Crypto Exchange Bithumb Introduces Voting Platform For Cryptocurrencies

News | December 10, 2018 By:

South Korean crypto exchange Bithumb has rolled out a new public voting platform designed to screen tokens vying to list on the cryptocurrency exchange.

Called Pickthumb, the public voting platform aims to strengthen the “transparency and fairness” of Bithumb’s cryptocurrency evaluation and listing process. According to the Pickthumb website, the platform will screen new coins based on the public’s fair evaluation.

“Users can directly evaluate, validate and vote on cryptocurrency projects that will be listed on global cryptocurrency exchange Bithumb,” the exchange said.

Bithumb said the platform will allow registered users to actively give their opinions and “exert more influence” on coins to be listed on the exchange. The company added that the platform’s objective is to promote a healthy cryptocurrency ecosystem that investors can believe in.

The voting process has two rounds. Each round will last for two weeks and the next round will be announced in advance. However, the duration of the round may change depending on the community situation. At the start of the round, users can support individual cryptographic projects by exercising individual voting rights. Users can view information about promotions, promotional policies, and reviews from reviewers that have participated in the voting. If a user-sponsored project wins the poll, the crypto project will be able to air-drop the coin promised as a policy through a personal password coin purse registered in PixSum.

The platform will reportedly handle vote manipulation by constantly monitoring the voting situation 24/7. Crpto projects identified with fraudulent activities will be immediately removed from the voting round. An account may be permanently suspended if a user is found impersonating others to vote, buying votes, selling votes, and motivating or recommending others to vote in favor of a project.

Pickthumb is currently evaluating five crypto project in its first round, including Contentos, AMO, OliveCoinOLE, OliveCoinOLE and TTCProtocol. At the time of the writing, 49,882 voters have participated and a total of 108,919 votes was cast.