Huobi has been heavily criticized over new voting rules


Representatives of the crypto community expressed dissatisfaction with the new voting rules for the listing of cryptocurrencies on the platform Huobi.

After the February launch of the platform HADAX, any user could vote for a listing of new cryptocurrencies to the exchange, using their tokens Huobi (HT). Recently, Huobi decided to make some updates to the voting rules, which has developed a new mechanism, which provides venture companies special privileges with the opportunity to participate in the consideration of the integration of the new token before launching to the public vote.

In accordance with the updated rules before the start of public voting, all presented on listing tokens must obtain the support of representatives “supernode”, otherwise they will not be allowed to vote, and the tokens given for the ballot will be returned to the user.

The choice of the elite and the discontent of those who didn’t get in with them

Huobi has identified 14 members of the group “supermod”, among which: Bitmain, Dragon Draper, Unity Ventures, FBG, ZhenFund and Hashed. Also created a group of “elected node”, composed of 31 of the cryptocurrency company.

Voting was supposed to start July 2, but Huobi had to reschedule, indefinitely, as introduced new rules and added a new node.

This decision caused the discontent of the investors who spoke about the new rules as an authoritarian and discriminatory. Du Jun, co-founder of the exchange Huobi has had to call on WeChat that his company will not participate in the vote, although he received the status of “supernode”.

Li Lin, Director of Huobi Group had to justify himself, pointing out that by taking these steps, the platform wanted to provide high-quality tokens, integrated into a crypto currency exchange.

Currently, Huobi is on the third position in trading volume per day, according to CoinMarketCap.

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