A Comparison and Review of Huobi Token (HT) and Ethereum (ETH)
Huobi Token (HT)
Huobi Token (HT) is the native token of the Huobi cryptocurrency exchange, which is currently the third-largest exchange in the world. The token was introduced as a way to reward users for their loyalty and provide them with discounted transaction fees. It also has its own value as it can be traded against popular currencies.
Huobi distributed 300 million HT (60% of the total supply) to its pro users who purchased a discounted service package. The distribution took place over 15 days, with a new batch of HT becoming available each morning on a first-come, first-served basis. This distribution scheme was not considered an initial coin offering (ICO) as users were essentially buying a service package that included HT.
Out of the total supply of 500 million HT, 300 million HT (60%) are currently in public circulation. The remaining 200 million HT (40%) are allocated for user rewards, platform operation, and team rewards.
Comparison with Other Exchange Tokens
Huobi Token is not the first exchange token, as other exchanges such as Binance (BNB), Bibox (BIX), KuCoin (KCS), and Coss (COSS) have also issued their own tokens. These tokens serve similar purposes of incentivizing users and offering discounted trading fees.
Ethereum is a global, open-source platform for decentralized applications. It aims to create a world computer where anyone can build applications in a decentralized manner. Ethereum supports smart contracts, allowing developers to write code and program digital value.
On the Ethereum network, all transactions and smart contract executions require a fee called Gas. Gas is paid in Ether (ETH), the native coin of the blockchain. The amount of Gas required depends on the complexity of the operation or smart contract execution. Gas fees fluctuate based on network demand.
Ethereum has been widely adopted for various use cases, including tokens, non-fungible tokens, decentralized finance apps, lending protocols, and decentralized exchanges. It serves as a versatile platform for building decentralized applications.
Comparison with Huobi Token
Ethereum and Huobi Token serve different purposes in the blockchain ecosystem. While Ethereum is a smart contract platform and enables the development of various decentralized applications, Huobi Token primarily acts as a loyalty rewards system and offers discounted transaction fees for users on the Huobi exchange.