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Coinmarketcap to Exclude Cryptocurrency Exchanges from Data Calculation

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Data Accountability & Transparency Alliance (DATA) for exchanges

Introduces Data Accountability & Transparency Alliance (DATA)

Top Cryptocurrency market indicators tracker Coinmarketcap has announced it will remove cryptocurrency exchanges from its data feed if they do not comply to its mandatory request to supply data by the mid of the year. This was made known via a blog post it released in celebrating its 6th Anniversary. In this post, the Price Tracker also announced several major initiatives they have been working on for some months which included amongst others Coinmarketcap Data Accountability & Transparency Alliance (DATA).

The globe saw a remarkable rise in value of cryptocurrency and an explosion in the combined market capitalization running into hundreds of billions of dollars such that there were abnormal prices in some countries of the world (South Korea). Owing to the need to promote greater transparency, accountability from projects in the cryptocurrency space, the initiative will seek to empower users to make more informed decisions and to providing a means for projects to differentiate themselves through enhanced disclosure.

According to Coinmarketcap, the DATA rides on the objective of Reviewing, aligning and enhancing reporting standards across the cryptocurrency industry, Identification of gaps, proposal of strategies and measures to enhance data accountability and transparency.

It is also worth mentioning that in January 2018, CoinmarketCap tweeted they were excluding data from Korea exchanges due to “extreme Divergence in prices from the rest of the world and limited arbitrage” . According to a report by Bitwise, most of the cryptocurrency exchanges report fake volume. The report indicted several of the perceived top exchanges in cryptospace with top exchanges like Binance offering to help resolve this issue

Coinmarketcap went further in addressing the ways DATA will be employed to promote transparency, of which it broke into phases. The first phase which is centered on Exchanges seeks to collect trade and order book data from Exchanges and this will be effective mandatorily as from the 14th of June, 2019. These data will be provided via API and will allow the analysis of liquidity, order book depths, spread etc.

The second phase also focuses on Cryptocurrency Exchanges and will see more in depth data to allow users make more rational financial and non financial decisions. This phase will allow the provision/collection of data on Exchange cold/hot wallets addresses, Proof of Solvency/Reserves/Liabilities. It will also allow users to see live data on market trading pair status as well as Historical trade data. Exchanges which do not provide these data will be excluded from the calculations on Coinmarketcap

The last phase will focus both on exchanges and crypto projects. It is to even provide more data for transparency and accountability. In this phase, Coinmarketcap is adopting a self-reporting policy which will see Cryptocurrency Projects reporting data on themselves to the Crypto Data Tracker. It is expected for projects to report data on industry/sector, blockchain platform (Ethereum, Neo, BitcoinCash etc), Consensus Algorithm (POW, POS dPOS), Team information, User base breakdown (Targeted and Existing) etc.

On cryptocurrency exchanges, coinmarketcap expect exchanges to self provide data/information on Legal & Industry compliance requirements, cybersecurity measures, Account Freezing/Termination policies, KYC Policies, Fee structures etc, through the Coinmarketcap Data Accountability & Transparency Alliance (DATA) initiative

WIth some top cryptocurrency Exchanges such as Binance, Bittrex, Bitfinex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, Kucoin, HitBTC already joined the alliance to lead transparency cause,these data to be collected and displayed for all to see on the Top Crypto financial tracker,will see to increase in transparency and accountability and provide more clarity on some of the absurdities in the space.
Do you want to get listed on CMC? Get to know what DATA is about.

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I am fascinated by Technology ranging from Blockchain, AI, AR/VR and the general IoT. I report on tech related news on startups and other mainstream firms.

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Trump Expresses his opinion on Crypto, Libra; Binance to burn $2.4 billion worth of BNB

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Trump via a tweet has posted hours ago expressed his opinion on cryptocurrency clearly defferentiating Bitcoin and other Cryptocurrency as well as on Libra the Facebook Global Cryptocurrency which it unveiled in June 2019 and to commence operations in January 2020.

According to Trump, he is not a Fan of Bitcoin and other cryptocurrencies which he describe as not money and highly volatile and basede on thin air. He went further to say unregulated Crypto Assets can facilitate unlawful behavior, including, drug trade and other illegal activities.

On Libra, the 45th President of the free world openly said Libra will have little standing and Facebook and other firms want to be come a bank they should and must seek a banking charter and be subject to all banking regulations both nationally and internationally.

As a true President and the first man in the country, he declared the US Dollars as the only currency in the USA and that it is stronger than ever, dependable and by far the most dominant currency worldwide.

As usual, the crypto enthusiast on Twitter had their own opinion to comment on the post by POTUS.

In another news, top exchange Binance has announced after burning their quarterly alloted BNB tokens that they will burn their Team allocated Binance Coin BNB which is a total of 80BNB currently worth $2.4 billion.

During one of the first IEOs on the Exchange, investors were unable to participate thus a public outcry with Binance coming to the rescue by instituting a Lottery system which saw users holding a certain number of BNB before being able to participate in IEOs on the exchange. This cause a rise in the value of the BNB.

This move by Binance amongst others will see Binance Coin hitting astronomical height in the next few months to years. We can’t wait to see what the chats will say in few five years time.

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Poloniex now allows Users from Over 60+ Countries to Buy Cryptocurrency with Debit/Credit Cards and Withdraw to Bank Accounts

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Top 5, best altcoin exchanges

In a tweet, the US based cryptocurrency exchange Poloniex announced that Users of the cryptocurrency exchange can now purchase bitcoin using their debit and credit cards. The exchange also supports deposits withdrawals of cryptocurrency into local bank accounts in over 80 countries.

Purchasing cryptocurrency has been a daunting task for a long time for many who desire to purchase cryptocurrency easily and withdrawal of same to their local currency for easy spending have been seeing difficulties however, other exchanges have tried making this easier by offering their users the ability to buy crypto with their cards. Poloniex enters this category of exchanges with this move.

According to Poloniex, customers of the exchange can withdraw the USDC stable coin into their bank accounts as well as send fiat into their Poloniex and have it automatically converted into tokenized USDC for trading.

In making the purchase of Bitcoin with their credit and debit cards, Poloniex has partnered with Payment Processor Simplex to allow the users of the exchange to quickly and easily get in on cryptocurrency at a moment’s notice. The disadvantage however is the charges which stands at a greater of 3.5% or $10 transaction fee which Simplex charges. This will affect those in developing countries whose currency is very much low in value compared to the dollar or users with lower financial capabilities. Buying more bitcoin would be better.

The exchange pegs deposits at a weekly limit of $50,000 and withdrawals at $25,000 however, it signified this can be increased for specific customer’s need as typical with exchanges in this Fiat-to-Crypto category.

Poloniex launched in January 2014 is based in the US and it offers cryptocurrency exchange services, margin trading, lending according to its’ website. It allows users to exchange cryptocurrency against five trading pairs such as BTC, USDC, ETH, XMR and USDT. The exchange was acquired by Circle for $400 million in February 2018. Currently at an average of $55 million daily trading volume and ranked 59 in coinmarketcap.

 

The move to allow easy purchase of crypto and withdrawal of same to local bank accounts will definitely cause a boost in its trading activities.

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Binance Updates Deposit and Withdrawal Policy for BTC and ETH Block Confirmation Time

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Binance in a blog post on its blog announced the reduction of block confirmation time for the deposit and withdrawal of the two largest cryptocurrencies by market capitalization Bitcoin and Ethereum. This reduction enables users of the exchange to deposit and withdraw Bitcoin and Ethereum twice as fast as it was prior to this new policy update.

According to the blog post, deposits for Bitcoin BTC is now reduced from 2 block confirmation to 1 block confirmation while withdrawals stands at 2 block confirmations. For Ethereum the second largest blockchain network by market capitalization and the first smart contract platform with its native coin the ETHER denoted by ETH, deposits and withdrawals can now be processed on 12 block confirmations. This is a 60% reduction. As all ERC-20 tokens are based on the Ethereum blockchain, this changes also affects them.

Binance is one of the largest cryptocurrency exchange led by its marverick CEO popularly known as CZ.  The exchange few months ago was victim of a cyber attack where it lost about $40 million dollars in Bitcoin however, the CEO was quick to point out that the user’s funds were covered in the #SAFU provision made by the exchange in case of such situations. A first of its kind product from an exchange. As a leader in the cryptocurrency exchange business, Binance has continues to offer innovative products recently being the innovation of Initial Exchange Offering which is a modification of the Initial Coin Offering.

A move which saw other exchanges copying and replicating albeit with some not having as great a result as Binance. The exchange is still into Charity, helping lives and transforming homes. Though it has been hit by cyber attack, reaction to its policy of using Tickets in its IEO (a measure to ensure everyone gets involved after a call out over a previous IEO few people could only participate), a move which saw people saying the exchange supports only those with big pockets, the exchange has continued to grow with its native token the BNB seeing incredible growth over the bear season till now as it now stands at $33.

Providing clarification on the block confirmation update, Binance said it was “to provide a better service for our users, Binance has made the following adjustments to the number of blocks confirmation required for user deposits & withdrawals”.

In conclusion of the blog post, the exchange informed they will continue to listen to the community’s feedback and improve their service offerings.

We can only assume better quality and innovative products are on the way as the exchange celebrating its 2nd annniversary has been binding the word of blockchain and finance since inception.

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Bitfinex’s LEO Smart Contract Unusual Code: An Intentional Move to Defraud?

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A software “Bug” was discovered recently in the Bitfinex Smart Contract for its LEO token. The bug grants any holder of the LEO token unusual levels of administrative privilegdes. Such priviledges are entirely unusual, though errors in smart contracts has been seen before, this is the first time these types of concerns has been raised concerning smart contracts codes.

Softwares are always with bugs. No matter how much care is put into writing the codes and rechecking, codes are written by humans who unintentionally make mistake. Mistakes which could cause untold damages financially and in other areas of life. In financial applications or softwares, one tiny vulnerability could allow bad actors to take undue advantages of systems and do what they are good for. Damage.

The Bitfinex ERC-20 smart contract code contains permission to enable owners of the Token to mint unlimited new tokens, they also have to ability to delete tokens of other people both in their personal wallets irrespective of the type of wallet. LEO owners are empowered via the vulnerability in the Bitfinex smart contract code to delete anyone’s coins both in centralized and decentralized exchanges.

Bitfinex, one of the world top cryptocurrency exchange was in the news some months ago and for a long time now owing to its shady behaviours as an exchange and also by its relationship to the stable coin Tether (USDT). Owing to financial challenges it was having since its funds were frozen, the embattled cryptocurrency exchange decided to host an Initial Exchange Offering were it aimed at raising xx billion dollars. A move which saw some reactions, however, the exchange later announced it has raised sufficient funds via other means and thus there will be no public sales of the LEO tokens.

In a tweet by the CTO of Bitfinex and Tether Paolo Ardoino, which was a reply to the call out made on the Bitfinex exchange, it appears this “bug” wasn’t in fact one rather it was coded into the contract with Paolo saying “For security and future reasons we left the ability to upgrade the Token Contract. That’s really a key feature for a contract that might live lot of years. Minting more tokens would not just make sense for Finex…like shooting our foot.”

In reaction to this, some twitter users were expressing their opinion on the issue.

https://twitter.com/will_harborne/status/1146507539170897920

 

With its reputation in times past, the Bitfinex exchange has a whole lot to contend with at this time however, this revelation presents an important reminder to everyone in cryptospace to not just Trust but Verify.

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