Cryptocurrency exchange Huobi Technology Co. Ltd. today announced the launch of the Huobi Chain Project and the Huobi Chain Superhero Championship Program, the latter to assist the former in development.

The Huobi Chain Project is being designed as a new network that’s intended to provide individuals and organizations with a trustworthy and autonomous platform for value exchange, fundraising, securitization and more. Unlike other platforms, the Chain network will work within other public blockchains, forming a network within other networks in a fashion.

“We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community,” Lin Li, founder and chief executive of Huobi Group, said in a statement. “Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”

To assist the development of the Chain Project, Huobi is seeking out partners and developers through its oddly named Superhero Championship Program. The program will allow teams from around the world to join and compete for prizes based on a range of milestones. “The Huobi Chain Superhero Championship will incentivize the community to participate in building the Huobi public chain from the ground up,” the company explained.

Up for grabs will be an initial prize pool of 20 million Huobi Tokens, which are apparently worth about $100 million dollars currently.

The company said it wants the Chain Project to be open to all. “All of the code will be open-sourced and we will also gradually migrate Huobi onto this new public blockchain,” Li added. “Going forward, a percentage of Huobi’s yearly revenue will also be made available to fund the program.”

Image: Huobi