Huobi Global, a leading global provider of cryptocurrency exchange and blockchain solutions, today announced its investment in Cube, a public blockchain that provides innovative infrastructure for Web 3.0 and the metaverse. The launch took place at CoinDesk’s Consensus 2022 conference in Austin, Texas, highlighting Huobi Global’s latest strategy to expand its Web 3.0 ecosystem.
Cube (formerly Cube Chain) is a new modular, permissionless, EVM-enabled public chain with a design based on a multi-chain and layered architecture. It offers breakthrough technologies such as proprietary collaborative rollups, consensus chaos, nonlinear infinite storage, and an innovative Time Crossing protocol for Web 3.0 infrastructure. Since launching its mainnet earlier this week, Cube has garnered overwhelmingly positive feedback.
To help more people transition to Web 3.0, Huobi Global is focusing on the adoption and development of Web 3.0 and metaverse infrastructure, where there is huge potential in the explosive growth of blockchain applications such as NFT, DeFi and GameFi.
“Huobi Global has chosen Cube as one of the public channels we will invest in as part of our Web 3.0 development strategy. In the near future, we will continue to invest in more public channels as we are optimistic about the Web 3.0 and we are committed to improving its infrastructure,” said Lily Zhang, CFO of Huobi Global.
It is widely recognized in the industry that Web 3.0 is the future of the internet, with blockchain and public blockchains serving as the core technology and infrastructure respectively. With the emergence of NFTs, DeFi and other blockchain applications, many public chains have entered the market.
However, the explosive growth of GameFi, DeFi and NFT has led to an exponential increase in transaction volumes on these public channels. The first public channels were not able to meet the needs of users in terms of speed or cost-effectiveness. For example, Ethereum takes about 10 minutes to complete a transaction during peak times, and gas fees can reach several hundred dollars.
Additionally, how to solve the blockchain trilemma – a widely held belief that decentralized networks can only deliver two out of three advantages at any given time when it comes to decentralization, security, and scalability – has also been an issue. common challenge for industry players.
To better meet the needs of the industry, Cube uses high-performance layer-1 blockchain as the foundation to solve the challenge of blockchain expansion and provides users with an efficient, low-cost, and secure trading environment.
It divides the blockchain vertically, applies a layered architecture, divides the settlement, execution and data availability of the blockchain, and optimizes them according to their respective characteristics.
With a cross-chain protocol that supports cross-chain DeFi calls, Cube is compatible with the Cosmos ecosystem. In its current design, Cube can process around 3000 transactions per second and the number is expected to exceed 5000 by the end of September this year, and the data availability requirements of Rollup and NFT guarantee an efficient and reliable complete solution for development of Web 3.0.
About Huobi Global
Founded in 2013, Huobi Global is one of the world’s leading cryptocurrency exchanges, with tens of millions of users across five continents and 160 different countries. We are committed to building financial freedom and creating new global wealth, having led the cryptocurrency industry in spot, derivatives and bitcoin transactions for many years. Our infrastructure, operations and offerings are built on processes and standards that prioritize user safety and industry compliance, backed by strong global customer support backed by local expertise. This enables us to offer a unique business environment that is truly customer-focused, safe and sustainable for all users, enabling their long-term success. For more information, visit www.huobi.com
Cube is a high-performance, scalable, and modular Layer 1 public chain capable of supporting multi-chain and cross-chain architecture. Compatible with EVM and Cosmos ecosystems, Cube is actively committed to participating in the development of decentralized cross-chain protocols and Web 3.0 infrastructure to bring users the next-generation multi-chain experience. For more information, visit https://www.cube.network/.
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