Altcoins Crypto

Binance Implements New Features To Help Improve User Experience

Nick Chong | June 18, 2018 | 9:00 am
Altcoins

Binance Implements New Features To Help Improve User Experience

Nick Chong | June 18, 2018 | 9:00 am

Despite the market downtrend, Binance’s team has forged ahead to ensure that its consumers are having a great experience using the exchange. 

Binance Supports Three EOS AirDrops

Airdrops have historically been a touchy subject for cryptocurrency exchanges, as claiming airdrop tokens can often require exchanges to give up some wallet security. As well, logistically setting up the support for airdrops may not be worth the time for some exchanges, as exchanges do not directly benefit from this process.

However, Binance has taken the initiative to support three airdrops from the recently launched EOS mainnet, pleasing many users in the process.

For the time being, Binance will only be supporting the IQ, DAC and EON airdrops, three of the most notable projects launched on the EOS blockchain. EON withdrawals have just opened, allowing for users to move their airdropped EON to their personal EOS wallets.

However, Some users took this announcement the wrong way. A blog post made it clear that support for these cryptocurrencies will only consist of withdrawal support and not trading, saying:

For trading and listing of these airdropped tokens on Binance, each project will go through the same strict listing review process as Binance does for any other coin/token. The default position we have is no listing.

Despite the misunderstanding, the announcement was still well received by the community, with many users giving their thanks to Binance for accepting these airdrops. Airdrops essentially provide users with free cryptocurrencies, which can rack up value quickly.

Binance has yet to open up withdrawals for EOS mainnet tokens, weird considering that EON token withdrawals are now available. But it has become apparent that the exchange will continue to support the EOS mainnet, by continually supporting airdrops launched in the future.

Community Coin Of The Month Is Back

Binance has announced that they will be reinstating the community coin of the month, which allowed for users to vote and propose coins/tokens they think should be added to an expansive lineup.

It has been over 3 months since the last community vote, so seeing this feature reimplemented has given users another reason to use the already great exchange. The community vote has historically been a topic of interest for the Binance community, with users coming out en-masse to vote for their favorite projects.

The cryptocurrency nominees for this month are as follows:

  1. Arcblock (ABT)
  2. Bytom (BTM)
  3. Dock (DOCK)
  4. Fusion (FSN)
  5. Havven (HAV)
  6. Oyster (PRL)
  7. Pundi X (NPXS)
  8. Ravencoin (RVN)

Voting started around three days ago, with there being twos remaining days for users to vote.

Users are required to impart with 0.1 BNB in order to choose a candidate for a potential listing. Once the voting ends on June 19th, votes will then be weighted on the amount of BNB the voter owns. For example, a user with 100 tokens will have a voting power of 100, while a user with 10 tokens will have 10% of the voting power of 100 tokens. However, the limit for the ‘Final Multiple’, as Binance likes to call it, will be 500 tokens, to ensure that risk of vote manipulation is minimized.

Once the voting period has elapsed, Binance’s team will verify that all votes are legitimate before listing the coin that was chosen by the community.

A blog post stated:

Upon completion of the voting process, Binance will list the coin on our exchange within a reasonable time frame.

Having a listing on a large exchange can often draw the eyes of many investors, and allows for an unprecedented level of adoption for many smaller altcoins. This is why communities and projects do their best to attain that coveted listing spot on exchanges like Binance.

Binance is one of the only exchanges that has implemented a ‘community coin’ feature, drawing a multitude of users to cast their vote on the exchange. Some users of the exchange have said that the community vote is what keeps them coming back, so it makes sense why this feature was reimplemented.

Binance has continually proven itself to be one of the most reliable and successful exchanges, with these recent announcements only improving community sentiment.

Featured Image from Shutterstock

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.