This is a MIP6 Proposal for the addition of Huobi Global’s HBTC to MCD.
HBTC is a standard ERC20 token with approximately 710 BTC market cap as of July 23, 2020.
1. Who is the interested party for this collateral application?
Huobi Global Limited, the issuer of the HBTC.
As a digital assets service provider, Huobi Global is far ahead of its competitors in establishing a global network of licenses. It has over thousands of employees and established subsidiary companies and partnership companies in 12 countries, including the U.S., Japan, Thailand, Gibraltar, etc. Huobi Global has been operating safely for 6 years without any security incidents.
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
HBTC aims to solve the lack of Bitcoin in DeFi market. By issuing HBTC digital assets based on the ERC20 standard, the value of Bitcoin is transferred to Ethereum, which injects Bitcoin’s liquidity and stability into the Ethereum ecosystem.
HBTC strictly backed 1:1 by Bitcoin makes its value consistent with Bitcoin, preventing problems that may occur in synthetic assets, ensuring that users can use HBTC and BTC for 1:1 exchange at Huobi Global at any time.
The amount of HBTC issued，BTC reserved and relevant records are open and transparent on the website https://www.hbtc.finance/
3. Provide a brief history of the project.
1） On February 14, 2020 (GMT+8), Huobi Global announced the official launch of HBTC.
2） On February 28, 2020 (GMT+8), the HBTC minting exceeded 700 BTC.
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
White Paper: https://www.hbtc.finance/static/pdf/whitepaper-en.pdf
Official Website: www.hbtc.finance
Contract Address: 0x0316EB71485b0Ab14103307bf65a021042c6d380
HBTC Data Center: https://www.hbtc.finance/en-us/assets
5. Link any available audits of the project. Both procedural and smart contract focused audits.
The smart contract has been audited by Slow Mist.
Please check the audit report here https://www.hbtc.finance/static/pdf/audit-report-en.pdf
6. Link to any active communities relating to your project.
Find us on Medium: https://medium.com/@HBTC_Finance
7. How is the applying collateral type currently used?
As the BTC issued on Ethereum, HBTC can be used by users for more convenient transfer, lending, trading, oracle etc.
Also，HBTC already used in Fortube (https://for.tube/home) as collateral and loan asset. HBTC already used in Nest(https://nestprotocol.org) as the oracle.
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
HBTC is issued by Huobi Global Limited; Huobi Global Limited is a company incorporated in the Republic of Seychelles in accordance with the relevant laws of the Republic of Seychelles. The company operates the website https://www.huobi.sc
9. Where does exchange for the asset occur?
- Users can acquire HBTC by deposit BTC via Huobi Global Exchange (https://www.huobi.com/en-us/) and/or HBTC official website
the HBTC withdraw process is as follows:
- Buy, deposit or get BTC through trading and save it in the Exchange account on Huobi Global.
- Select BTC - Withdraw - ERC20 in the Exchange account.
- Enter the address and amount for withdrawal and click "Withdraw ". Then the process of BTC minting HBTC is completed.
- also could directly buy HBTC through our Partners’ platforms:
10. Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
11. Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
12. List any possible oracle data sources for the proposed Collateral type.
Nest Oracle provides direct quotation on the Ethereum network for HBTC/ETH, the quotation contract address：0x99bd363a144Fb61FEAe863b182F1f200667a1879
Note: HBTC (assets based on ERC20) does not use oracle itself, and the exchange ratio between HBTC and BTC is 1:1. You can directly use the existing MakerDAO BTC/USD oracle.