If you have any relation to the crypto world, you will definitely know CoinMarketCap – a platform that provides information about cryptocurrency rates and price changes over a certain period of time, exchange trading volume, etc. The website decided to change some things amid the scandal of providing fake data.
One of the exchanges listed on the platform, Bitwise, conducted an investigation and found out that at least 95 of the data provided on the CMC is fake. Bitwise stated that the real trading volume of the exchange is $273 million, while CoinMarketCap showed only $6 million.
— Bitwise (@BitwiseInvest) March 22, 2019
Since CoinMarketCap celebrated its six-year anniversary last week, it decided to start a new year with some announcements regarding faulty data. It will work on creating more rigorous ideas on what data should be included in its algorithms. CoinMarketCap plans to promote transparency, accountability of the projects in the crypto space through Data Accountability & Transparency Alliance (DATA).
The platform is also launching a new blockchain explorer to interact with the blockchain. This explorer aims to let users learn about the blockchain and crypto universe.
— Carylyne Chan (@carylyne) April 25, 2019
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