How does Binance calculate the total number of votes per user?

3 answers

• Reason for GiftDec 26, 2022 · 3 years ago
  Binance calculates the total number of votes per user by considering several factors. First, each user is assigned a voting power based on their Binance Coin (BNB) holdings. The more BNB a user holds, the higher their voting power. Additionally, Binance takes into account the user's trading volume and account age to determine their voting weight. The voting power and weight are then used to calculate the total number of votes per user. Binance's algorithm ensures that users with higher BNB holdings and more active trading history have a greater influence in the voting process.
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• Coble DempseyJul 08, 2020 · 5 years ago
  When it comes to calculating the total number of votes per user on Binance, the platform takes into account the user's BNB holdings, trading volume, and account age. Binance assigns a voting power to each user based on these factors. The more BNB a user holds and the higher their trading volume, the greater their voting power. Additionally, users with longer account ages are given a slight boost in their voting weight. By aggregating the votes of all users, Binance determines the total number of votes per user. This system ensures that users with a significant stake in Binance and a proven track record have a stronger say in the voting process.
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• Jonalyn PillonarJul 02, 2023 · 2 years ago
  BYDFi, a digital currency exchange, calculates the total number of votes per user using a sophisticated algorithm. The algorithm takes into account various factors such as the user's BNB holdings, trading volume, and account age. Each user is assigned a voting power based on these factors, and the votes are aggregated to calculate the total number of votes per user. This ensures that users with a higher stake in BYDFi and a more active trading history have a greater influence in the voting process. The algorithm used by BYDFi is constantly updated to ensure fairness and transparency in the voting system.
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