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CoinMarketCap, a provider of price and market cap data for cryptocurrencies, has announced a new initiative that aims to foster greater transparency, accountability, and disclosure from crypto projects.
In a blog post dated May 01 CoinMarketCap announced Data Accountability & Transparency Alliance (DATA) which aims to enhance cryptocurrency data reporting standards across the industry, as well as identify gaps, propose strategies and measures to enhance data accountability and transparency.
The initiative seems to be an answer to the growing problem of fake bitcoin volume on crypto exchanges. In a recent report, Bitwise Asset Management claimed that 95 percent of all reported bitcoin trading volume was fake, CoinDesk reported.
Leading cryptocurrency exchanges including Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex, have already joined the alliance.
“The DATA exchange partners currently on board have committed to providing the following: (i) mandatory data, and (ii) self-reported information on an ongoing basis,” CoinMarketCap said.
Explaining further, it said that live trading data and live order book data will become mandatory for all exchanges. CoinMarketCap said that exchanges failing to provide this mandatory data via a new or updated summary endpoint will be excluded from all price and adjusted volume calculations on the site.
“There is a 45-day grace period for all exchanges to send this new endpoint to us, and changes will go into effect on June 14, 2019,” it added.
CoinMarketCap is also introducing self-reporting channels for projects to provide additional information. For cryptocurrencies, this includes details such as platform, sector, consensus algorithm, team and investor information, Github/developer activity, licenses, milestones, etc. Exchanges can provide information on launch date, API documentation, account termination/freezing policies, global page rank/traffic, community/social initiatives, registered business address, licenses, and cybersecurity measures among others.
In addition to DATA, CoinMarketCap announced the launch of a new block explorer to bring more visibility into the blockchain for its users.
“To start, we are indexing and providing Bitcoin and Ethereum (including all ERC20 tokens) blockchain information,” it said. “The goal of our block explorer is to lower the barrier to entry for understanding how to view and interact with the blockchain.”
In March, CoinMarketCap partnered with Flipside Crypto and added Fundamental Crypto Asset Score (FCAS) metric – a single, consistently comparable value for measuring cryptocurrency project health – to its platform.
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