It's a tough fight between LUNA(Terra)and CHR(Chromia). Who will win?
On July 28, 2020, Huobi Global will officially launch FastTrack Phase 11. In the 11th phase, Huobi Global has announced 2 FastTrack project candidates. LUNA(Terra)and CHR(Chromia).
Unlike previous times with only 1 round of voting, Fasttrack 11 comes up with a new design with two stages of voting: “Deposit to Vote” and “Use HT to Vote”.
After completion of both voting phases, Huobi will airdrop the participants with a total of 500,000 USDT equivalent token rewards from both the projects. After these phases, a total of approximately 150,000 USDT equivalent in HT will be burned.
Deposit to Vote Round
Event time: July 28, 2020 00:00:00 — July 29, 2020 11:59:59 (GMT+8) (Already over)
During this stage,KYC completed users can deposit tokens of one or two of the projects currently up for a vote on Huobi. Rewards will be shared according to the amount deposited. (Deposit amount is calculated into HT; 1 HT is counted as 1 vote). During this phase, each project will release 100,000 USDT equivalent token rewards for the community.
Each project has an independent deposit limit (the lowest limit is 10 HT, the highest limit is 5000 HT equivalent project tokens). The excess amount is still calculated as 5000 HT. The deposit amount will include sub-accounts as well. The conversion ratio of project tokens to HT will be announced in the announcement on July 27.
HT to Vote Round
Event time: July 29, 2020 20:00:00 — July 29, 2020 20:59:59 (GMT+8)
During this event, users can only choose one of the projects to vote for to be listed first. (1 HT is counted as 1 vote). After the voting is over, the system will exchange the tokens for the user according to the discounted ratio (about 50% off) and return the remaining HT. At this stage, each project will release 150,000 USDT equivalent tokens. Among them, users will be picked at random to share 20% of the project’s tokens that are released in this phase according to the HT voting ratio, and the remaining users will share the remaining 80% tokens according to the HT voting ratio.
As per Huobi, The number of HT votes a qualified user can exercise in the upcoming voting session depends on the minimum HT holdings held during the holding period, subject to a floor limit of 1,000HT and ceiling cap of 5,000HT. For example, A user with a minimum HT holding of 6,500HT during the holding period will receive 5,000HT equivalent voting rights.
The voting threshold of the current phase is set from the 10th phase to the FastTrack voting day of this phase. (i.e., October 30, 2019 00:00:00 to July 28, 2020 23:59:59 (GMT+8), the user’s daily minimum HT holdings need to be ≥ 1000 HT).
After the “Deposit to Vote” and “Use HT to Vote” stages are over, the two candidates' votes will be totaled to decide who has achieved the most votes.
The project with the highest number of votes will be launched on the day of voting (July 29). USDT, BTC and HT trading pairs will be opened at the same time.
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The core of Terra’s cryptocurrencies is to construct a “central bank” via algorithms, smart contracts and etc. Backed by Huobi, Binance Labs, OKEx, Huobi Capital, and Dunam, Terra is headed by Daniel Shin and is currently one of the most growing projects.
Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain.Terra is a decentralized stable coin platform capable of expanding and narrowing its supply to stabilize unit prices. The reserve token is called LUNA which has a fixed supply. LUNA stakers benefit from fee distribution generated by network transaction volume.
The project has already managed to onboard ~20 partners with a total of ~40 billion USD gross merchandise volume (GMV). Through its partners, Terra has managed to attract over 1.3 million real users (end customers) within a short period of time. Next to the home market of South Korea, Terra has already expanded to Mongolia. In addition, the team plans to expand into Southeast Asia (Singapore, Taiwan, and Thailand) in 2020 and globally in the coming years.
Chromia is a brainchild of ChromaWay which has a long record of delivering pioneering projects around the world. The project aims to solve the scalability problem for decentralized applications (dApps).
Chromia is a relational database platform for Dapps, which is backed by Litecoin founder Charlie Lee. Chromia, formerly named Chromapolis, is developed by its parent company ChromaWay. It mainly provides a relational database friendly to the current developers and helps application providers to develop Dapps upon it. The project also allows applications built on it to create sidechains and issue tokens.
Chromia’s data will be further recorded on an anchored PoW public chain in hashes to ensure data security. For the project, more developers will be attracted by its high performance and familiar data structure; while for users, the platform changes the traditional trading model and charges no transaction fee. Instead, it charges the application for a “service fee”, which is more in line with the current Internet business model.
Disclaimer: This article is not intended as investment advice. It is just my personal opinion about Huobi FastTrack. You should always do your own research.