Here’s all You Need to Know About it

Huobi token (HT) is a decentralized digital asset with a major function of lowering the commissions for trading operations on the exchange. The commissions are generally paid out of the users’ wallets. Token holders have the right to vote and participate in making decisions. It is also used to purchase VIP plans to receive discounts on transaction fees.

Holders of HT get some other benefits like receiving crypto awards for seasonal buybacks and early access to special events. They can also trade tokens for other cryptocurrencies.

Founders and Leadership of Huobi

Leon Li is the founder and CEO of Huobi Group. He graduated from Tsinghua University (Department of Automation). Li started his career as a computer engineer at Oracle. He founded Huobi Group in 2013.

Leon Li announced through Huobi’s website that he is no longer a shareholder of Huobi Global and does not have any authority directly or indirectly over Huobi Global.

Jun Du is the co-founder of the company. Before Huobi, he worked at Comsenz and Tencent. Jun also worked as CEO at Node Capital. His experience also includes the founding of a blockchain service platform Jinse, company AToken, and Chainup. He is co-CEO at BiKi(dot)com.

In 2018, Herbert Rafael Sim, the founder of Crypto Chain University joined the Huobi Group team. He works as a public relations director and is responsible for digital marketing. He too has impressive work experience. He contributed to the development of Forbes, Wardrobe Trends Fashion, and The Huffington Post.

Huobi Token’s Uniqueness

The Huobi Token has two main functions. The holders of the Huobi token receive huge discounts. They also have the voting rights. Huobi is trying to keep the HT value reasonably stable. To deal with inflation, the company allocates 20% of profits for a token buyback program.

The advantages of holding HT tokens are reduced transaction fees, convenient means of exchange, promotion of new tokens, investor protection program, and right in decision making.

Huobi Token has a limited supply of 500 Million. 300 Million coins, which is about 60% were distributed among the users of the exchange and the company kept 40% which is 200 Million coins in reserve.

The decision to create its token has increased the exchange capitalization. The token provides many advantages to users, this way it also encourages them to remain loyal to the platform.

Huobi’s burn mechanisms include distributing 20% of its revenue to burn HT. Revenue includes transaction fees from spot, futures, and OTC transactions, interest on cross-margin loans, isolated margin loans, and OTC loans. The revenue is also generated from different services like margin trading.

The updated HT tokenomics shows that due to the unlocking of HT, there will no longer be HT flows back into the secondary market. HT circulation statistics show that there is a total supply of 500,000,000 HT, the remaining total supply is 306,744,400 HT and the total in circulation is 239, 398,600 HT.

The Rise in Value of Huobi Token

Three major developments are responsible for the surge in the price of the token. About Capital Management, a Hong Kong based asset management company, agreed to buy the exchange. The company established offices across different countries. They also have enough customer base to tide over the tough times.

Tron founder Justin Sun’s appointment as the new member of the Huobi global advisory board has also come with millions of Huobi tokens flowing over to Sun, providing him with a placed interest in the company’s success.

Huobi Keeps the Account Secure

Although all the platforms have strict measures, hackers keep finding more improved ways of getting access to users’ accounts. It is always safer to use strong passwords. It should be at least eight characters which may include numbers, upper and lower case letters, and special characters.

Do not use primary email to set up a Huobi account as it may be a target of data breach. Always log in with Google two-factor authentication after successfully creating a Huobi Global account. It means along with entering their email and password, users need to obtain a code from a separate authentication app to log in. This means anyone trying to access an account must gain access to the device to successfully log in.

The Huobi Global account has a security feature called Whitelist that requires a selected list of addresses allowed for withdrawal. Once the list is enabled, withdrawal can be made only to addresses on the list.

Another Huobi Global security feature is anti-phishing code. Setting this code means receiving Huobi Global notification emails with personalized code, this will make sure that the email comes from a trusted source.

Conclusion

With a visionary and experienced board of directors, the Huobi platform has a bright future as crypto adoption grows. The platform has announced its expansion in the Middle East, Africa, and South Asia regions as part of a global expansion strategy. HT, the native token of the exchange led to an increase in the exchange capitalization.

The holders of the token were offered many advantages like lower transaction fees, wallet bonuses, etc. Huobi Token is available at many cryptocurrency exchanges like BitMart, HTX, Gate(dot)io, etc.