Huobi ran into rudeness: the Community is outraged by new voting rules

Huobi ran into rudeness: the Community is outraged by new voting rules

Changing the rules of voting when listing tokens on the platform HADAX provoked ardent criticism of the leadership exchange by the cryptocurrency community.

Last week, Huobi has published updates, which set out that further HADAX will be based on two separate groups that will help make the decision about listing.

In the first group, called “Group of permanent gcd”, include 14 major traditional venture capital firms, such as ZhenFund, FBG, Unity Ventures and Draper Dragon.

The group of “Elected node” will include 31 of the cryptocurrency the company who are selected in the voting process. “Selected nodes” is a small, cryptocurrency venture capital firms such as Capital Node, Dfund and BlockVC.

Huobi launched HADAX in February of this year, allowing users to make decisions about listing new assets, using for voting its own token HT. Later there was a mechanism that allowed the well-known venture capital companies to have privileges “supernode” and participate in the consideration of a new token before the public vote.

In accordance with the updated rules HADAX now “to open the ballot must be supported by at least one permanent Noda, projects that have not received their patronage will be removed from the ballot, and the coins cast as votes are returned to users”

This step immediately provoked a backlash from investors who felt that demoted, attributing HADAX “discriminatory and authoritarian” regime.

First and foremost, it is important to note that the founder of the Capital of the Node, as well as co-founder of the exchange Huobi, Du Jun, announced on WeChat that although his firm has the status of “supernode”, she will leave and will no longer participate in the vote.

To the message Do have added a picture of a raised middle finger and a comment:

“Utimate team HADAX!”

Soon Node Capital joined other cryptocurrency funds, declared that they will not tolerate this decision and will not act as supernodes, including Dfund, created by the Chinese over-the-counter dealer Zhao Dong and Bixin Capital, the venture capital unit of the cryptocurrency wallet Bixin.

In response to these attacks Lee Lin, co-founder and CEO of Huobi Group, said that the move is aimed at ensuring the quality of the selected tokens on the platform:

“I apologize for the fact that I could not effectively communicate with supernode before to publish our innovations. We understand that some selected nodes, it seems that we do not respect them or their image of the damage, which led to such a reaction. We build our cooperation on a win-win proposal. Accept it or not is always the choice of the free market. Huobi opens the door for partners. But HADAX needs to be fully updated, and in July there will be another major upgrade. Regardless of which model is adopted, we believe that the responsibility for the user is paramount”.

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