CoinMarketCap (CMC) has announced a lot of initiatives to commemorate its 60th birthday. To provide accountability, transparency, and disclosure of the crypto based projects, CMC has formed a new alliance called DATA (Data Accountability and Transparency).
The main objectives of DATA are 1) align, review and improve reporting standards in the crypto industry, 2) locate the gaps and propose new strategies/ measures to improve data transparency and accountability. Members of the DATA exchange are required to provide mandatory data as well as the self-reported data on a daily basis. However, self reporting information is optional.
Alliance members
The exchanges enrolled in the new alliance include IDEX, UpBit, KuCoin, OceanEx, Binance, Liquid, OKEx, HitBTC, Gate.io, and Bitfinex. Apart from 12 members, some more exchanges are expected to join the alliance. The members in the alliance are required to disclose API data that comprise live order book data and live trading data. CMC will not include the members that do not provide the required data by June in its volume and price calculations. It is notable that CMC provides data about traded digital currencies worldwide.
45 days grace period
CMC has provided 45 days grace period for the exchanges to respond to the new initiative. The change will be effective from June 14, 2019. It will remove the exchanges that do not provide mandatory API data by June from calculations. It is on the backdrop of CMC announcement on March 25, 2019 to introduce data transparency. The new initiative allows users to take informed decisions.
In the second phase, CMC will include additional data like historical trade data, live market trade pair data and similar indicators. The users can make use of native block explorer to get insights into the blockchains.
Other innovations introduced by CMC are API revised plans, CoinMarketCap Shop, CoinMarketCap Mobile Apps, and CoinMarketCap Block Explorers. The CoinMarketCap Shop facilitates purchase of CoinMarketCap merchandise and facilitates providing support to CMC.
CMC has introduced CoinMarketCap Mobile Apps for Android and iOS devices. The users can upgrade the apps to latest version 2.1 on iOS and Android. The mobile apps facilitate viewing of Candle Stick charts, and price alerts for informed trading decisions.
