Bithumb Launches Voting Platform to Screen New Cryptocurrencies
Major South Korean cryptocurrency exchange Bithumb has beta launched a public voting system for screening new coins to be listed on its exchange. The platform, Pickthumb, aims to boost transparency and fairness in Bithumb’s listing process. Five coins are currently being evaluated with the current voting round ending in nine days.
Bithumb’s Voting Platform
Five Projects, Over 40,000 Voters so Far
Pickthumb’s website currently lists five crypto projects in its first round which has nine days left. Each round lasts two weeks. At the time of this writing, there have been 41,778 voters and a total of 94,983 votes.
Users can vote for or against projects in each round. Coins attracting a large number of downvotes can be disqualified from listing consideration. After each voting round has ended, Bithumb will conduct an internal review of the winning project. According to the announcement, members who vote for the winning project will receive an airdrop of the winning coin.
Penalties for Vote Manipulation
On Friday, Pickthumb published a notice about how it will handle vote manipulation. The notice reads:
Furthermore, activities designed to manipulate votes can result in user accounts being permanently suspended. They include impersonating others to vote, buying votes, selling votes, and motivating or recommending others to vote in favor of a project.
Pickthumb’s website states:
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