The long awaited Binance vote for the adding of a new coin has begun. Multiple coin communities have waited in anticipation in order to vote to join the new Chinese exchange. Unfortunately, some onlookers are left confused and bewildered at the incoming results of the vote. It is suspected, but not confirmed, that there is some voting manipulation occurring from some coin communities.
Pictures are beginning to arise of votes going up in the thousands within a short time period. The method suspected of such manipulation would occur from some kind of voting bot that has the ability to create multiple fake accounts whilst changing its IP address.
Taken from Stratis Slack (original source)
Time snapshot of Voting (original source)
The suggested manipulation has put Binance Slack into a frenzy with different communities trying to protect their innocence. Luckily for voters, Binance is keeping close tabs on the situation stating that fake accounts will be excluded from the vote. While that may prove to be a difficult task for the admins, it will at least provide a more accurate state of affairs. Regardless, the Binance team is well aware of the situation.
EDIT: “We are monitoring the voting closely and collecting several metrics that tie vote to voter. We will err on the side of maintaining the integrity of the process when we tally the totals. We will not be counting any vote that has even a hint of being false or manipulated.” – Steve Reynolds, BNB Admin
What is neglected in the discussions, and an influence which may go under the radar is how the voter reacts when seeing the results. Sometimes voters stay clear of voting if it may appear the vote seems useless. With some voters unaware of the manipulation, this may deter voters from setting up an account in order to place their vote.
The vote itself is of high priority to all of the coins involved due to the exchanges early success. Within weeks, the Binance exchange has found nice volume among traders. The exchange, although Chinese, is marketed as a world wide exchange. Binance exchange it seems is bridging the gap between Chinese markets and the world at large. In the past, the Chinese market was a difficult market to crack into from the outside due to the secluded nature of the Chinese homeland and its harsh regulatory governance. The Binance team has made it clear that over the next few months it will be focused on adding non-Chinese coins.
Fortunately, there are other options the Binance team may take in the future to avoid such drama. One way to avoid the same situation is to decentralize the voting process to make it impossible for voting bots to manipulate the vote. Such a process can be seen on other platforms like the NXT platform. With the recent release of Binance’s own coin called BNB, which is intended to do buybacks and gives discounts on all fees on the exchange, there may be a decentralized solution in the future by using the BNB coins itself.
The voting that we are seeing is part of Binance’s “Community Coin of the Month”. Each month, a vote will be taken to access the market response from different coin communities. The winners will be added to the exchange without the need to pay for the listing fee. The voting lasts roughly 3 days. If you would like your coin to be added to the next coin vote, the procedure can be found here.