Cryptocurrency capitalization tracker and an altcoin rating platform CoinMarketCap (CMC) has announced the latest updates for having data accountability and transparent alliance (DATA) with the new crypto ventures while celebrating its 6th anniversary with its fellow team members through a medium blog post on May 1st.
As per the information the company is getting more cautious while listing the cryptocurrency exchanges and upcoming ventures due to the increasing no. of crimes and representation of fake data volumes which the exchanges are showing without any legitimate proof. To curb the growing scams and deception CMC is working with the industry partners to impede the wrong and cheating actions of the companies in the cryptocurrency and dlt space.
In order to deal with the crypto FUD (Fear, uncertainty, and Doubt) and multifaceted issues of the industry with strong mindfulness CMC has introduced various new initiatives through a gentle nurturing lens. These are CoinMarketCap- data accountability & transparency alliance (DATA), CMC block explorer feature- so that users can get more visibility into the blockchain industry and get Bitcoin and Ethereum (including all ERC20 tokens) blockchain information without any hassel- those also who are new to the cryptocurrency space can also get proper indexing, shop for buying CMC merchandise for CMC supporters and lover,API revised plans for the developers on lowered price compared to the existing Hobbyist plan from $33 to $29 per month, mobile apps 2.1 version both for Android and iOS app experience with new features like candlestick charts, portfolio, side-by-side crypto comparison, price alerts, news, logins, and many more which are not available on the CMC main website.
The major benefits and predominant objective of CoinMarketCap data accountability and transparency alliance (DATA) would be to review, enhance, and align reporting standards across the industry while identifying undersized and crucial gaps so that the strong strategies can be proposed and critical measures can be taken to enhance the data accountability and transparency with appropriate due diligence.
The post also indicates the execution time frame of the new plans that would be affected from June 14, 2019. CMC blog also clearly mentioned that it is mandatory for all the exchanges to provide proper data through a new or updated summary endpoint within a 45-days grace period else the establishments would be rejected from all the price and adjusted volume calculations by CMC website.
CoinMarketCap New Advantages For Users towards the transparent movement (subject to changes/additions)
Now people would be able to see the project related information in a more transparent way. The blog also provides the link of the current list of exchanges that have already provided the asked data and who would be remain included on June 14.
The post also referred that 12 exchanges have already joined the CoinMarketCap new DATA Alliance on May 1, 2019, to direct and advance the data transparency structure: Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, Bitfinex, and certainly there are many more DATA partners to follow the queue.
As per the corroborated news revelations about the hot controversy over CoinMarketCap volume statistics probably it is important for the CMC to update the users and take strong measures against the faulty crypto business which are spoiling the widely-cited crypto statistics tracker.