Bithumb, One of South Korea’s largest cryptocurrency exchanges launches the beta version of its public voting system that will aid them in screening the new coins to be listed on their platform. Dubbed as Pickthumb, the feature is aimed to boost transparency and fairness in Bithumb’s listing process.
According to the announcement made by Bithumb on its website:
Pickthumb is a platform for screening excellent coins based on your fair evaluation … users can directly evaluate, validate and vote on cryptocurrency projects that will be listed on global cryptocurrency exchange Bithumb.
The platform further elaborates that any registered users can participate. Members could actively give their opinions and thus subsequently “exert more influence” on the coins to be listed on the exchange. The platform intends “to promote a healthy cryptocurrency ecosystem that investors can believe in.”
At the moment five coins are being evaluated on Pickthumb’s website in its first round, the voting round will end in nine days. Each round will last for two weeks and at the time of the writing 41,778 voters have participated and a total of 94,983 votes was cast.
The five projects are Rom, Amo Blockchain, Ttcprotocol, Olivecoinole, and Contentos. In each round, users can vote for or against projects. The downvotes will lead to disqualification of the coin from the listing consideration. After the rounds, Bithumb will carry forward an internal review of the winning project.
Notably, the announcement adds that the members who vote for the winning project will receive an airdrop of the winning coin. In order to hinder vote manipulation, Pickthumb published a notice on Friday:
Pickthumb is constantly monitoring the voting situation 24 hours a day for fair voting.
If any unfair voting is detected, that particular project will be immediately excluded from the voting round. In addition, the user account employing some activities designed to manipulate votes could have their accounts permanently suspended. This decree also includes impersonating others to vote, buying votes, selling votes, and motivating or recommending others to vote in favour of a project. Pickthumb’s website states:
Any act that requires money (or coins) for the benefit of a candidate listed for voting is a fraud.