Justin Sun launches HTX DAO to decentralize crypto exchange

Justin Sun launches HTX DAO to decentralize crypto exchange

Justin Sun, a crypto mogul who is also a member of HTX’s Global Advisory Board, speaks during the HTX DAO’s launch ceremony at a hotel in Singapore, Friday. Courtesy of HTX DAO

By Lee Yeon-woo

SINGAPORE — When Satoshi Nakamoto first claimed to have created Bitcoin, the world’s first cryptocurrency, he emphasized decentralization. Bitcoin operates without a central server or trusted parties, relying on cryptographic proof instead of interpersonal trust.

However, examining the crypto exchanges that have emerged since then, reveals that many exhibit characteristics of centralization, in some way.

“It (centralization) could bring lots of weakness … (in) the decision-making process. People may feel uncertain about the asset’s transparency, how exchanges control these assets, and even the transparency of the exchanges themselves,” said Justin Sun, a crypto mogul and member of HTX’s Global Advisory Board, during a press conference in Singapore on Friday.

He further stated his belief that only through decentralization could the blockchain and exchange industries achieve a trillion-dollar asset scale, and foster sustained industry growth.

Such a belief has led to the launching of HTX DAO. During the launch ceremony, held right before the press conference, Sun said that the platform aims to become a leading decentralized autonomous organization in the blockchain ecosystem.

Under the slogan “People’s Exchange,” this approach allows coin holders to actively participate in governance by voting on listings, posting questions and engaging in the decision-making process.

A key feature includes the election of representatives by the community itself. The establishment of the HTX Senate is planned for the near future, offering a structured forum where investors can directly influence HTX’s development. Additionally, the process for coin listing will be community-driven, ensuring transparency and collective decision-making.

“Most exchanges, such as Binance, which holds more than 120 million users, do not offer governance roles, only focusing on using the platform rather than building. We have 40 million users globally. Yet we hope to transform those users, based on their willingness, into the community member of HTX DAO. People’s exchange needs to be built by people,” Sun said.

Sun further emphasized that this year’s strategy is focused on establishing and organizing the platform’s ecosystem as envisioned, with a simultaneous commitment to safeguarding user privacy.

Sun also underscored the importance of the Korean market to the newly launched platform.

“Korea is the most important market in the industry. The users and traders in Korea are very powerful,” Sun said. “I visited Korea several times and have seen the prosperity and enthusiasm of the Korean community. I believe Koreans can help to build the community for this platform from scratch.”

https://m.koreatimes.co.kr/pages/article.asp?newsIdx=368195

Recommended For You

About the Author: Daniel