The growth of the crypt world has generated a second, equally important phenomenon: the increase in the number of data generated by the crypt coin market. For this reason, in recent years more and more platforms have emerged dedicated to collecting this data. Being the most important in the world today CoinMarketCap, it is important that its CEO, Carylyne Chan, declares that the priority of CoinMarketCap is transparency.
CoinMarketCap was down for a few moments
More and more data on the crypto market
The decentralized nature of the crypto market makes data availability one of its most important issues. For, in the absence of a centralized government or institution collecting and publishing up-to-date information about the crypto world. It is the task of the users themselves, and of platforms such as CoinMarketCap, to provide this information.
However, this generates at least two problems: the difficulty in understanding the data generated by the crypto world and the transparency of the same. These were discussed in a panel moderated by Charlie Shrem during the 3rd anniversary event of Binance „Off The Charts“. CoinMarketCap CEO Carylyne Chan participated in this event.
On the ease of understanding the data, Chan commented that „at Bitcoin Rush we try to make the data as easy to understand as possible for all users. Because, within the platform, they are aware that much of the data they publish that must be known by users can be difficult to understand without advanced technical knowledge.
Therefore, CoinMarketCap would invest a good part of its resources in making the information it provides intelligible to those who use its platform. Making use of simple graphs and explanations, which convert obscure data such as liquidity levels, into useful information for companies and traders.
New CoinMarketCap ranking keeps Binance on top
Transparency: A priority for CoinMarketCap
Carylyne Chan said that transparency is a priority for CoinMarketCap, especially in the midst of the Coronavirus crisis. When access to information has become a vital issue for many people around the world. Commenting that „in the midst of the pandemic making data available to everyone sets a precedent in the right direction“.
The importance of trust in data provided by cryptoworld related platforms was also discussed during the panel. Chan reaffirmed that for CoinMarketCap, transparency in the sources from which they obtain their data is what allows their users to trust the information they provide.
This would also allow them to differentiate between information that is useful and that which is not. In this sense, all the participants of the event agree that the most important thing when providing data is not the quantity but the quality of it. Which can only be guaranteed with high levels of transparency.