Bithumb Releases Pickthumb, a New Crypto Coin Screening Voting Platform
In another piece of welcome news for the global crypto community, South Korean firm ‘Bithumb’ has just announced the launch of its beta ‘public voting system’ that can be used to screen new coins that will be listed on the exchange. By implementing this latest protocol (called ‘Pickthumb’), the firm looks to improve its overall transparency as well as make its coin listing process much more streamlined and hassle free.
In this regard, it is worth remembering that Bithumb is currently in the process of evaluating five unique coins.
About The Voting Platform
Via a public announcement made on Thursday, a spokesperson for Bithumb spoke at length about the launch of their public voting platform ‘Pickthumb’ .
As per the official company 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.”
More On The Matter
At press time, Pickthumb’s official website lists five crypto projects that have around nine days of voting left. Additionally, in total, the ecosystem consists of 41,778 voters along with a total of 94,983 votes.
The five projects include
- Amo Blockchain
In regards to how the entire voting process works, platform users have the power to vote “for or against projects” in each round. What this basically means is that digital currencies that attract a lot of downvotes face the risk of being disqualified from listing consideration. Also, after each round ends, Bithumb carries out its very own “internal review” of the winning project.
On paper, Pickthumb sounds like a wonderful project, however, there are many analysts who claim that this app is ridden with loopholes that subject it to blatant “vote manipulation”. In this regard, a spokesperson for the firm announced that in the event of any such activity being “detected”, the project will immediately be “excluded from the voting round”. Not only that, indulging in activities associated with vote mismanagement can also lead to user accounts being permanently suspended.
Some areas which come under the privy of “election fraud” include
- User impersonation
- Buying of votes
- Selling of votes
- Recommending others to vote in favor of a project
The official Bithumb website also states:
“Any act that requires money (or coins) for the benefit of a candidate listed for voting is a fraud.”