Bithumb, a giant South Korean cryptocurrency exchange has recently rolled out a public voting system named Pickthumb. The new platform is designed to screen the new coin before their listing on the cryptocurrency exchange.
About the Platform :
Through the recently launched platform, transparency and fairness in Bithumb’s listing process will be enhanced. The announcement of this beta launch of Pickthumb was made on the Bithumb’s website. The declaration stated, “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.”
Bithumb gave more details about the platform, as it affirms that any registered user can participate. Also, members are enabled to actively give their opinions and “exert more influence” on coins to be listed on the exchange. The exchange says that it “will try to promote a healthy cryptocurrency ecosystem that investors can believe in.”
At present, the platform Pickthumb is evaluating five crypto project in its first round which will be complete in the next nine days. Each round is scheduled to last two weeks. The five projects include Rom, Amo Blockchain, Olivecoinole, Ttcprotocol, and Contentos.
The Operation :
The platform has features such as users are enabled to vote for or against projects in each round. Also, if coins are getting a considerable amount of downvotes, then it will be disqualified from listing. Once each voting round concludes, Bithumb will carry out an internal review of the winning project.
Additionally, those users who vote for the winning project will get an airdrop of the winning coin.
Vote Manipulation :
Pickthumb clarified its stand regarding vote manipulation. It revealed, “Pickthumb is constantly monitoring the voting situation 24 hours a day for fair voting.”
In order to prevent unfair voting, the platform will immediately exclude the cryptocurrency project from the voting round. Also, user accounts with activities hinting towards Vote manipulation will be permanently suspended. Pickthumb added, “Any act that requires money (or coins) for the benefit of a candidate listed for voting is a fraud.”