Today, the cryptocurrencies are not only a product of the values of the technology Blockchain. And that is, the criptoactivos have many other functions in our modern world that serve the decentralization and democratization of the society. Including being instruments of technology companies and financial, as is the case of Huobi Token, the coin that we will discuss today.
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Basic Data
Name: Huobi Token
Abbreviations: HT
Release year: 2018
Circulating volume: 234.205.523 HT
Price today: 3,43 dollars
Market capitalization: 802.398.550 dollars (16th place)
Source: Tokens and exchanges
Today, it seems to be an aspiration for the major exchanges to have a criptomoneda own that serves as an intermediary in their transactions. Or at least, a currency that is this closely related to the exchange, as is the case of USDT and Bitfinex. This trend seems to follow the wake of Binance and your criptomoneda, the Binance Coin. Which was launched in the year 2017, and since then has been an important instrument in the strategy of business of the exchange. Serving as an incentive for operations in Binance. As well as a means of payment within the platform. Therefore, it came as no surprise when Huobi, one of the exchanges most important in the world (especially in Asia) announced Huobi Token. A coin that was issued on the 23 January 2018, with a starting bid of 300 million Huobi on a total possible of 500 million. These 300 million were offered for sale to investors. However, the company took his time to clarify that the release of Huobi Token was not in itself an Initial Coin Offering (ICO). That is to say, a kind of sale of shares through cryptocurrencies. But the release of a token with real utility within its platform.
The function of the HT
Like BNB, Huobi Token was launched as part of a business strategy bigger part of Huobi. Which planned the incorporation of the HT as a tool for its users within the platform of exchange of cryptocurrencies. Thus, the users owners of Huobi Token can be used the same as a means to decrease the commissions that are charged per transaction within the exchange. Getting discounts of up to 50% for the operations performed. Also, they can share their Huobi Token by other cryptocurrencies available in Huobi. That if, provided that they are part of Huobi Pro, and there are pairs of HT by Tether, Bitcoin and Ethereum. Being also Huobi Pro the only site that you can get HT directly from the exchange. Purchase users across of Point Cards of Huobi pre-loaded.
What have you achieved until now?
Of course, as tends to happen with this type of cryptocurrencies. The same does not tend to remain only as mere intermediaries of financial transactions within an exchange. Or as instruments for the reduction of commissions of operations. And is that, only a few months ago, in August, announced a new alliance of Huobi. Which would allow the use of Huobi Token such as a coin for the shopping on-line. This, through the e-commerce platform FomoHunt. The agreement came to light shortly after it was announced the burning of 14 million HT by Huobi in July. Fulfilling a promise made to its users during the launch of Huobi Token. When they announced that they would spend part of the profits obtained by the sale of HT to repurchase some of the tokens. In an attempt to keep the price of the criptomoneda.
Challenges
To be a criptomoneda directly linked with an exchange of cryptocurrencies. The performance of the Huobi Token does not depend on its market quote. Not even their massive adoption by the users of the crypto world. The success or failure of HT is based essentially in that both meets the objectives that have been assigned by Huobi. Company that relied on their currency as essentially a method for providing an incentive for the performance of transactions on Huobi Pro. At the time that added liquidity to its exchange. Therefore, the main challenge for Huobi Token is the achievement of this goal. That is to say, to promote the business model that Huobi is building, especially after the prohibition by the chinese government of the Initial Coin Offerings in its territory. Which, as may be supposed, meant a serious blow to the exchanges. Which in many cases, depend to a great extent in serving as intermediaries of ICOs for their survival. However, thanks to its quick adaptation to the environment created by the regulation, Huobi seems to be surviving quite well. Launching recently Huobi Finance Chain, its own Blockchain decentralized. That along with the announcement of new innovations to the end of 2019, predicts a good future for Huobi Token in the fulfillment of its objectives.
Main Wallets
Despite what you may think, Huobi Token is not a criptomoneda difficult to store. This is thanks to his character as a token ERC-20, which allows it to be stored in any digital wallet with support for these tokens. Including MyEtherWallet, Exodus and MetaMask.
Conclusions
In recent years, the cryptocurrencies have been shown to not only be an important instrument for the financial decentralization. But also a means for businesses and organizations to reach their goals. Whether they are for-profit or not. For this reason, currencies such as Huobi Token are not a rarity within the crypto world. To the contrary, and as we will see as we continue to progress in our series of reviews. The cryptocurrencies with limited objectives, but of incalculable value to the companies behind them, are the norm. The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.