CoinMarketCap, a leading portal for monitoring the state of the cryptocurrency market, announced the introduction of a number of changes designed to dispel the doubts of users in the reliability of the displayed data.
The company noted that in recent weeks saw the growing skeptical attitudes. She highlighted three main points of concern for the users:
- The emergence of a new model “mining transactional”, which began to use some of the exchange of cryptocurrencies, allowing you to pay Commission using its own tokens. CMC notes that in this way they can inflate their trading volumes;
- Extremely low commissions on individual stock exchanges, which is also reflected in the volume of their trades;
- The use of so-called “washout trading” some of the exchanges and the Commission of fictitious transactions.
CMC recognizes that the doubts of users is justified. Therefore, the company introduces a number of measures to ensure the accuracy of the data provided.
“Data transparency is our main priority,” emphasizes CoinMarketCap.
So, on 16 July, the website has removed the requirement to the minimum volume of trades, which he used earlier to limit the number of exchanges. This change is intended to eliminate the belief that the trading volume is the only requirement necessary for listing on CoinMarketCap.
“In fact, before adding new coins and exchanges on the website, our team spends the time to study them to make sure that it is real projects backed by real teams, not fraud”, – explained in the company.
In addition, in a short time, CMC will present a new metric, including the volume of trading for the last 7 and 30 days, and also adds information about the creation date of each exchange.
CMC also began to develop new tools for filtering data on trading volume and account for the differences in the models of the collection fees, and other variables.
“Our philosophy is to provide users with maximum information so that they could draw their own conclusions and interpretations”, – concluded in the CMC and added that it is always open to feedback.
Recall that in may CoinMarketCap has introduced a new design and released the app for iOS.