Binance Round 7 – Community Coin Of The Month
To all investors of the Binance Coin, the seventh round of the Community Coin Vote is starting. The round is to be modified in accordance to the feedback that was received from the previous community votes made. Basically, they’ve changed the entire way the community votes are being made for the upcoming voting round.
The votes can be done by users and will be multiplied by one final multiplier that is based on the amount of BNB that is being held in the users account with a maximum of up to 500x.
The new coin for the community will be the one that receives the most number of votes and will earn a new place on the Binance exchange feed for a free price, that is until it is subject to a review. Anyone can nominate a new coin by following the steps exactly.
How to nominate your token or coin:
Application deadline: 2018/06/15 4:00 AM (UTC)
You can fill in the new community coin application form to submit your new coin. They have a very strict screening apparently to complete the process. For those of you who are not already core members of the team, please kindly ask another actual member of the core project team to complete the new request for your token nomination. If you’re coin/token isn’t selected for the month you submit it, you can easily apply again the next month or round that comes up.
Also, you can create an entry for your coin or token on the page info.binance.com as well as fill out any needed or relevant information.
— Binance (@binance) June 12, 2018
To Vote For The Binance Platform
From 2018/06/15 at 10:00 AM (UTC) to 2018/06/19 0:00 AM (UTC).
Everyone who registers can vote for as many candidates as they want, but each person will only be able to commit to one full vote. Any users who vote will also be obliged to pay the fee of 0.1 BNB for each candidate in their vote (I.E. 0.2 BNB will be deducted if two candidates win).
The Binance team will also take one final snapshot of each of the user’s BNB balance at 2018/06/19 0:00 AM (UTC) in order to determine the final multiple of any user’s votes. And for each of the 1 BNB placed in the balance, the final multiple will then be increased by 1, up to a maximum Final Multiple of five hundred.
An example would be that at the time a snapshot is taken, a user with 3.9 BNB in balance will also have a multiple that finalizes at three. Any user with one thousand BNB in their balance will also have a final multiple of 500.
Every vote that is cast by the user to any of the project nominees will also be multiplied by a final multiple that is calculated by the third step above.
And at the end of the voting period, there will be a review made. The review is garnered to each candidate for one final review. And as always, they reserve the right to adjust the weightings for each new vote.
Once the entire voting process is completed, the team at Binance will place the coin on their list at the exchange within a realistic frame of time. And depending on how the market responds to the new token, will try to do this event each month.
As a last note, the team at Binance has the right to change the rules for the event at any time without notifying participants. This includes revoking any results that come in or kicking out candidates who are caught manipulating the vote. Vote manipulation includes any financial incentives to voting, or airdrops, rewards for completion, etc. Lastly, each of the votes will carry weight based on a large range of factors that includes but are not limited to activity that was held in the past of a specific account that was used to vote.
This information is all according to the team at Binance, made on 2018/06/12. They encourage everyone to participate and thank you for your support. Binance is a new company, hopefully that will make some big changes with their exchange and voting system.