There’s a lot of false information out there, especially when it comes to the emerging cryptocurrency industry. Myths and half-truths about Bitcoin abound. There are stats about falsified trading volume, rampant scams and inside jobs, Ponzi schemes, and fake projects.
It’s hard for investors to know what sources of information they can trust. That’s where Crypto Briefing and CoinMarketCap’s SIMETRI research and analysis reporting could come in handy.
What is SIMETRI?
Released by Crypto Briefing alongside CoinMarketCap’s Data Accountability & Transparency Alliance (DATA) initiative, SIMETRI provides unbiased analysis, detailed reports, and insights and information investors can trust. It comes in the shape of paid-for reports that retail investors can afford with institutional-grade research into individual cryptocurrencies. All reports include an investment grade at the end.
The motivation behind SIMETRI is to help retail traders make educated investment decisions. They can cut through the noise and understand the digital assets they want to invest in. Since the Bitwise report that more than 95% of all exchange trading volume is fake, CoinMarketCap has been on a mission to provide transparent data. Through its DATA initiative, all exchanges must provide a verifiable order book and transparent reporting.
SIMETRI research reports will be embedded into cryptocurrency profiles on CoinMarketCap’s aggregation and rankings site. This means that the 79 million-plus visitors per month that this cryptocurrency information site obtains will have access to the reports. Global Head of Marketing at CoinMarketCap Carylyne Chan enthused:
“The combination of SIMETRI and CoinMarketCap’s DATA initiative represents a positive trajectory for the standardisation of crypto data… a key factor in ensuring we can have greater visibility into data on an ongoing basis. Trusted data sources are a cornerstone of traditional financial markets – and as cryptocurrency matures, it needs and deserves these sources.”
SIMETRI’s creators say that trust ‘is earned’
Having already provided more than 20 in-depth cryptocurrency reports, Crypto Briefing has carved out a name for itself within the industry for its transparent reporting free from advertising. Its founder and CEO Han Kao says:
“Trust is not given; it is earned. Our goal has been to offer cryptocurrency investors and stakeholders a place to turn when they need to know that the source is not being paid by an advertiser… SIMETRI provides fundamental analysis and unbiased, detailed insights into the cryptocurrency projects themselves, bolstering transparency and accountability in the blockchain space.”
Greater transparency is needed
Kao went on to explain that greater transparency of information in the crypto space is greatly needed. CoinMarketCap is the go-to source for information on trading volume, price, market cap, and more. This is why the data aggregator has taken steps to update its methodology for exchange reporting. Kao explained:
“CoinMarketCap’s recent rollout of its updated methodology for stricter exchange reporting rules is a major step forward on the exchange side, and SIMETRI will complement the endeavour on the project side.”
Thus far, CoinMarketCap has confirmed that 70% of exchanges have met the reporting requirements of the new DATA initiative. With investors able to feel more confident about the information they get here, SIMETRI will help to solidify and answer any questions or doubts that they have before they decide to invest. Carylyne Chan remarked:
“We’re really excited to incorporate SIMETRI into our service. Crypto Briefing has built its reputation for independence, and their input will be invaluable for the topics we are tackling with the DATA initiative. We look forward to how the SIMETRI team will provide recommendations regarding data standardisation, which will in turn offer project teams guidance for reporting.”
SIMETRI reports are in-depth and thorough
One of the key components to any blockchain project beyond a solid team and roadmap is the ability for investors to view the project code. It’s all well and good investing in a brilliant idea, but if the company is unable to transfer that into working code, that could be a red flag for investors.
Through SIMETRI, investors can take a look at the researchers’ analysis of the projects’ code base and receive a professional code review of its GitHub repositories.
From code analyses to the coin’s utility, team, development, ecosystem, and sustainability, investors can get a greater picture before parting with their funds.
In a space still riddled with misinformation, projects like DATA and SIMETRI offer investors greater clarity. However, it still pays to remember that the industry is still young, volatile, and hard to predict. Never invest more than you can afford to lose. Not even projects like SIMETRI can guarantee a return on investment.