What is Huobi Token (HT)?

What is Huobi Token (HT)?

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Huobi Token (HT) is the official Huobi Global exchange's native cryptocurrency. The exchange was launched in China in 2013 but relocated to Seychelles in 2014 to take advantage of more favourable crypto and financial rules.

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It quickly gained popularity among individuals looking to access the new world of cryptocurrency, which allows users to participate in projects through trading and Initial Coin Offerings (ICOs).

Huobi followed Binance's lead in 2018 by launching an exchange token that enables on-platform governance, incentives, and access to special events.

 

Component Huobi Token (HT)
Technologies Anti-DDoS
Market Capitalization $1.4 Billion+
Open-Source Yes
Consensus Mechanism Anti-DDoS, Security Reservation Mechanism
Smart Contracts None
Founders/Authors Leon Li (CEO and Founder of Huobi Group)
Launch Date 2018
Circulating Supply of Coins 157,723,680 HT
Maximum Coin Supply 500,000,000 HT
Mining-based Coin? No
Is Huobi Token a Stablecoin? No
Does Huobi Token have a burn rate? Yes
Does Huobi Token have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Huobi Token

Huobi Token was created in early 2018 as a way for the Huobi team to accelerate the development and growth of its system with a versatile market approach capable of attracting new gross users.

Huobi Token was created in conjunction with the establishment of its mother platform, Huobi Global. Thus, the token's creators are also the cryptocurrency exchange's creators.

The platform was created by a team comprised of two crypto industry experts, Leon Li and Jun Du. Both were proponents and specialists of Bitcoin (BTC) in 2013.

Leon Li was appointed manager of Huobi upon the company's establishment, transforming it into a financial services provider in the cryptocurrency ecosystem.

In 2018, the team added Herbert Rafael Sim, another cryptocurrency specialist, to the Huobi ecosystem. Sim thereafter became the company's public relations director.

As Huobi entered China, it was also subject to limitations imposed by the country's authorities at the time. Thus, in reaction to the country's restricted crypto operations and crypto prohibition, it invented the Huobi token and gave it to Huobi VIP users.

This manner, regardless of the country's governmental limits, could extend its customer base. Members may then swap the token for a variety of other cryptocurrencies.

 

What makes Huobi Token unique?

The Huobi Token aims to improve the Huobi Exchange user experience by adding additional opportunities for users to save on trading costs, get access to new coins, and vote on platform decisions.

With HT, exchange users immediately profit from the platform's long-term success. If Huobi's popularity continues to grow, HT holders' accounts will grow as well.

The Huobi Token is a component of the Huobi Eco Chain, which supports decentralized financial applications like lending and borrowing platforms. Eco Chain is comparable to Binance Smart Chain, a well-established exchange-based blockchain.

Huobi Token is an ERC-20 token launched on the Ethereum blockchain. The token works as a network security token, providing Huobi users with various perks and transaction methods. 

Additionally, it uses tokenomics like BNB's repurchase or coin-burning technique. Huobi uses 20% of the cash earned by contracts to purchase HT from the network and remove it from circulation, increasing its value.

Huobi tokens are Ethereum-based and may be traded on any ERC-20-compliant network. To close gaps that could expose users to losses incurred and deceptive schemes on the platform, it installed specifically required infrastructures capable of safeguarding token-related and platform-wide actions.

The network utilizes an asset protection scheme to safeguard its token holders' financial interests. The mechanism is referred to as the Security Reservation Mechanism.

Huobi strives to effectively safeguard financial transactions conducted on its platform as part of its mission to become the world's largest cryptocurrency exchange. Thus, Huobi aims to safeguard its customers' accounts and valuables by using a risk management method called “Don't Be Evil.”

 

What are the main uses for Huobi Token?

VIP customers can get several benefits while trading the HT token on the platform. The tokens can also be used to buy VIP statuses. b By doing this, investors and traders might even save money on fees. The platform utilizes the token to safeguard investors.

When users suffer losses or fall victim to manipulative tactics, the network contributes HT tokens to the investor protection fund to compensate them. The Huobi Token holder has exclusive voting rights on the network.

Holders can influence platform modifications, exchange choices, and asset listing decisions. Holding the token also benefits asset-creating enterprises by allowing them to list their assets on the Huobi market. Holders get Huobi tokens for listing new assets on the platform.

In addition, users can also qualify for wallet bonuses. The platform's distinctive and efficient services make transactions simple for consumers. Users do not need to do anything complex to trade assets or swap tokens on the site. By ensuring this, Huobi makes trading easy for users.

 

What is the future potential for Huobi Token?

Huobi Global's crypto exchange trading platform has been a success since its inception. It looks that the token is following in the footsteps of its mother platform.

Huobi Token is gaining popularity among crypto investors because of its quick transaction procedure and rewards for users.

 

Price analysis on Huobi Token

Huobi Token was initially launched in 2018, and its price analysis over the past four years are as follows:

 

  2018 2019 2020 2021 to date
HT Price High $5.96 $5.08 $5.06 $34.65
HT Price Low $0.92 $0.91 $2.41 $4.66
Market Cap $298.21 $1.29B $1.19B $6.21B

 

Price prediction on Huobi Token

Since the start of 2022, the price of HT has undergone multiple positive movements. These are quickly followed by consolidation, volatility, and corrections. Considering this, HT has a competitive market in 2022, but most 2022 HT price estimates are positive.

It is likely to exceed its current ATH of $39.81 this year. But it can only happen if prior psychological barriers are broken. If the current trend continues, HT could hit $75 by 2023, with an increase of up to $80 in the first half of 2023. 

 

Which wallets are the best option for storing Huobi Token?

Some of the best crypto wallet options to store, send, and receive HT are:

  1. Huobi Token Native wallet
  2. CoolWallet
  3. Ledger Nano S
  4. Guarda Wallet
  5. Atomic Wallet

 

1. Huobi Token Native wallet: Users may store Huobi tokens in the official Huobi Global wallet. This wallet supports a wide range of coins and ERC-20 tokens.

Intriguingly, keeping Huobi coins is not confined to the official Huobi. Because Huobi is an ERC-20 token, it may be stored in any wallet that supports them. However, users must note that there are limited benefits when using a third-party wallet.

So, the best location to keep Huobi tokens is on the Huobi platform. By doing this, users can get the most out of using and owning the token.

 

2. CoolWallet S: CoolWallet S was launched in 2018, and it is a secure, trusted cold hardware wallet. The device is the size of a bank card, making it extremely portable and inconspicuous.

The device has a robust battery and supports a wide range of cryptocurrencies.

 

3. Ledger Nano S: In addition to being referred to as the Ledger wallet, the Ledger Nano S is a physical-digital wallet that lets users securely store their crypto funds. It not only does this, but it also lets users send and receive a wide variety of various cryptocurrencies.

 

4. Guarda Wallet: Guarda is a cryptocurrency wallet that is open-source and free of custody, allowing users to store a variety of cryptocurrencies in a single location.

There are many tokens and a significant number of stablecoins available for storage on the platform, in addition to the most popular cryptocurrency coins and a huge number of tokens.

 

5. Atomic Wallet: Atomic wallet is a cryptocurrency solution that includes everything you need. Among its many features are those related to anonymity, decentralization, atomic swaps, security, and several others.

It also supports many currencies and a wide range of device configurations. The wallet aims to become a prominent component of a fully-fledged decentralized cryptocurrency ecosystem.

Atomic Wallet is a downloadable program that is compatible with a wide range of operating systems, including Windows, macOS, Ubuntu, Linux, Android, and iOS, among others.

Best Bitcoin Wallets are the same as Huobi wallets.

Where can you buy Huobi Token?

HT can be bought, sold, traded, and exchanged on the following exchanges:

  1. 0x Protocol
  2. Hotcoin Global
  3. BitMart
  4. Pionex
  5. BitForex

 

1. 0x Protocol: 0x is a liquidity protocol that allows for the peer-to-peer crypto exchange for digital assets on the Ethereum blockchain, and it was developed by the Ethereum Foundation.

To trade safely and securely with one another, the protocol sets a common set of rules that traders, apps, and market makers may adhere to.

 

PROS CONS
The protocol splits transactions across different decentralized exchanges to ensure the lowest slippage There are complaints that the code is incomplete
0x has coverage over most popular DEX networks There are additional protocol fees charged
The exchange provides Auto-Market Maker liquidity  
The exchange ensures high uptime, fast response rates, and a search engine service  

 

2. Hotcoin Global: Hotcoin Global is an Australian-based cryptocurrency exchange. It was debuted in 2017, making it a fresh entrant to the market. The platform's headquarters are in Sidney. The platform is owned by Hotcoin Global Exchange Pty Ltd.

According to its website, the platform's primary objective is to provide all users with safer, simpler, and quicker digital asset exchange trading services. The project's ultimate objective is to become the world's premier cryptocurrency trading platform.

 

PROS CONS
The interface of the exchange is dynamic and well-designed to accommodate trading Withdrawal fees are charged
Fees are low  
There are several digital assets offered  
Registration is easy and hassle-free  
Withdrawal fees are low  

 

3. BitMart: BitMart was established in 2018 and is a controlled cryptocurrency exchange situated in the Cayman Islands. It also has four offices, one in New York, one in China, one in Hong Kong, and one in Korea.

It allows for spot trading, over the counter (OTC) trading, and USD trading. To achieve this, its purpose is to push the globe toward a more equitable financial system.

 

PROS CONS
The exchange is regulated in the United States to offer its services The exchange is not as battle tested as other competitors
There are many digital assets offered There are still many digital assets that are pending
The transaction costs are reasonable  
The exchange has a high trust score  

 

4. Pionex: Pionex is a controlled exchange that offers 13 different kinds of cryptocurrency trading bots for users to choose from. It began operations in 2019 and is headquartered in Singapore.

Pionex combines liquidity from exchanges like Binance and Huobi Global, allowing its customers to have a better trading experience while still having access to enough liquidity.

Pionex only charges a flat 0.05% fee on all orders, regardless of whether they are placed by makers or taken by takers.

 

PROS CONS
The exchange offers 12 free trading bots that can be used Fiat currencies are not supported
There are low fees charged on all transactions  
The exchange is well-designed with an innovative mobile app  

 

5. BitForex: BitForex is a worldwide cryptocurrency exchange that specializes in token sales and derivatives. It was created in 2017 and now supports over 300 trade pairs, and has a user base of over 3,500,000 individuals from 200 countries.

 

PROS CONS
The exchange has high liquidity and low trading costs There is a lack of transparency
The exchange offers an innovative mobile app There is a limited selection of features and updates are needed
The platform offers more than 300 trading pairs and over 163 crypto assets  
Traders can use leverage up to 1:100  
There are robust security measures offered  

You can buy Huobi safely from these cryptocurrency platforms.

Does Huobi Token use coin burns?

 Yes, Huobi burns tokens. 

In 2018, an undistributed amount of 97,342,300 HT was burnt. In the first and second quarter of the same year, 50,075,600 HTs, which originated from repurchases, were sent to the Investor Protection fund.

Following the community decision in Q3 2019, a portion of HT team incentive pay-outs was included in the 5% quarterly income allotted for buyback and burn, guaranteeing they never re-enter the secondary market.

Up to 29 February 2020, the cumulative HT token burn was equal to 193,255,600 HT, of which 95,913,300 HT were repurchased from the secondary market and burned.

In November 2022, Huobi Global announced a $21.48 million token burn.

 

What is Huobi Token’s largest Competitor?

Binance Token (BNB) is the largest competitor of Huobi Global.

Binance released its Binance Coin (BNB) on Ethereum as an ERC-20 token in 2017 through an initial coin offering (ICO). The startup provided 10% of the supply to angel investors, 40% to the founding team, and the remainder to the general market.

The currency is utilized as a utility token on the Binance exchange, allowing users to pay for transactions and trading fees at a discounted cost compared to other tokens. Binance employs the “burn” method, in which they utilize the proceeds from token sales to buy more BNB and subsequently burn (destroy) them.

In 2019, the coin was decoupled from the Ethereum network and moved to a new native chain. They were later relocated after the Binance Smart Chain's release.

 

What is the Staking Process involved with Huobi Token?

Huobi Global offers flexible and fixed staking activities for HT. With flexible staking, users can earn up to 0.8% in APY, allowing users to earn tokens that are distributed in proportion to the amount staked.

Fixed staking is done for two weeks at a time, during which users lock their HT tokens for the duration, allowing them to earn up to 3% APY.

 

Is Huobi Token a Good Investment?

Yes, Huobi Token is a good investment.

With new currencies being listed daily and the exchange rewarding its users and holders, Huobi has a bright future ahead of it. The more exchanges that are utilized, the more likely it is that individuals will purchase Huobi Token due to its many benefits. Huobi Token is listed on several exchanges, ensuring that investors are aware of it.

In a year, it is reasonable to anticipate the currency to surpass its All-Time High and enter the price discovery phase.

 

What is the supply and distribution of Huobi Token?

The issuance of the Huobi token began immediately after the token's initial public offering (ICO) in January 2018. The distribution of tokens lasted around one month.

The release of the token was accompanied by an astonishing and vast number of transactions during this period. A total of 500 million Huobi tokens were distributed to the market by the corporation.

During the distribution, the business distributed 60% of the entire supply (300 million Huobi tokens) to members of the exchange, with a particular emphasis on those who had bought package deals.

The business retained control of the remaining 200 million tokens in circulation, which accounted for 40%of the entire amount of Huobi tokens in circulation. Their primary function is to fulfil the needs of other services, which is a reward function.

A total of 100 million Huobi tokens have been set aside by the firm out of the remaining 40% of the total supply to reward loyal users of the platform. Meanwhile, the remaining 20% of the tokens were used to compensate the platform's staff members for their efforts.

After many years of steady growth, the token achieved an astonishing trading price by the middle of 2022, when it sold for $8.38 per token that time.

 

Is Huobi Token a viable Alternative Coin?

Yes, Huobi Token is a good alternative coin.

  • Hacking – The Huobi Exchange is safe and protected. It does not have any history of hacking.
  • Security – The exchange uses robust security measures to ensure security.
  • Potential Investment – The exchange is one of the most popular exchanges, making it one of the best potential investments.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Huobi Token and Bitcoin?

Bitcoin is a large, popular digital currency, medium of exchange, and store of value, while Huobi Token is the native cryptocurrency of the prominent Huobi Global crypto exchange, where currencies such as Bitcoin and others are listed.

 

  Bitcoin Huobi Token
Price change 20/21 +400% +60%
Market Cap $800 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #84

 

What are the differences between Huobi Token and Ethereum?

Ethereum is the largest programmable blockchain in the world, offering developers from around the world the perfect environment to create and launch DApps and smart contracts.

Huobi Exchange offers its native token for a wide range of uses on the platform as a utility and governance token. In addition, Huobi Token is an ERC-20 token that was initially launched on the Ethereum blockchain.

Today, the Huobi exchange is home to several major cryptocurrencies, including Ethereum.

 

  Ethereum Huobi Token
Price change 20/21 +880% +60%
Market Cap $460 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #2 #84

 

What are the differences between Huobi Token and Dogecoin?

Dogecoin is a digital currency that originated as a joke about cryptocurrency price speculations.

The inventors planned to create a currency that no one would invest in seriously, but that did not work out. Since the inception of this cryptocurrency, there has been no lack of individuals eager to invest in Dogecoin.

Huobi Token (HT) is a decentralized loyalty point system driven by blockchain technology.

It is the only token that Huobi has released publicly. Huobi Token is used to support Huobi Global's operations and goods, including VIP discounts, unique Huobi Token events, and trading against popular currencies.

 

  Dogecoin Huobi Token
Price change 20/21 +7,300% +60%
Market Cap $22 Billion+ $1.4 Billion+
Past Hacks None None
Popularity High Very Low
Altcoin Rank #12 #84

 

What are the differences between Huobi Token and NEO?

Neo is a decentralized software network that aims to serve as a framework for anybody to conduct business and build decentralized goods and services.

Additionally, the Neo network provides several additional services to its users, including identity systems, oracle systems, and an innovative file storage system.

Huobi Token was created by Huobi Group, which operates the Huobi cryptocurrency exchange, and which has released it. Voting, prizes, and trading with other Huobi-listed cryptocurrencies are all possible with this digital money.

 

  NEO Huobi Token
Price change 20/21 +160% +60%
Market Cap $1.70 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Medium Very Low
Altcoin Rank #69 #84

 

What are the differences between Huobi Token and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Huobi Token, on the other hand, is fungible, which means that one HT has the same value and characteristics as another HT.

 

What are the differences between Huobi Token and Solana?

Because of its speed, security, and resistance to censorship, the Solana blockchain is ideal for widespread adoption. It is a popular programmable blockchain where developers can create and launch applications and contracts.

Solana is also popular for its extremely fast transaction speeds of up to 50,000 transactions per second. Huobi Global is a large and leading crypto exchange with Huobi Token as its native currency, offering traders and users a plethora of benefits.

 

  Solana Huobi Token
Price change 20/21 +9,300% +60%
Market Cap $54 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #5 #84

 

What are the differences between Huobi Token and Cardano?

As opposed to employing a proof-of-work (PoW) consensus, Cardano is a decentralized proof-of-stake (PoS) blockchain. In addition, Cardano is positioned as an Ethereum competitor alongside Polkadot, Solana, and a few other programmable blockchains.

Both platforms aim to construct a linked and decentralized system using comparable technologies such as smart contracts. Cardano considers itself a third-generation platform, compared to Ethereum's second-generation qualifications.

One of the world's most prominent crypto exchanges, Huobi Global, uses the HT token as its native coin. HT is an ERC-20 coin that helps protect the network and rewards users. Also, like Binance Coin, it has a buyback or coin-burning approach (BNB).

 

  Cardano Huobi Token
Price change 20/21 +2,100% +60%
Market Cap $42 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #7 #84

 

What is a stablecoin?

Stablecoins can be described simply as digital currencies that are backed by fiat money, other cryptocurrencies, or commodities such as gold. Due to the stable assets, these coins are less subject to price volatility and maintain a constant value. Certain stablecoins also rely on a computer algorithm to maintain a stable value.

Stablecoins have the benefit of being constructed to endure volatility in a manner that other cryptocurrencies are not. Additionally, they can facilitate mobility as well as accessibility.

Stablecoins are more stable than conventional digital currencies without compromising their decentralization, indicating independence from any centralized structure or agency.

Additionally, stablecoins are popular among investors for a variety of reasons. It enables speedier money transfers and protects the privacy of financial data.

Additionally, stablecoins enable consumers to avoid financial service costs. Stablecoins differ from other cryptocurrency investments in various ways.

They are meant to maintain their value throughout time. This indicates that although there will be no decline in value, there will also be no increase.

 

Is Huobi Token a Stablecoin?

No, Huobi Token is not a stablecoin. Huobi Token is a native cryptocurrency that serves as a governance and utility token on the Huobi Global exchange.

 

What is KYC?

Know Your Client (KYC) is an industry-standard that requires investment advisers to know their customers' risk tolerance, investing expertise, and financial condition. KYC is an ethical requirement implemented in 2012 by the Financial Industry Regulatory Authority (FINRA) Rule 2090 (KYC) and FINRA Rule 2111 (Sustainability).

KYC protects both investors and advisers. The financial adviser knows what investments best fit the client's unique condition. Knowing what may and cannot be included in a client's portfolio protects investment professionals. Risk management, customer acceptance rules, and transaction monitoring are common KYC compliance needs.

The Know Your Customer Rule 2090 mandates that brokers make reasonable efforts to create and maintain customer accounts. It is required to know and retain records of each client, as well as any individual authorized to act on their behalf.

Rule 2111 of the FINRA Rules of Fair Practices concerns making recommendations. Suitableness To provide a good suggestion for a customer based on their financial status and requirements, a broker-dealer must have reasonable reasons.

Before making any buy, sell, or exchange, the broker-dealer, must check the customer's current facts and profile, including other securities.

 

Is KYC a requirement for all traders who are active on crypto exchanges?

No, it is not a mandatory requirement for all traders or exchanges. Most centralized cryptocurrency exchanges have strict KYC processes, while many Decentralized Exchanges (DEX) do not have this, allowing for anonymous transactions.

 Increased KYC identity verification may assist stabilize the market and increasing its value. This is due to anonymous transactions that may be questionable or unlawful. Because most crypto exchanges are MSBs (money service firms), KYC is becoming mandatory. 

 

Does completing KYC make all transactions on the exchange traceable?

Yes, KYC verifies the identity of all traders, and this means that transactions can be traced to individual traders. When users complete KYC, they must disclose their date of birth, their identity or social security numbers, and their physical addresses.

This information is verified when users upload documentation that clearly shows the information such as Identity cards, passports, drivers licenses, bank statements, utility bills, and others, in addition to a selfie.

While cryptocurrency transactions are recorded on public ledgers, where anyone can see them, the transactions do not typically disclose the identities of senders or receivers.

However, when users register on a crypto exchange where KYC is mandatory, their identities will be tied to their transactions. This means that any illegal or unlawful transactions can be traced to individuals.