Huobi Chain developers have posted a blockchain-oriented code for DeFi services on GitHub. Later into it integrate regulatory control tools, reports CoinDesk.
Part of the technical infrastructure of the projectprovides Nervos blockchain startup. Company representative Bo Wang explained that the built-in components will allow regulators to control the placement of contracts, asset ownership and transactions.
Regulators and financial institutions will be able to block assets and accounts through sidechains in case of emergency, Wang added.
It is anticipated that these decisions will ensure compliance with anti-money laundering standards.
“Supervisor nodes will allow regulators to independently launch and maintain nodes, extract data, and participate in ecosystem surveillance,” - he said.
Huobi Chain will also provide tools for pre-auditing deployed applications.
Huobi announced the development of the blockchain in July. It was expected that the network code will be open in the III quarter, and the test network will work at the beginning of next year.
Previously, Binance Chain, the largest in terms of trading volume, Binance Bitcoin Exchange, launched its own blockchain.