The world's first full-node decentralized EtherFlyer Exchange was invited on October 16, 2019 to be invited to join the DATA Accountability and Transparency Alliance (DATA).
CoinMarketCap (referred as CMC) ushered in its 6th birthday on May 1. On the sixth anniversary, the platform announced the announcement of the establishment of a DATA Accountability and Transparency Alliance (DATA), which aims to improve transparency by removing exchanges that do not provide mandatory data.
Brandon Chez, the sole founder of CoinMarketCap, said, “We recognize the need to keep up with the times and hope to continue to adhere to our founding spirit, to provide transparency for the encrypted digital currency industry and to explore opportunities for long-tail assets.”
For a long time, the authenticity of the exchange's data has been criticized by everyone. The CMC will greatly change the status situation of the industry and will further change the pattern of the exchange industry. The head exchanges responded. CoinMarketCap formed DATA to increase transparency and help build a more trusted password circle.
📌Data target
Review, adjust and improve reporting standards across the whole industry.
Identify gaps and propose strategies and measures to enhance data accountability and transparency.
Exchanges that listing with CMC will be required to self-report information and provide mandatory data.
All exchanges will be required to provide real-time transaction data and real-time order data. Exchanges that fail to provide data will be excluded from the website's price and volume calculations.
These data points will enable the analysis to determine liquidity, order depth, spreads, and other meaningful metrics. With these additional data points, users will be able to better understand the price and quantity reported on the website and API.
The reform will take effect on June 14, 2019. The exchange will have a 45-day grace period to provide the requested information.
CoinMarketCap has reiterated that their position is not to review this information, but to open up more data to end users to assist them in conducting research and analysis. The new data requirements and the establishment of DATA are all aimed at promoting this goal.
The DATA Accountability and Transparency Alliance was joined by the head exchanges. As the first batch of DATA alliance members Huobi, Binance, Bittrex, OKEx, Liquid, IDEX, OceanEx, Gate.io, KuCoin, HitBTC, Bitfinex, Upbit and many other well-known exchanges, they responded to calls for more exchanges to join.
And the upcoming new star EtherFlyer, which is about to be added to the DATA exchange in the second batch. Since its founded in 2017, EtherFlyer has been adhering to the “safe” and “real” industry guidelines, rejecting false transactions and providing quality assets to users. EtherFlyer successfully incubated 200 high-quality encrypted digital assets on the line with the global exchange business for two years, and the number of exchange followers has reached 1 million. This time, EtherFlyer was actively responding to this plan. On October 16, 2019, EtherFlyer officially passed the CoinMarketCap (referred as CMC) review and joined the CMC Encrypted Data Transparency Alliance through an official invitation.
Tomixue, founder of EtherFlyer Exchange, said: "We will work with CoinMarketCap (CMC) to embrace a secure, authentic and transparent encryption of the digital currency industry."