Bithumb, the major South Korean crypto exchange has launched Pickthumb, its public voting platform. The public voting system of Bithumb will screen the new coin before their listing on the cryptocurrency exchange. The newly launched platform will boost the fairness and transparency in the listing process of Bithumb. The platform is evaluating five coins in the current voting round which is ending in nine days.
According to the website of Bithumb
“It 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.”
The main aim behind the launch of Pickthumb is to improve the transparency in the evaluation and listing process of Bithumb. The platform will screen the new cryptocurrencies before listing on the South Korean cryptocurrency exchange. The crypto exchange explained that any registered user could participate in the voting system. The registered members can actively give their opinions. It will give them the chance to exert more influence on the coin to be listed on Bithumb. Bithumb further added that it is trying to create a healthy crypto ecosystem that investor can believe in.
Each round of crypto screening will last for two weeks on Pickthumb. Currently, the platform is screening five cryptocurrency projects in its first round of crypto screening. These five projects are Amo Blockchain, Rom, Contentos, Olivecoinole, and Ttvecoinole. The first round has nine days left. Till now there are 41,778 voter and total votes are 94,983 on the platform. The registered users can vote for or against the cryptocurrency project in each round. The crypto project which will attract a large number of downvotes can be disqualified from listing on the Bithumb platform. After each round of voting the cryptocurrency exchange will conduct an internal review of the winning project. In the announcement, the platform said that the users who vote for the winning project would receive an airdrop of the winning coin.
Pickthumb also published a notice regarding the handling of vote manipulation. The notice states that “Pickthumb is constantly monitoring the voting situation 24 hours a day for fair voting.”
The Pickthumb website states that
“Any act that requires money (or coins) for the benefit of a candidate listed for voting is a fraud.”
The platform will identify the unfair voting and will immediately exclude from the voting round. The platform can permanently ban the users who will involve in the manipulating activities including buying votes, selling votes, impersonating others to vote, and motivating or recommending others to vote.