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Huobi Global Responds to Potential ETH Hard Forks

Huobi Global, one of the leading cryptocurrency exchanges in the world, has been monitoring discussions about the impending hard forks of Ethereum. A hard fork is an upgrade to a blockchain network denoting the decentralization and development of the blockchain ecosystem.

Huobi Global Does Not Encourage “Irresponsible Behavior”

The company described the discussions as “worthless behaviors,” further highlighting the risk of “community divergence, market confusion, and lack of understanding among users” it would cause. Based on the commitment to safeguarding users’ assets, Huobi Global adheres to neutrality and objectivity regarding spin-off assets generated from hard forks. In their recent declaration, Huobi wrote to not indulge in pre-mining and arbitrary forking.

“We respect the community consensus on the hard forks. However, we do not encourage the forks with no tangible innovation and improvement, and we oppose any form of pre-mining behaviors.”

Huobi’s Requirements For Forked Assets Distribution

Huobi further mentioned the conditions that would decide the listing stating that the crypto exchange would list forked assets only if the project team notifies and receives Huobi Global’s “clear response” before performing a hard fork. The second forked chain cannot trade with the first forked chain by default due to two-way replay protection. In the conditions, it was stated that the original chain should not cover or obstruct the new chain. Huobi further stated that trading on the two forked chains must be distinguished so that all wallets, which include lightweight nodes, are compatible with the new chain. The trading platform said,

“As long as the forked assets meet our security requirements, we will take the first move to support users to hold the assets and earn rewards.”

Services for trading the coins featured in the spotlight will be offered shortly per their rules after the platform has an overview of consumers’ opinions.

   

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