Crypto exchange Huobi announces the terms of support for Ethereum hard forks

What’s new? Representatives of cryptocurrency exchange Huobi Global released a statement explaining its position on Ethereum hard forks, which may emerge after the blockchain transitions to the Proof-of-Stake (PoS) consensus algorithm. The company will support new projects if they meet security requirements.

Material on the Huobi website

What statements have been made? Huobi reported that it respects the community’s consensus on the hard forks, but does not encourage them without tangible innovations and improvements. In addition, the company opposes any form of pre-mining. The exchange will take an objective and neutral approach to evaluating projects created as a result of hard forks (including but not limited to ETH).

Pre-mining is a procedure of issuing tokens by developers using a special algorithm before the public launch of a project.

Huobi has established five key requirements for forks:

• A project team must notify the exchange and receive a clear reply before a hard fork takes place.
• Two-way replay protection must be in place by default: the trading on one blockchain must be invalid on the other.
• The new chain must not be covered or eliminated by the original one.
• The trading on two blockchains must be differentiated so that upgrades are required for all wallets to support the new chain.
• An official client software must be published and publicly tested and evaluated before the start of the hard forks.

What is known about Huobi? It is a digital asset trading platform founded in 2013 in Beijing. Currently, it is based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the US. The exchange has its own token called Huobi Token (HT), which is used to receive fee discounts, as well as additional rewards and bonuses. As of August 8, 09:30 UTC, the asset is trading at $4,42, having gained 1,68% per day. The platform’s daily trading volume is $655 million, according to CoinMarketCap.

Earlier, the listing of potential Ethereum hard fork tokens was announced by representatives of the crypto exchange Poloniex. Since August 8, users of the platform can exchange ETH at a ratio of 1:1 for ETHS and ETHW. The first asset is a token of the new network after the transition to PoS, the second is a blockchain coin on the Proof-of-Work (PoW) algorithm.

In contrast, the developers of Chainlink, a decentralized oracle network built on Ethereum, reported that they would not support any forks of the network. The protocol will continue to operate on the main blockchain during and after the transition to PoS.

For more details on whether an Ethereum hard fork that continues to work on PoW will emerge after “The Merge” upgrade, see GetBlock Magazine’s article.