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Huobi Global announces investment in Cube

Huobi Global, the world’s leading cryptocurrency exchange and blockchain solutions provider, today announced an investment in Cube, a public network that will provide innovative infrastructure for Web 3.0 and metaclass projects.

The launch took place at CoinDesk’s Consensus 2022 conference in Austin, Texas. The investment in Cube underscores Huobi Global’s renewed strategy to expand the Web 3.0 ecosystem.

Cube is a new, modular, publicly available and EVM-enabled public network designed around multichain and layered architecture. It includes breakthrough technologies such as proprietary collaborative rollups, chaos consensus, non-linear infinite storage and the innovative Time Crossing protocol for Web 3.0 infrastructure. Since launching the core network earlier this week, Cube has received overwhelmingly positive feedback.

To accelerate the transition to Web 3.0, cryptocurrency exchange Huobi Global is focused on integrating and developing Web 3.0 infrastructure and meta-universes where there is tremendous explosive growth potential for blockchain applications. Such explosive blockchain applications include the areas of NFT, DeFi and GameFi.

“Huobi Global has selected Cube as one of the public networks to invest in as part of our Web 3.0 strategy. We plan to continue investing in other public networks in the near future as we look optimistically at the Web 3.0 sphere and seek to improve its infrastructure,” said Lily Zhang, CFO of Huobi Global.

The industry consensus is that Web 3.0 is the future of the Internet, with blockchain and public chains serving as the underlying technology and infrastructure for development. With the emergence of NFT, DeFi and other blockchain application scenarios, many public blockchains have entered the market. However, the explosive growth of GameFi, DeFi and NFT has led to an exponential increase in transaction volumes on these public chains. The first public networks could not cope with user requests in terms of speed or cost-effectiveness. For example, it takes about 10 minutes for Etherium to complete a transaction during peak periods, and gas charges can reach several hundred dollars.

In addition, addressing the blockchain trilemma – the widely held view that decentralized networks can offer only two of the three benefits at any given time in terms of decentralization, security and scalability – is also a common challenge for industry participants. To meet the needs of the industry, Cube uses high-performance Tier 1 blockchain as the foundation for solving the blockchain expansion problem and offers users an efficient, low-cost, and secure trading environment. Cube splits blockchain vertically, applies a multi-tiered architecture, separates computation, execution and availability of data in the blockchain and optimizes it according to its characteristics.

Thanks to a cross-chain protocol that supports DeFi cross-chain connections, Cube is compatible with the Cosmos ecosystem. In its current configuration, Cube can process about 3,000 transactions per second, and is expected to exceed 5,000 by the end of September this year. Rollup and NFT’s data availability requirements provide an efficient and reliable full-scale solution for Web 3.0 development.

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