Highly rated for growth potential and technological prospects

Huobi announced in a notice on this day that it has launched the "Huobi 10 Index," an index based on 10 major cryptocurrency assets.

Huobi reportedly selected 10 promising cryptocurrencies listed on its platform, Huobi Pro, based on trading volume, market capitalization, and technological advantages. The 10 coins are Bitcoin, Huobi Coin (HT), EOS, Ethereum, BitConnect (BCH), Ripple, Litecoin, IOST, Ethereum Classic (ETC), and Dash (DASH).

According to the statistics site Coinhills, Huobi is the world's fourth-largest cryptocurrency exchange, trading 105 cryptocurrencies with a daily trading volume of approximately 135,000 Bitcoin. Since opening in 2013, it has expanded into the U.S., Japan, Hong Kong, Singapore, and other regions, and launched in Korea last April.

Notably, among the 10 cryptocurrencies, IOST stands out as the only latecomer included. Unlike Bitcoin, the world's first cryptocurrency created in 2008, and Litecoin, launched in 2011, IOST is a new cryptocurrency that was introduced to the public earlier this year. An official from a Chinese cryptocurrency fund stated, “The fact that the emerging cryptocurrency IOST was included in the top 10 major cryptocurrencies selected by Huobi, a top-tier global exchange, means that its growth potential and technological prospects were highly evaluated.”

IOST is a cryptocurrency launched earlier this year by the global IT non-profit foundation IOS (Internet Of Service). Using the cryptocurrency IOST as a stepping stone, the foundation plans to migrate all existing internet-related services and apps to a blockchain-based platform. Last May, it announced its entry into the Korean market.

Jimmy Jeong, CEO of IOST, stated, “Just as all apps run on the Android operating system of smartphones, our ultimate goal is to execute all online and mobile services on the blockchain above our IOST project,” adding, “This is expected to enable the preemptive prevention of damage caused by user information leaks or hacking, which have been pointed out as chronic problems.”

In particular, the IOST project is attracting the attention of blockchain industry stakeholders by introducing Proof of Believability (POB) verification, which is completely different from existing blockchains. Existing blockchains such as Bitcoin, which use the Proof of Work (POW) method for mining verification and consume a lot of electricity, have been criticized for wasting resources. Furthermore, the Proof of Stake (POS) method, which involves verifying cryptocurrency in proportion to the amount held by holders worldwide and receiving cryptocurrency in return, has not been free from criticism that it exacerbates the gap between the rich and the poor.

On the other hand, POB is considered a third-generation blockchain that has perfectly resolved the issues of resource waste and wealth inequality. POB designates validators through a random draw from among those who have actively participated in the blockchain ecosystem—for example, those who have diligently developed or used apps, or those who have executed actual payments using the relevant cryptocurrency. Validators verify whether there are any issues with the system (hacking, personal information leakage) and receive monetary compensation in the form of cryptocurrency issued by IOST.

CEO Jimmy Zheng is one of China's leading blockchain talents, having served as a keynote speaker at a blockchain forum hosted by the People's Daily earlier this year. A graduate with honors (Magna Cum Laude) in Mathematics and Computer Science from Emory University in the United States, he distinguished himself by successfully founding various businesses during his college years. In addition, around 30 global developers who have worked at companies such as Alibaba, Mobike, and Goldman Sachs are dedicated to driving the IOST project.