Singapore-based global cryptocurrency exchange KuCoin recently announced the launch of its new project “Project Pinocchio” together with 21 blockchain institutions from around the world. KuCoin describes Project Pinocchio as a neutral and credible alert platform for less trustworthy projects in the cryptocurrency industry. The platform stated:
“Through the establishment of a crypto credit reporting system, [Project Pinocchio] will prevent malignant business behaviors such as cooperative breach of contract, illegal fundraising, and bad cryptos expeling good cryptos. The Project Pinocchio is committed to creating a fair, just and transparent business environment, and providing a foundation for the healthy development of the blockchain and crypto industry.”
KuCoin then explained that Project Pinocchio will introduce the “Pinocchio Index” as the evaluation standard, and all judgment results will be disclosed based on legal compliance. All information records will be stored on-chain with immutability through blockchain technology and eventually, KuCoin will establish a non-profit credit reporting DApp.
Johnny Lyu, CEO at KuCoin, stated that he and his team are launching “Project Pinocchio” for the entire cryptocurrency industry to maintain the industry order and promote integrity. The program will contribute to society, KuCoin believes will encourage innovation and technology development.
First batch of Project Pinocchio members are Cointelegraph Chinese, Jinse Finance, ChainDD, ChainNews, Deepchain, BTCmanager, Cryptodiffer, DASH, Decenter, Digital Renaissance Foundation, J.M Consultancy Services, Newsbtc, PANews, Republic.co, TokenInsight, BlockBeats, Boliancaijing, Odaily, Mars Fiance, CCValue, and Honeycomb Finance.