KuCoin, an IDG-backed exchange, has announced Project Pinocchio official launch along with 21 top blockchain institutions from around the world.

The Pinocchio Project is a neutral and credible alert platform for projects in the cryptocurrency industry that are less confident. It will prevent malignant business behaviors such as cooperative breach of contract, illegal fundraising, and bad cryptos from expelling good cryptos by setting up a cryptocredit reporting system. The Pinocchio Project is committed to creating a fair, fair and transparent business environment and providing a basis for the healthy development of the blockchain and cryptography industry.

The Pinocchio Project will introduce the Pinocchio Index as the standard of evaluation, and will disclose all results of the judgment based on legal compliance. All information records will be stored on-chain with immutability via blockchain technology, eventually, a non-profit credit reporting DApp will be established.

Johnny Lyu, the CEO at KuCoin said:

“KuCoin will start this brand-new credit infrastructure “Project Pinocchio” for the entire cryptocurrency industry to maintain the industry order and promote integrity. This program will contribute to society, which we believe will encourage innovation and technology development.”

Project Pinocchio Includes Multiple Blockchain Institutions

Currently the first batch of Project Pinocchio members includes: 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, Honeycomb Finance, and more members are welcomed to join and contribute to the project.

On the KuCoin website, as well as other official KuCoin channels, Project Pinocchio will continue to update the progress of the project.

In a related context, Australian Securities Exchange (ASX) has once again postponed its switch to blockchain, due to its uncertainty about the potential effects of coronavirus.

In a statement published Wednesday, the Australian regulator stated that it was replanning the blockchain timetable in light of the unfolding impacts of COVID-19, as well as the issues that were under consideration before the pandemic outbreak.

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