Huobi Pro, the Chinese cryptocurrency exchange, has disclosed on April 24 its plans of becoming a block producer on the EOS blockchain. The Singapore-based crypto exchange is the latest institution to welcome the EOS ecosystem. Currently, Huobi is the fourth largest cryptocurrency exchange in the world with $2.3 billion in daily volume.
Huobi Pro’s EOS Supernode Candidacy
Simultaneously on Twitter and a live stream event called the ‘EOS Supernode Party,’ the team announced their application for candidacy to be the next EOS supernode.
“Who will be the next Supernode? Hear from the 6 candidates for EOS Supernode, streaming LIVE NOW from World Blockchain Conference Summit.
Tune in here at https://t.co/R39Q7plmIV @EOS_io @eosdac #huobi #supernode #nodes #blockchain #mining pic.twitter.com/zqgMgCwakk”
Quite similar to Ethereum, EOS offers an ecosystem for dApp development and deployment. On the other hand, unlike Ethereum, it operates on a delegated proof of stake consensus model. This is rather different to the conventional proof of work mining in a sense that the hash power is identified by the number of tokens held or traded by a respective user or node.
One advantage of this is that it thwarts mining monopolies from controlling the network. The hitch, however, is that it does not result in centralization. Delegated PoS is slightly different in such a way that blocks are produced by elected supernodes which alter every 21 blocks by means of a continual approval voting system. The process preserves transparency across the network, at the same time prevents a particular entity from holding too much control over it. Institutions are required to publicly declare their intentions in order to be considered for election in becoming a supernode, just like what Huobi did.
Starting June 2, 2018, EOS will be moving away from the Ethereum network. By this time, the 21 supernodes supporting the mainnet must be in place in preparation for the possible deluge of applications. So far, Huobi is the largest exchange to file an application. However, it was joined by other organizations including ViaBTC and AntPool.
There had been other crypto exchanges who are trying to become EOS block producer candidates as well. Bitfinex, which already owns EOS-powered exchange, the EOSfinex, also made public its candidacy on April 23. EOS has been performing quite impressively lately with such positive developments boosting its price. Previously, trading giant eToro had revealed that it would be adding the token to its listings, as it expands to the total number of digital currencies it offers.
As a result of such news, Coinmarketcap data shows that EOS has experienced a continuous growth and is presently trading at just over $15, up 18% on the day. Recently, the altcoin overtook Litecoin in the top 25 rank based on market cap, currently placing fifth with $12.3 billion. In addition, EOS experienced an upsurge to almost 125% last month up from only $6.7 around the same period last month.