The Cryptocurrency Community Criticized The New Voting Rules For The Huobi Exchange
Last week, the Huobi crypto exchange published an update to the voting rules, according to which two groups of investors will take decisions on listing new tokens. The company presented the idea of a group of "permanent nodes", which included 14 major venture companies, including such as ZhenFund, FBG, Unity Ventures and Draper Dragon. In addition, they decided that the group of "selected nodes" should consist of 31 cryptocurrency companies, which will include Node Capital, Dfund, BlockVC and other market participants.
The HADAX platform was launched by the Huobi trading platform in February this year. Users were asked to vote for assets for listing using the HT token. We note that a little later a mechanism appeared that allows known venture companies to get a "supernode", as well as participate in the consideration of new tokens, until the moment of public voting for them.
According to the rules that have been updated, tokens submitted for public voting should be maintained by permanent nodes. Otherwise, they can be removed, and coins that were given as votes will be returned to the user.
Thus, constant nodes will play a significant role in the decision to list certain tokens used on the HADAX platform.
The news aroused a response from investors who felt that the site limits their rights. They also considered that the new rules are authoritarian and discriminatory.
So, the founder of the project Node Capital and one of the founders of the Huobi currency exchange, Du Jun, announced through WeChat that his firm even received supernodes, but they will not take part in the voting.