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CMC will strive to create a more rigorous and robust philosophy for the data it contains and does not include in its algorithms. Through a CoinMarketCap Data Accountability & Transparency alliance, or "DATA", it "will promote greater transparency, accountability and transparency of projects in the encrypted space", announced the announcement .
Just delivered my speech to #WBSTaipei sure #crypto #education and #product design ? Simplicity, extensibility and iterability are key elements of UX crypto on @CoinMarketCap pic.twitter.com/odvvEfjD8b
– Carylyne Chan (@carylyne) April 25, 2019
The real-time blockchain data provider also launches a new blockchain browser. The company hopes to allow beginners to explore and interact more easily with the blockchain. With its new Blockchain Browser, CoinMarketCap promises users a more user-friendly and more concrete interface to learn more about the blockchain.
CoinMarketCap user interface to 2013 | Source: CoinMarketCap
CoinMarketCap Dogged By Scandals
A Bitwise survey published in March revealed that "at least 95% of the total volume of bitcoin transactions is forged on unregulated trade." CoinMarketCap was caught in the middle of the scandal. $ 273 million in real volume.
We listen to all the feedback from our users and we are working hard to add a suite of new metrics so that users can get a more complete picture of the exchanges and cryptography on the site. What new metrics would you like to see? Share with us. 🙂 https://t.co/ZgEs80lH1S
– CoinMarketCap (@CoinMarketCap) March 26, 2019
The humble beginnings of CoinMarketCap in tracking crypto market capitalizations
When CoinMarketCap was launched in 2013, there was no consistent way to track and compare the relative performance of the already growing number of altcoins. The emerging nature of emerging cryptocurrency space has made their job much more difficult. The leaders of the cryptography industry have been quick to defend CoinMarketCap, including Binance CEO, Changpeng "CZ" Zhao:
Thank you very much to @CoinMarketCap to update the $ BNB supply in circulation. Ranking is much more difficult than people imagine. Keep up the good work!
– CZ Binance (@cz_binance) February 6, 2019
Instead, he pointed to the seemingly fraudulent exchanges that simulated their volume of transactions en route.
Why are the exchanges false volumes? @CoinMarketCap is the busiest website in our area and the biggest reference for all exchanges. High ranking on CMC has advantages for attracting new users. BUT at the expense of destroying credibility with business users. Many forget the last part. https://t.co/XTSez5ZRVh
– CZ Binance (@cz_binance) March 19, 2019
No new business has its flaws in the early stages of development, especially niche technology firms. But as CoinMarketCap considers how to deliver the best product as a real-time encrypted market data company, we want the best for the next six years.
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