CryptoToday, a decentralized crypto data and listing platform, has recently postponed its launch due to the Russian invasion of Ukraine and the resulting instability seen throughout Eastern Europe. The platform was initially planned to be launched on March 7, 2022.
More about CryptoToday
Anyone interested in learning more about specific cryptocurrency coins or projects typically uses websites like CoinMarketCap or CoinGecko to conduct their research, which are among the biggest websites in terms of monthly visitors in the industry. However, in an industry which promotes the value of decentralization, these two websites (any many others like them) are centralized data aggregators and project monitors where the website owners control which coins get listed and the actual data posted on the site.
CryptoToday is a new decentralized data and listing platform for crypto projects. CryptoToday will function as a DAO (decentralized autonomous organization) that will incentivize users to inspect and verify new projects before listing them on the site. Community members who verify and vote on listings will earn CryptoToday’s native LIST tokens for their efforts.
The listing process on CryptoToday is rather simple. Project organizers would initially submit a standard proposal for getting listed. Immediately the proposal is sent to the community’s voting page, where people from the community can check and validate the information that has been provided and also cross-check publicly available information. Within a minimum of 54 hours, if everything checks out, and the voters agree, the project gets listed.
Initially, the CryptoToday platform was schedule to be launched on March 7, 2022. However, the launch was postponed, due to “current world tensions”. CryptoToday is currently expected to be launched in a month or two once hostilities in Eastern Europe calm down. Click here to access the CryptoToday White Paper.
Our Take
The delay of CryptoToday’s launch is an unfortunate consequence of Russia’s invasion of Ukraine and the uncertainty this has created throughout much of Europe (where many of the projects founders and staff live). However, the project itself is extremely interesting – both for the crypto data industry as well for the broader financial data market.
The CryptoToday model take significantly less time and difficulty to get a crypto project listed than on a centralized aggregator like CoinGecko. In addition, the new project gets serious exposure to CryptoToday’s community of voters who would have to check it out before approving it.
There are a number of lessons the broader financial data industry can learn from the issues that centralized project listing services like CoinGecko or CoinMarketCap have in comparison to a decentralized data listing and monitoring platform like CryptoToday. The biggest question is whether data vendors run as DAOs can more efficiently and cost effectively provide high quality data than their centralized peers can? Clearly, firms like S&P Global, Refinitiv, Bloomberg, and others should be looking into CryptoToday, and how this business model might impact their long-standing franchises.