MyCrypto Condemns Chinese Exchange For Spamming and Congesting Ethereum

MyCrypto, one of the most popular Ethereum and ERC20 token wallets created by the co-creator of MyEtherWallet, heavily criticized Chinese cryptocurrency exchange FCoin for congesting the Ethereum blockchain network with insignificant transactions.

FCoin, a cryptocurrency exchange created by former Huobi CEO, debuted in early 2018 with an unusual business model for listing tokens.

It can easily conduct internal polls within its users and investors- similar to Binance's strategy of adding community coin of the month to decide which tokens get listed on the exchange.

Rather than a practical method of achieving consensus amongst users, the exchange will perform airdrops- a process of distributing tokens to specific user groups, allowing their authority over the token selection.

Essentially, for a token to be listed on FCoin, blockchain project developers are required to dispense the project tokens to each user on the FCoin exchange.

FCoin's airdrops congested the Ethereum network by funneling millions of unnecessary transactions into the Ethereum main chain.

MyCrypto.com July 3, 2018.7/ One of the tokens that was listed is not a legitimate token.

The token is literally a scam-token capitalizing on the symbol of a real, highly-anticipated token that recently ICO'd but hasn't distributed yet.

A few projects like 0x and Zilliqa along with developers led by Ethereum creator Vitalik Buterin are allocating tremendous effort and resources to improve the ecosystem and scalability of the Ethereum network.

0x, the leading decentralized exchange protocol that operates as the base layer of most successful decentralized exchanges like Paradex,, employed an off-chain system that batches transactions into a single on-chain transaction to reduce congestion on the Ethereum network.