New Competition Format Of Binance Can Be More Controversial

Binance has at last declared the detailed information of its seventh monthly “Community Coin of the Month” – and the amend inside the  format of the competition has been reasoned by a number of controversies which pursued its recent exit four months ago, it seems that the new format will be no less probably to arouse a storm.

The cryptocurrency exchange platform has set out a new voting method that will be weighted as per the BNB assets of users who take part in the voting. This kind of operation has not encouraged far too much trust.

Beforehand, the winner was elected by counting the total number of votes in favor of a program– but that method came to result in former competition participants stimulating their followers to register with Binance in order to submit a vote in their favor, usually getting a payment from ICO program teams for acting in such a way.

Meanwhile Binance had released no such formal guidelines describing how program teams should hold their campaigns over the period of the competition, it finally rejected records to a number of projects (WePower and Elastos) for having attracted in such strategies– while the platform did eventually list WePower.

In the future, nevertheless, it is not the total number of votes which will define the program which takes a free recording but the combined BNB holdings of those who vote in its favor – though the bigger BNB holders will be bounded to a x500 weighting over those voters with minimal BNB holdings. Voting for the current round will close at 00:00 UTC on June 19th.