As it continues to grow, altcoin exchange MintPal has announced that it will be revamping the way users vote for coins and how it lists them.
The exchange’s voting system used to allow one vote per user per hour and was protected from bots via a captcha. Coins can be added to the voting list through a request including the code and its bitcointalk thread. A whopping 445 coins are now on the list, and these are just candidates not including the dozens of coins already trading.
The company will actually be “phasing out” the voting system because “recent events and attitudes have proven that the system is no longer viable in its current form.” In order to acknowledge the demand for coins already voted for, but not yet added, the exchange will be holding 8 more “voting Mondays” to determine the final winners. Thereafter, the voting system will serve a looser function for gauging user demand, but the exchange will make the final decision on what to add.
Also, the exchange will expedite the coin addition process. Until now, the exchange vetted the coins for quality but users excited to dive right in had complained that the process wasn’t fast enough. The exchange will now add at least one new coin a week, in addition to adding coins already trading elsewhere.
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In considering such a large count of exotic coins, the exchange has also functioned somewhat as a bridge that helps incubate coins from their origins into the “real world”. While many of the coins are superfluous and have little to no intrinsic value, miners at least get to observe how the crypto world reacts to their newly minted coins and possibly reap rewards for their ongoing work.
Since its launch 5 months ago, MintPal has become a popular destination to trade altcoins. For some coins, the exchange rivals Cryptsy for when it comes to metrics like traded volume and liquidity. It actually outperforms with some recently popular coins like Darkcoin and Blackcoin.
The rapid growth in so short a time entails the need to grow the team. The company is currently hiring for support personnel, a web developer and a wallet manager. While prior knowledge of cryptocurrencies isn’t required, it is an asset.