless. The platform also allows its participants to be included in the decision-making process of the platform’s operation and its future.
How many Huobi Token (HT) coins are in circulation?
The Huobi Token was launched sometime in early 2018 and did not follow the usual Initial Coin Offering system. For starters, the Huobi platform assigned Huobi Tokens directly to its VIP participants. The network also offered the traders a service package where they could pay with a specific amount of tokens. As opposed to the regular operations of an ICO, the method used by the Huobi network is known as an Initial Exchange Offering (IEO).
In total, the supply of Huobi tokens is pegged at 500 million. Shortly after its launch, 60% of this supply was distributed among the users of the exchange. An amount that is around 300 million Huobi tokens. The leftover 40% was kept in a reserve by the company for the security of the network.
The decision on the part of the Huobi ecosystem to create a native token led to an increase in the capitalization of the platform. It also helped to keep the existing participants on the network loyal and attract new participants with exclusive advantage offers.
Is the Huobi Token (HT) Network secured?
An anti-DDOS security system is used in the Huobi ecosystem to protect the integrity of its distributed architecture. In addition to this level of security, the system also stored 98% of its currency in a multisig cold wallet. On the protection of the system, the exchange uses a procedure known as “Don’t Be Evil” to secure the accounts and assets on the network.
Ever since its launch back in 2018, the Huobi Token system has used the Security Reservation Mechanism for its asset protection. In January of the same year, the platform also launched its investor protection fund in parallel. Due to these measures already taken by the exchange, the holders of Huobi tokens are insured against any type of financial loss that may be as a result of flatulent actions of other risks associated with cryptocurrency.
How do I buy Huobi Tokens (HT)?
The Huobi Token system is relatively new to the world of cryptocurrency but it has managed to make its mark on a global scale. Apart from the series of advantages offered to the participants on the network, its security has also increased its adoption rate and made it available on other exchanges in the world. To buy HT tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy HT through your trading account.
Which Cryptocurrency Wallet Supports Huobi Tokens (HT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Huobi Token. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Huobi Token wallet because offers a simple and interactive interface making it easy for people to navigate its system.