May 3, 2018

RED token listing

As you know already, the RED token (Red Community Token) has been listed on some exchanges (KKcoin, Xstar, ddex.io), so far using a RED/ETH pair, but those exchanges are small and do not provide a lot of liquidity.

We now have the opportunity to get the RED token listed on a bigger reputable exchange, Bibox, which ranks 17th on CoinMarketCap. In this case, listing approval is a crowd voting process, that will be used for the first time by Bibox. The voting process is described here. A few notable points:

  • Voters get their voting tokens back if the project they vote for does not get listed, so there is no risk for participating.
  • The Red team will reward voters with tokens (ratios to be announced on Telegram groups, see below).
  • There are 7 voting rounds over 7 days. The two projects with the highest number of votes in total at the end of last round, win and get listed.
  • The first voting round starts on May 2nd, the last voting round is on May 9th.

The Red team strongly believes that decentralized exchanges, like those based on the 0x protocol, are the future and will eventually replace most centralized exchanges. A 0x-powered decentralized exchange, DDEX, has already listed RED for some time. The Red team still recommends DDEX highly, as it is the simplest, and one of the most trustable exchanges we've come across so far (to use it you need either a hardware key like the Ledger Nano S, or at least Metamask installed). While not perfect, it improves security, and every little bit helps as the blockchain and crypto worlds work toward more security best practices.

We are pragmatic visionaries and, as the crypto-fans are currently, vastly focused on centralized exchanges, we believe that being listed on at least one big exchange would be, right now, useful for the whole Red community.

Every day we work hard to ensure that we are meeting the goals laid out in the whitepaper, both technically and from the crypto and business perspectives. Balancing the allocation of resources, human and otherwise, takes effort. We're making great technical progress, as many of you following us closely, know. The Foundation has also done a lot of work behind the scenes, in preparation for putting RED tokens into circulation in the community.

This new exchange listing will bring balance on the RED token side. That's important, because we also need to support those who supported us during the token sale. Getting a token accepted on a big exchange is a  complex and hard process, which often simply fails. We have put a lot of effort, time and energy into getting RED short-listed for the voting process on Bibox, and then mobilizing resources for maximizing our chances of success. If you think that RED tokens should be listed on a big exchange, you are welcome to join the Bibox users to vote for RED, and get some tokens rewarded for your help (for refunding your voting expenses). The rewarding information might be changing from day to day during the voting process, so you can get the latest info from our telegram groups in English and Chinese.

Thanks to all of you who are helping the RED ecosystem grow up!



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