Crypto exchange Bithumb has launched a cryptocurrency voting platform to renew its token listing process. Users of the exchange will now be able to directly evaluate, validate and vote on cryptocurrency projects that will be listed on the cryptocurrency exchange.
Founded in 2013, BitHumb is one of the most popular cryptocurrency trading platforms in South Korea. It is one of the largest exchanges based on trade volume and offers exchange, wallet and additional services like remittances. And, as of this week, a new platform can be added to that list: PickThumb. The platform is launched with the aim to screen tokens vying to list on the cryptocurrency exchange.
Currently, PickThumb is in beta but is scheduled to launch soon after the beta has been shown successfully. With the platform, Bithumb wants to improve its overall transparency as well as streamline its coin listing process.
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.”
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.
To prevent vote manipulation, the platform is being monitored 24/7, and crypto projects identified with fraudulent activities will be immediately removed from the voting round. 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, the account may be permanently suspended.