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Introducing the Hummingbot (HBOT) Governance Token

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The HBOT is a standard ERC-20 token with a fixed total supply, ensuring that no additional tokens will ever be created. But what exactly does it do? Well, its primary purpose is to empower holders to influence how the Hummingbot codebase evolves over time through voting on proposals.

The Birth of the Hummingbot Foundation

To understand the significance of HBOT, let’s rewind a bit. In October, CoinAlpha established the Hummingbot Foundation, an independent open-source foundation. This foundation aims to enable a decentralized, community-led software development model for Hummingbot, an open-source toolbox for building crypto trading bots.

Much like the Linux Foundation, the Hummingbot Foundation believes that community maintenance is the key to scaling Hummingbot across exchanges and blockchains. Their mission? To democratize high-frequency trading by allowing decentralized maintenance and community governance over the open-source Hummingbot code repository.

Read more: Bitrue Will List Hummingbot (HBOT)

The Foundation’s Structure

The Foundation operates under the guidance of an interim Board of Directors, composed of five directors:

  1. Michael Feng – CEO, CoinAlpha, Inc.
  2. Brett Gibson – Partner, Initialized Capital and CoinAlpha, Inc. Director
  3. Arthur Cheong – Partner, Defiance Capital
  4. Gene Cheon – CFO, Hummingbot Foundation
  5. Howard Chu – Hummingbot user and Eagle Club member

To maintain independence, the Foundation’s bylaws stipulate that no more than two officers or directors from an outside entity can be part of the Board. The Board oversees the staff responsible for day-to-day operations.

Decentralized Maintenance and Community Governance

The Foundation has transferred control over the official Hummingbot code repository to a Foundation-owned Github organization. You can find the new repository URL at hummingbot.org. This move ensures that the community can actively contribute to the codebase and influence its direction.

Sustainable Open Source Maintenance

Hummingbot has seen 61 releases with over 12,625 commits from 112 unique contributors. Thousands of users worldwide build and run trading bots using Hummingbot, benefiting both traders and exchanges. Now, with the introduction of HBOT, the community has a direct say in shaping the future of this powerful trading tool.

 

Official Website

Website: https://www.bitrue.com/

Sign Up: https://www.bitrue.com/user/register

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