LONDON, June 1, 2021 /PRNewswire/ — Huobi ECO Chain (HECO), a decentralized, EVM-compatible public chain, announced today that there will be a registration for HECO chain Mainnet nodes. This aims to facilitate the operation of the HECO chain. The goal is to promote, develop, and expand the network in a safe and stable manner.
As HECO chain relies on a growing distributed community of open-sourced contributors and users, the election mechanism is an important vehicle to supervise and perfect the process of selecting Mainnet nodes. It also simultaneously serves as a resource supporting all developers working on the HECO chain.
The registration has been opened at 4: 00 on May 26th (UTC+8), and a unified link is offered to all candidates to upload their detailed registration information. All candidates must pass Know Your Customer (KYC) procedures before registration. This campaign requests 5,000 Huobi Tokens (HT) as a staking deposit for any eligible node candidate. The staked application deposit can be returned within 15 days if an applicant decides to withdraw from node management.
The platform plans to have 11 major nodes and 10 back up nodes elected by the community in this round. Only the top 11 most voted will become major nodes, and the top 12-21 will become back-up nodes. Because selection criterion is based on votes, candidates are encouraged to be active in their communities and voters need to stake HT Token to designated HECO chain addresses to complete a successful vote.
It has been reported that the voting will be officially started in early June. Users can vote for node candidates through the official website and stake HT Token (the HECO version) to designated HECO chain addresses. Staked HT Token can be returned within 3 days when users decide to withdraw from the node election. If users withdraw HT Token, the number of votes for the node decreases and the actual number of votes is calculated according to a snapshot of the deadline of this round of elections. For security purposes, 7,200 blocks are considered as ONE unit (subject to actual result) and the volume of HT staked would an indicator to differentiate between master and back-up nodes.
“The goal of the HECO chain is to serve as blockchain infrastructure for global users, including a public chain that focuses on high-performance, developer-friendly, and low-cost,” stated Leo Su, the head of HECO. “We believe making the HECO chain mission a reality is best accomplished by diverse and independent users and collaborators. This is the true role of the Mainnet node election.”
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About HECO
HECO is an EVM-compatible public chain that provides blockchain developers with an efficient and low-cost on-chain environment for decentralized applications (dApps), smart contracts, and digital assets.
To date, HECO chain has recorded approximately 6.48 million total addresses with 351 million transactions conducted on the platform.
SOURCE Huobi