The controversial FCoin exchange came under fire last week as users accused the platform of clogging the Ethereum network. This week is no different, as the exchange has still been met with widespread skepticism.
Ethereum Network Clog Continues
Last week saw the lambasting of FCoin, as cryptocurrency companies like MyCrypto and ICO Drops brought attention to the exchange’s questionable business practices.
Ethereum network is under heavy load due to the voting system for listing on FCoin GPM called “The cumulative deposit number ranking”. Voting will takes place every day until the rules are changed pic.twitter.com/7br1TxIrWe
— ICO Drops (@ICODrops) July 2, 2018
According to MyCrypto, a cryptocurrency wallet service, FCoin incentivized its users to deploy thousands of unneeded transactions on to the Ethereum network.
The wallet service issued a series of tweets regarding the issue, writing:
“Basically, they want their users to “vote” for tokens to be listed. Instead of a traditional voting mechanism, they have decided to vote via a “cumulative deposit number ranking. Yup… you heard that right. One deposit = one vote. You’ll never believe what happens next”
This “mind-numbingly despicable” method of voting caused Ethereum fees to rise by over tenfold, with the average transaction fee moving from 20 cents to a high of $5 dollars on Monday.
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