On Thursday the 5th of December, Binance announced their latest Community Vote with projects COTI and VITE being the latest projects to go head-to-head for a free listing. Both projects are DAG (Directed Acyclic Graph) based projects that operate slightly differently to traditional blockchains and have been a flavor of the year for many Investors looking to get in on the ground floor in the latest trend of decentralized networks. The vote will run from 2019/12/12 4:00 AM (UTC) for 24 hours and will close at 2019/12/13 4:00 AM (UTC)
Binance is back at it again with another edition of their now famous Community Vote. After an extended pause to the program back in 2018, it returned on October 1st of 2019 and has since completed three rounds in quick succession with NKN and VIDY in Round 1, ARPA and CRE in Round 2 and most recently AERGO and CTXC in Round 3. Investors have been extremely responsive and accepting to the new format which has sported a revised set of rules since Round 1 which has so far resulted in fairer, more controlled votes with not much argument from either side upon the results of each round. Competition rewards for both sides including participation rewards are as follows:
If COTI (COTI) wins the vote and is listed on Binance.com, all participants that voted for COTI will split a total reward pool of 28,000,000 COTI, based on the number of votes from each participant.
If VITE (VITE) wins the vote and is listed on Binance.com, all participants that voted for VITE will split a total reward pool of 21,000,000 VITE, based on the number of votes from each participant.
Users that voted for the runner up will then split a pool of 3,500 BNB, based on the number of votes from each participant. (full details)
If you want to get involved but aren’t too sure on who to vote for, check out some summaries below and visit each projects website.
About VITE – Vite is a generalized decentralized application platform that meets the requirements of industrial applications for high throughput, low latency and scalability while taking into account security. Vite uses DAG ledger structure and transactions in ledgers are grouped by accounts. Vite also supports users to issue their own digital assets and also provides cross chain value transfer and exchange based on the Loopring Protocol. (source)
About COTI – “In an era of “everything digital” currencies remain outdated. Currently, it’s cheaper to pay in cash than to use banks, PayPal, Alipay and the like. COTI is the first enterprise-grade fintech platform that empowers organizations to build their own payment solution and digitize any currency to save time and money”. COTI can process over 100,000 TPS, compared to 25,000 TPS in traditional payment systems and up to 20 TPS in common blockchain protocols. (source)