Huobi Token HT to Storj STORJ Exchange

Crypto Pair Details: HT to STORJ

Huobi Token HT

Huobi, the third-largest cryptocurrency exchange in the world, recently announced and launched a new currency. The Huobi Token (HT) rewards exchange users for their loyalty with lowered transaction fees while also carrying its own value in tradable pairs against popular currencies. The hope was to bring greater value to Huobi’s millions of users, mostly located in Asian countries. The launch of the Huobi Token follows in the footsteps of other loyalty-building tokens that other exchanges have launched. The first and most successful of these tokens has been Binance Coin (BNB). The creation of BNB secured Binance’s place as the world’s leading exchange. It offered discounted trading fees in exchange for customer loyalty, primarily functioning as a loyalty rewards system. Huobi officially announced its intentions to launch a new token on January 22, 2018. Over the course of 15 days, Huobi would distribute 300 million HT (60% of the total supply) to its pro users who purchased a discounted service package. Each morning, a new batch of HT would become available on a first come, first served basis. Huobi declared this token distribution scheme, “not an ICO,” due to the nature of the offering. Users are buying a specific service package, part of which includes HT that give a discount toward trading fees. The exchange launched the Huobi Token as part of an overall strategy to recover its user base after tightening regulations in China severely restricted cryptocurrency trading. In an interview with CoinDesk, Leon Li, Huobi’s founder, revealed that Chinese rule changes had decimated the trading volume on Huobi by 95% between September 15 and November 1, 2017. The HT token distribution began on January 24 and wrapped up on February 7, 2018. Each day of the distribution, millions of tokens sold out in mere minutes after going on sale. At that point, 300 million HT had been distributed to Huobi Pro members who bought packages. That’s 60% of the total supply currently in public circulation. Another 200 million HT, 40% of the total supply, was set aside. 20% goes toward user rewards and platform operation. The other 20% is vested for four years and constitutes the team reward. Huobi isn’t the first exchange to issue its own token. Binance (BNB), Bibox (BIX), KuCoin (KCS) and Coss (COSS) have all issued their own tokens as well.

Storj STORJ

Storj is an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services. Instead of maintaining its own data centres, Storj platform relies on a peer-to-peer network of individuals or entities sharing their storage spaces. The Storj project is owned and developed by Storj Labs Inc. Storj intends to facilitate a faster, cheaper, and secure file storage solution than traditional cloud storage platforms. To achieve its goal, Storj deploys several innovative technologies and methods to make sure that users are able to store and retrieve data in a fastest possible way while not compromising the security and integrity of data. Storj Labs Inc was founded in 2014 by Shawn Wilkinson with co-founders John Quinn. The company is headquartered at Atlanta, Georgia in the United States. Shawn was previously appointed as CEO, but in March 2018, he stepped down from the post to serve as CSO of the company. Shawn was replaced by Ben Golub (Ex-CEO of Docker) who currently serves as the Executive Chairman & Interim CEO. Co-founder John Quinn has been appointed as the Chief Revenue Officer. The company launched its initial coin offering (ICO) of the new tokens on May 19, 2017. At the end of the token sale on May 25, 2017, the company had raised about $30 million. Storj Labs allowed SJCX holders to exchange their tokens with the new ones in a 1:1 ratio through a token conversion campaign which lasted till October 2017. Storj Labs pre-mined its entire supply of tokens at the inception; no new tokens can be created via STORJ mining. Nevertheless, users can obtain STORJ tokens by becoming a farmer in the network. Another obvious way to acquire STORJ is through trading on a cryptocurrency exchange. Up until now, cloud storage companies have dictated the terms of service to their users, and as a result, there has been little to no competition within this digital sector. However, with the introduction of Storj, all of that may change.' Check out CoinBureau for the full review on OmiseGo.

SOURCE: COINGECKO

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