This week, the Binance Community Coin of the month competition has ended, making GoChain the winner of the 9th edition. With the competition, Binance uses the community to pick one coin for a free listing on its exchange platform almost every month. Due to its win for the month of September, the GO token earns a place on the list of coins Binance will be adding in the near future. Binance has not stated when it will list the GO token, but it will likely be within the current quarter.
Binance, one of the largest and most popular crypto exchange platforms in the world, has a ‘Coin of the month competition’ to let the community decide which coin it should add next to its platform (for free). Upon completion of the voting process, Binance will list the coin on its exchange within a reasonable timeframe. This month, the winner who gets to be added to the Binance platform for free is GoChain.
GoChain looks to provide a scalable, low-cost, energy-efficient platform for digital currency and decentralized applications. Open decentralization does not always work as intended. GoChain addresses this concern by forcing nodes to operate from multiple countries, run by traceable, unrelated companies. GoChain looks to support very high transaction volumes with fast verifications. Initially, it will target 1,300 transactions per second.
The GoChain team said it was thrilled to have finally made onto the Coin of the Month competition, having applied on numerous occasions. It is a big step for GO to be listed on Binance. The token will likely gain a lot from a listing on the platform, with widespread accessibility and easy of adoption contributing to its overall acceptance within the crypto community.
Crypto exchanges normally charge a fee to add new digital assets (cryptocurrencies) on their platforms. In the case of the free chance, Binance nominated GoChain (GO) to participate in the competition along others that included Cortex (CTXC), Byteball (GBYTE), MediBloc (MEDX), and Everipedia. From the votes cast, GoChain won with 46%, Everipedia got 23%, Cortex scored 14%, Byteball scooped 8.8%, and MediBloc came last with 6%.
Some People Got Lucky Too
The participants paid for their votes at a cost of 0.1 BNB per vote, and with the total number of votes cast standing at 3,917, about 391.7 BNB coins were collected. Binance added 1,500 BNB to that, bringing the total to 18,917 coins. The amount was locked in a Lucky Draw Pool and shared among the 500 winners during a live-stream session.