Huobi Chain carries Huobi Group’s vision of the Blockchain development. Huobi Group looks forward to building an autonomous financing public blockchain, Huobi Chain, which represents the most advanced technology in blockchain industry. Huobi Group has full confidence in Huobi Chain and commits to support the project with all possible resources.
Huobi Group always follows the spirit of blockchain and listens to the diverse voices in the community. In order to build a better public blockchain platform, Huobi Group would love to hear from community users through HT voting (Defined below) and communicate the community’s will to the developers.
Huobi Chain Superhero Championship Program will be another step at allowing the community to self-operate. Huobi Group always believes in community-based operations and its ability to formulate reasonable rules. The blockchain spirit is not just a slogan or concept. It will eventually be implemented in rulemaking through community voting.
After the publication of our draft rules, we continuously received advices from Huobi global users. As promised, Huobi will award 1~5 HT to users submitting advices; users whose advices deemed constructive by the Huobi Chain division will be further awarded with no more than 100 HT. We welcome users to keep sending their advices to [email protected]; the successful development of Huobi Chain requires participation of our community members.
Chapter I General
Article 1 Definition In this Code, the following words shall have the following meanings unless otherwise stated in the Rules.
(1) Huobi Chain Division: The Huobi Chain Division is responsible for supporting the leadership team in various dimensions such as business development and technology support. The division is also responsible to organize community voting, integrate community opinions, and expand the team (advisories).
(2) Huobi Token (HT) / Huobi Global Coin: HT holders have the right to participate in community decision-making.
(3) Time: Unless otherwise specified, the time is all in Singapore time, and the days and months are Gregorian.
Article 2 Huobi Chain: A new generation of autonomous-financing public blockchain, supported by the Huobi Group and the HT community.
Article 3 Participating Entities: Participating entities include the global leader of Huobi Chain (the winner of Huobi Chain Superhero Championship Program), the Global Leader’s team members, Expert Advisory Committee and the members, Council and elected members, and the community. The specific functions of the participating entities are divided below.
Chapter II Global Leader of Huobi Chain
Article 1 Vision and Goal: Huobi chain aims to promote the overall development of the blockchain industry, with the goal of “making finance more efficient and making wealth more free”. Therefore, the Global Leader of Huobi Chain should agree with the vision of Huobi Chain and perform their duties to achieve the above goals.
Article 1 Duties of Global Leader of Huobi Chain: Global Leader of Huobi Chain should perform the following specific duties diligently:
- Report to the Council on a regular and/or irregular basis;
- Organize the Huobi Chain team to develop and maintain Huobi Chain, and manage Huobi Chain team daily;
- Design and/or lead the design of the public chain technical route;
- Advise on the distribution plan for the 30 million HT fund, and draft a plan to the Council for approval;
- Formulate the basic management structure for the leading team and submit the plan to the Council for approval;
- Attend Council meetings;
- Perform other functions and powers conferred by the Council.
Article 3 Candidate Qualifications: To apply for the global leader of Huobi chain, the following basic conditions should be met:
- Has extensive experience as a Blockchain technologies developer and product manager;
- Has management experience and has led at least one large R&D team before.
Article 4 Candidate Screening: Applied candidates will be initially screened by the advisory. Then, selected candidates will be released on the website of Huobi Chain. The community will be able to vote, in accordance with the rules, through HT for the person that they believe is the best fit for the Global Leader of Huobi Chain.
Article 5 Recruitment Process: The recruitment of the Global Leader of Huobi Chain should follow the following process:
- Recruitment initiation: On June 6th, the company officially recruited public leaders globally;
- Publicity of Rules: On July 5, release the draft of the Global Leader of Huobi Chain selection rules, welcoming community suggestions and improvements on the selection rules;
- Registration Deadline: The registration will be officially closed on August 20;
- Publicity of Candidates: On July 5, a list of some registered candidates will be released;
- Voting Start Day: Voting will begin officially on July 20;
- Candidate Supplements: Candidates who have applied for registration from July 20 to August 20 can also be considered under the approval of the advisory group;
- Confirmation of Results: Whoever receives the most votes after three rounds of voting will be elected as of the Global Leader of Huobi Chain;
- Leadership Publicity: The Global Leader of Huobi Chain will be announced at the final event organized by the Huobi Group.
Article 6 Voting Process: The voting will be conducted in three rounds. The following procedures should be applied:
- The first round of balloting begins at 12 pm on July 20 and ends at 12 pm on August 20. Candidates who do not place in the top 30 will be automatically removed from the election. The top 30 will go to the next round, and the votes received in the first round will not be cleared.
- The second round of voting begins at 12 pm on August 21 and ends at 12 pm on September 10. Candidates who are not ranked in the top 5 will be automatically removed from the election. The top 5 will enter the final round, and the votes accumulated will not be cleared.
- The third round of voting begins at 0 am on September 11 and ends at 4 pm on September 28. The 5 final candidates will attend the Huobi Chain Superhero Championship Program Gala held by Huobi Group on the evening of September 28.
- On the evening of the Huobi Chain Superhero Championship Program Gala, the 5 candidates will have a face-to-face debate that will be broadcasted live. The candidate who has the highest final score on that day will be the winner. The calculation method is: Candidate Final Score = Number of Votes Received * Advisory Opinion Multiplier (the coefficient base is 1 and increases by 0.1 for each advisor’s support). If the final score of multiple candidates are the same, the candidate with the most votes wins.
Article 7 Rewards for Unsuccessful Candidates: Unsuccessful candidates selected by the Expert Advisory Committee will have the opportunity to receive other rewards, such as the Technical Roadmap Award, the Governance Award, the Community Development Award, Token Design Award or the Popularity Award, and will also receive the corresponding amount of HT.
Article 8 Signing the Contract: The elected leader signs a contract with the entity designated by the Huobi Group to formalize the rights and obligations of the leader in the development and construction of Huobi Chain.
Article 9 Leader’s Responsibilities: The leader should eagerly promote Huobi Chain and ensure the continuity of its operation. If the leader voluntarily resigns from his/her role or is impeached by the Council, he/she must return the HT reward. If the leader maliciously causes delays of the development or other losses, he/she must return the HT bonus and is also liable for the corresponding losses.
Chapter III Leading Team
Article 1 Forming the Leading Team: The team members will be nominated by the leader. Obtaining the approval from the Council, they can become the members of the leading team.
Article 2 Signing the Contract with Team Members: Each member of the leading team sign a contract with the entity designated by Huobi Group to formalize the rights and obligations of the team member in the development and construction of Huobi Chain.
Article 3 Responsibilities of the Leading Team: The leading team is responsible for the following duties:
- System development at the request of the leader;
- System maintenance at the request of the leader;
- Perform other obligations as stipulated in the contract.
Article 4 Withdrawing from the Leading Team: Leading team members can request to withdraw from the team, and under approval from the leader, can be permissioned to terminate the contract.
Article 5 The effects of Impeachment on the Leading Team: If the original leader leaves or is impeached, it does not affect the rights and obligations of the leading team members.
Chapter IV Expert Advisory Committee
Article 1 Forming the Expert Advisory Committee: The Huobi Chain Division is responsible for forming the Expert Advisory Committee and will do so before the Council is formed. The members of the Expert Advisory Committee should compose of well-known technical elites, university scholars, industry leaders, and/or well-known investors from domestic and overseas.
Article 2 Responsibilities of the Expert Advisory Committee: The Expert Advisory Committee has the following responsibilities:
- Recommend and screen candidates for leading the Huobi Chain Superhero Championship Program
- Support the healthy development of Huobi Chain;
- Supervise the development of Huobi Chain in accordance to the rules;
- Advise on the development of the Huobi Chain;
- Propose bills on important issues related to Huobi Chain. If one-third of the Expert Advisory Committee supports the proposal, the leading team must resolve the issues mentioned in the proposal.
Article 3 Number of Members on the Expert Advisory Committee: The initial number of expert advisors will be determined by the Huobi Chain Division. After one year, a community vote will be held to determine whether or not to increase the number of advisors. If it is decided to increase the number of advisors, the number of new advisors shall not exceed 50% of the original number of advisors.
Article 4 Appointment of Expert Advisors: After an advisor is chosen by the Huobi Chain Division, the advisor must sign a contract with the entity designated by the Huobi Group to formalize the rights and obligations of the advisor in the development and construction of Huobi Chain.
Article 5 Dismissal from the members of Expert Advisory Committee: If an expert advisor appears incompetent or violates an obligation stipulated in the contract, the expert advisor will be dismissed.
Article 6 Transparency of the Expert Advisory Committee: The Huobi Chain Division will publicize all the information about the partnership of Expert Advisory Group members on the Huobi Chain official website (www.huobichain.com). Anyone who disagrees with the credibility or expertise of the advisors can express their complaints by mail to [email protected]. The complaints must be realistic, objective and fair and the person who is issuing the complaint should provide their full name and contact information for accountability. The Huobi Chain Division will strictly keep all information and conflicts confidential, and will carefully investigate the situation, and if the problem affects the effectiveness of the Expert Advisor Committee, the advisor will be dismissed.
Article 7 Superhero Candidates Recommended and Selection Criteria by Expert Advisors: The recommended selection criteria includes the following:
- The resume and experience of the candidate;
- The professionalism of the candidate;
- The proposal suggested by the candidate;
- The professional ethics of the candidate;
- The leadership ability of the candidate;
Article 8 Duties of Expert Advisors in the Voting Process: During the voting process for Huobi Chain leader, expert advisors shall perform the following duties:
- Question the candidates during the open debate;
- Prudently determine whether or not to support the candidate.
Article 9 Rewards for Expert Advisors: Expert advisors who diligently perform their duties and obligations under the rules and their contracts shall receive a 20,000 HT reward after one year of performance and will also receive the title of “Huobi Honorary Advisor”. Rewards for each subsequent year will be determined by the Council, who will determine the reward based on the expert advisor’s performance.
Chapter V Council
Article 1 The Purpose of the Council: The purpose of the Council is to effectively assist and supervise the Global Leader of Huobi Chain in order to complete the development and maintenance of Huobi Chain. Huobi Chain Division will be in charge of forming the Council.
Article 2 Council Composition: The Council shall consist of 7 Council members, 3 of which will be executive directors, in which 2 executive directors will be appointed by Huobi Group, and the other executive director will be appointed by the Global Leader of Huobi Chain. If the leader changes, then the executive director appointed by the previous leader will be reappointed as well. The remaining four Council members shall be the candidates who ranked 2nd to 5th in the election campaign. After the Huobi Chain whitepaper is completed, the remaining four Council members shall be elected by community vote on a monthly basis. The voting procedures and methods shall be stipulated later; the Huobi Chain Division will make the official announcement.
Article 3 Responsibilities of the Council: The Council is responsible for the following:
- Listen to and review the Global Leader of Huobi Chain’s reports, advisor’s advice, and the opinions of the community;
- Vote on general matters concerning community issues and the direction of development for the public chain;
- Vote on major issues.
Article 4 Scope of Major Issues: The major issues mentioned in article 4 of the Council shall include the following:
- Major changes in Huobi Chain development;
- The HT distribution scheme proposed by the Global Leader of Huobi Chain;
- Matters concerning the establishment of management institutions;
- Matters concerning the establishment of basic guidelines for management institutions;
- The impeachment and election of the Global Leader of Huobi Chain;
- Any other issue must receive support from 2/3 of the Council to be deemed as a major issue.
Article 5 Procedure: The board shall observe the following procedural regulations:
- The Council shall meet at least once a month and notify all council members and expert advisors 10 days before the date of the meeting;
- The meeting must have at least half of the Council members present for quorum;
- Voting shall be one-person-one-vote. Members with a personal conflict of interest are not permitted to vote on the issue;
- Motions on general matters require the vote of half of the Council to pass, motions on major issues require the vote of 2/3 of the Council to pass;
- An interim council meeting can be set up by the voting community if 1/10 of the community as well as 1/3 of the Council members or expert advisors vote for the meeting
- Records such as motions passed by the Council shall be signed by the Council members present;
- It can be proposed to impeach the Global Leader of Huobi Chain under support from two Council members;
- When the Global Leader of Huobi Chain is impeached or resigns from his/her role, the Council will appoint a Council member as the new leader. The Council member must receive more than 3 votes to become appointed.
Article 6 Rights and Obligations for Council Members: The Council members shall follow the following obligations and enjoy the corresponding rights:
- The Council members shall attend Council meetings and focus on the diligent performance of their responsibilities
- Council members can propose to develop a component of the public chain by him/herself, and must submit a proposal including the rewards plan to the Council for deliberation and voting. Once approved, the task in development will not be affected by retirement of the Council member proposing the task;
- Council members will receive 1500 HT each month during his/her tenure.
Article 1 Matters that Require Community Voting: The community should vote on the follow items:
- Election of the leader of Huobi Chain;
- Election of the members of the Council;
- Voting in accordance to the Council’s needs.
Article 2 Eligibility for Voting: Anyone or entity holding at least 100HT can participate in community voting.
Article 3 Special Rules for Voting: The following rules shall be followed when voting for the Global Leader of Huobi Chain:
- Eligibility for Voting
- Anyone or entity holding at least 100 HT can participate in the voting;
- The number of ballots is based on a snapshot of HT holdings taken 11pm on the previous day of voting day;
- 100 ballots are given for each 100 HT held, but users are limited to casting 200,000 votes per user per day;
- Ballots are given daily and are only valid for 24 hours;
- Voting Rewards
- To motivate HT holders to vote for the Global Leader of Huobi Chain, Huobi Group and its partners will set up a rewards pool. Users who participate in the voting will receive token airdrops. The proportion will depend on the number of votes casted by the user, and the total number of votes casted.
- Users with the highest number of votes can get the following benefits:
- An opportunity to talk online with the candidate he/she is voting for;
- Opportunities for face-to-face conversations with the candidate he/she is voting for;
- Free invitation to the Huobi Chain Superhero Championship Program Gala.
Chapter VII HT Rewards Pool
Article 1 Establishment of the Rewards Pool: In order to promote the healthy development of blockchain industry, Huobi Group has decided to set up a 30 million HT rewards pool.
Article 2 Distribution Scheme: The initial distribution scheme of the HT Rewards Pool is proposed by the Huobi Chain Division. Further modifications to the scheme requires a proposal from the Council as well as a community vote. Part of the Rewards Pool is given out as one-time rewards, another part is given to the board members as a monthly salary, and another part is used to fund the development cycle, given to the Global Leader of Huobi Chain and community developers.
Article 3 Supervision for the Rewards Pool: The rewards are issued in completion of project milestones, and the Council as well as the community will supervise and manage the distribution of rewards at different stages.
Article 4 Rewards Milestones The milestones mentioned in article 3 of this chapter shall be specifically divided into the following stages:
- Phase 1: The elected Global Leader of Huobi Chain and team will receive 500,000 HT and will be unlocked after 4 weeks. The leader will decide how to distribute the reward. Incentives for Council members, and rewards for unsuccessful candidates will also be issued after the election and will be unlocked after 4 weeks (lasts for 3 months);
- Phase 2: Technology development (lasts for 9 months);
- Phase 3: Testing and ecosystem development (lasts for 4 months);
- Phase 4: Main net launching (lasts for 2 months);
- Phase 5: Huobi Chain operations and improvements.
Article 5 Detailed Rewards Pool Distribution Plan: The detailed distribution plan of the Rewards Pool shall be proposed by the Global Leader of Huobi Chain and will be effective after it’s approved by the Council. The plan should include executable orders such as network node incentives, Expert Advisor incentives, assessment methods, and standards. After each development milestone is reached, the Council and the community will decide whether or not to execute the rewards plan in accordance to whether the specified goals were met.
Article 6 Outstanding HT The remaining HT in the Rewards Pool will be used to sponsor cooperation with media outlets.
Chapter VIII Other
Article 1 Modifications to the rules: This document of the rules is a revised version based on the opinions and proposals of the community. Huobi Group and the Huobi Chain Division reserve the right to further amend the rules.
Article 2 Election Fraud
- Huobi Chain Superhero Championship Program is forcefully against any form of election fraud. We welcome users to report any suspicious acts of election fraud to [email protected]
- For Huobi Chain Superhero Championship Program candidates convicted with acts of election fraud, Huobi Chain Division will first deduct number of votes received by this candidate based on the severity of his/her action, and reserve the ultimate right to disqualify such candidates.
Article 3 Disclaimer
- During the implementation of the recruitment process plan, Huobi Group, the Expert Advisory Committee, and the Huobi Chain Division reserve the right to adjust the rewards, selection criteria, and scoring algorithm based on current operation conditions.
- Rewards are given in the form of HT, and Huobi Group is not responsible for the change in price of HT caused by the market.
- Any candidate caught infringing the intellectual property rights of others, cheating, etc. will be disqualified from the election.
- The rewards that are not issued due to rules and other reasons are reserved by the Expert Advisory Committee and the Huobi Chain Division for the ecological development of the Huobi Chain community.
- Huobi is not liable for any compensation caused by the Global Leader candidates of Huobi Chain personally.
- Global Leader candidates of Huobi Chain automatically grants Huobi Chain Council the right to use candidates’ intellectual property as well as other relevant information crucial to the execution and promotion of the program.
- Global Leader candidates of Huobi Chain should help Huobi avoid any claims made by its users.