OpenMarketCap is a cryptocurrency data tracker that is currently in its beta stages. Unlike other crypto data aggregator websites it only uses prices and trading volumes from what it calls trusted exchanges when calculating average prices and total volumes for coins.
This means that the trading volumes you find on OpenMarketCap are much lower than what you find on the well-known CoinMarketCap. Based on research published by Bitwise, it has been concluded that nearly every major centralized exchange is reporting suspicious trading activity or even completely fake trading volume. This means that cryptocurrency data trackers that include these fraudulent exchanges in their reports are providing gross over-estimations of the total trading volume.
An extremely negative outcome on the everyday crypto investor or trader, who without accurate data, cannot hope to develop profitable trading strategies. One of the reasons why Saturn Network's architecture ensures every trade is transparent and visible by use of a truly decentralized on chain orderbook.
What are trusted exchanges?
OMC has determined an initial set of 10 trusted exchanges following Bitwise's orderbook analysis that shined a massive light on the current problem of wash-trading. The list of trusted exchanges is also community driven and follows a Curated Token Registry (TCR) approach for nominating new exchanges to be included in their tracking.
Currently, you have the possibility to claim DIRT tokens for free every 24-hours, as long as you have a Twitter account. These tokens enable you to start curating the list of nominated exchanges today.
Just click the Signup with Twitter button and then you will see the Get Tokens button.
Now you can help keep the world of crypto trading free of fake volume and fraudulent trading!
Once an exchange is nominated as trusted, then OMC will conduct an orderbook analysis to check if the exchange can truly be deemed trustworthy before adding it to their tracker. Currently, we do not really know how this analysis is done but they have announced that the tools used to do this will eventually become opensource. Which means in the future we could see truly decentralized orderbook analysis appear, and no longer have to trust one source!
Future is bright!
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