Binance Community Vote: Chromia vs SwftCoin

in LeoFinance •  5 months ago 

Screenshot 20200505 11.44.47.png

From time to time, Binance holds a community vote on the listing of a new cryptocurrency on their platform. The weighting of votes that you can cast for one of the two projects is depended on your time average holding of BNB in the week preceeding the vote (this counts any BNB that you might have in Lending products, which is a great thing... as it would be a pain in the arse to remove BNB lending for a week just to take part in the vote!).

As an incentive for taking part in the vote, you gain some of the winning project tokens if you voted for the winner... and BNB if you voted for the loser. So, you will get something just for taking part in the voting process.

I have found that in the past voting rounds, it hasn't always been the project that has the most interesting use case that wins... I've been quite a bit disappointed at times at the way things have gone as I see some pretty good use case projects with professional teams and great whitepaper get crushed by a social media fueled FREE CRYPTO FOR ANYONE WHO VOTES FOR US! So, essentially bribing people to vote for a project with the promise of even more token drops apart from the official voting dividend.

This sort of vote buying really skews the voting, and that means that we end up with worse projects being listed for all the wrong reasons... it also seems like there is a bit of donkey voting going on as well, as people vote for Option A because it is the first listed choice rather than Option B because... donkey vote.

...still, I try and do my research before casting a vote, I wish more people would do the same...

This time around, it's a pretty poor choice of projects... neither project has bothered to update their Binance page with more than a single line or paragraph of generic... we are a blockchain sort of thing. This inspires zero confidence on the side of someone who is trying to see which project is better... if you can't even populate your information page which is directly linked to from the Binance vote, then you really aren't giving the impression that you actually give a crap!

Chromia

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Great... a Relational Blockchain Platform for dApps... This means absolutely nothing and is just jargon strung together. I'm afraid that this is the most horrific reading experience with words strung together from a corporate jargon book... none of it sounds even vaguely sensical... and there are other established blockchains that are solving the same problem that have more technical chops behind them (Polkadot, Cosmos...).

I mean... "a blockchain and traditional database that people actually can relate to"? I'm afraid that "people" don't really relate to databases... traditional, blockchain or otherwise.... and I'm afraid that 17,000 monthly email subscribers is NOT really a great header metric to have on your home page... really, that is the BEST metric that you could use?!?!?!?!

SwftCoin

Screenshot 20200505 11.47.35.png

Okay... I'm already cranky that the cryptocurrency is called SWFT... ARGH, call it Swift, but I guess that name was already taken.

So, this at least as a better and more simple to understand use case that isn't full of nonsense jargon (and they populated their Binance info page with more than a single sentence! Although, it is still pretty poor...).

A blockchain based wallet to handle cross chain swaps... yes, this is useful... no, Swft is not really novel in this regard. I agree that cross chain swaps and all of that stuff is really a bit crap on the end user level, but I'm not really sure that most people really want to be constantly shifting between currencies anyway... and especially not via a 3rd party app. It is convenient, but I would much prefer to hold my cryptocurrencies in a non-custodial wallet and if I want to swap or change then I would use Uniswap (for Ethereum based swaps) or Binance or Kucoin to get the best market rates at the time.

Also, to be perfectly honest... I trust Uniswap (for Ethereum based swaps) or Binance or Kucoin much more than a small startup whose cryptocurrency seems to be just a fee discount token for using their app... I could just NOT use their app, and NOT pay the higher fees? (It does seem like they take a decent cut for doing the swap...).

Conclusion

I'm afraid that I have come to the conclusion this time that I'm not keen on either of the projects in this Binance Community Voting Round... I think I will be voting for SWFT... to try and LOSE. I want the BNB tokens and not the tokens of either of these projects!

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Didn't know about these, I will go cast my vote on whichever I think may lose!

EDIT: Voting has not started yet?

No, I think there is about 9 hours before it opens. It is open for a day so there is no crazy hurry or anything. Yep, trying to vote for the loser is the way to go for this particular round!