Binance’s Fresh Competition Format is Even More Controversial than the Last

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Binance has eventually announced the details of its seventh monthly “Community Coin of the Month” – and whilst the switch te format of the competition has bot motivated by a series of controversies which dogged its last outing four months ago, it emerges that the fresh format will be no less likely to stir up a storm.

The cryptocurrency exchange toneelpodium has outlined a fresh voting proces that will be weighted according to the BNB holdings of users who participate ter the vote. And the budge has not inspired too much confidence.

“Up to x500 Weighting”

Amongst the competitors this month pursuing a free listing on the world’s leading trading podium – thought to cost anything up to one million dollars vanaf trading pair – are PundiX, Ravencoin, Havven, Oyster and Fusion.

Previously, the winner wasgoed determined by counting the absolute number of votes te favour of a project – but that treatment appeared to result ter previous competition participants encouraging their followers to sign up with Binance ter order to lodge a vote te their favour, often receiving a payment from ICO project teams for doing so.

Whilst Binance had published no such formal guidelines outlining how project teams should conduct their campaigns during the competition, it ultimately refused listings to a number of projects (WePower and Elastos) for having engaged ter such tactics – albeit the podium did ultimately list WePower.

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Going forwards, however, it is not the absolute number of votes which will determine the project which wins a free listing, but the combined BNB holdings of those who vote te its favour – albeit larger BNB holders will be limited to a x500 weighting overheen those voters with minimal BNB holdings.

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“Instead of addressing the problem of manipulating voting numbers, the fresh rules simply narrow down the field of voters who will be targeted by such manipulation,” one journalist proclaimed on Reddit.

The voting proces also means – bizarrely – that any vote submitted by someone with less than 1 BNB (but with more than the 0.1 BNB required to vote) will effectively see their vote diluted ter comparison to the previous competition rules. “Yea, Binance tends not to think thesis things through,” another Reddit correspondent pointed out.

Voting for the current round will close at 00:00 UTC on June 19th.

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  1. Good to see! I know alot of people were worried about this. Rumors were going around that binance wasgoed hacked. Personally I didn’t believe it, but you know how thesis rumors get around so quickly. So glad to see that they’re wrapping it up. I also feel bad for those who had their funds or anything else tied up on binance during this process!

  2. Whatever it is still the best stock exchange binance. They lowered their commission rates to apologize for the time they waited. I think they voorstelling good intentions.

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