One of the largest exchange in China and South East Asia, Huobi, has become the latest validator of the Loom blockchain network. Huobi Wallet is the most popular cryptocurrency wallet in China. The news was announced on Medium by Loom Network.
Loom Network is a blockchain platform for the development of DApps. Loom provides layer 2 functionality and other tools for developers to build Dapps. Loom already has integrations with Ethereum and Tron, with new integrations with Cosmos and EOS on the way.
Loom Network uses DPoS as it’s consensus algorithm. Due to this, the network relies heavily on Validators to validate the transaction. Responsibility of a validator in Loom includes,
- Generating uptime
- Adding backup location
- Staking large amount of Loom, thus increasing demand
- Network governance
- Maintaining proper functioning
With Huobi as a validator, Huobi exchange can now take part in onchain governance of the Loom Network. This news did not have any affect on the price of Loom. Although on the contrary, Loom Network (LOOM) is down by almost 10%. It is currently trading at $0.029.
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