Inside Crypto Exchange Ranks: Who’s the Fairest Exchange of Them All?
Launched in July 2018, Crypto Exchange Ranks is a new bid to offer users in the space a comprehensive dashboard through which to analyze cryptoeconomic exchange data. With trader-empowerment and increased enterprise accountability in mind, CER CEO Dmytro Shestakov told Bitsonline that part of the rationale for the platform was that “we want exchanges to pay more attention to the security of their funds.”
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CER: Toward a More Analytical Approach
Developed by Hacken, Crypto Exchange Ranks is a first-mover cryptocurrency exchange ranking system that aggregates data from the cryptoverse’s more than 200 exchanges in order to give traders access to the information needed to make more informed decisions.
CER, which Hacken CEO Dmitriy Budorin recently said “will contribute to […] healthier development” in the cryptoeconomy, works by collecting and ordering aggregated exchange data into mathematical models.
The four parameters that CER principally relies on in its models are as follows:
- public opinion
- withdrawals and limits
Accordingly, CER ranks exchanges by averaging their scores in these categories. For example, Binance, the first-ranked exchange on CER presently, has a 9.01 in cybersecurity, a 5.78 in liquidity, a 7.36 in public opinion, and a 9.81 in withdrawals. Altogether, these scores average out to Binance’s present top-dog 7.39 ranking.
CER’s top exchanges at press time, in order from one to 10, looks like the following:
- Binance (7.39)
- Korbit (7.12)
- Coinone (6.97)
- Coinbase (6.87)
- Bithumb (6.86)
- BitMEX (6.41)
- HitBTC (6.17)
- Huobi Pro (5.96)
- Bitfinex (5.87)
- OKEx (5.66)
CER CEO Shestakov on Where They’ve Been, Where They’re Going
In an interview with Bitsonline, CER CEO Shestakov said the new ranking platform was developed to address what his team saw as a gaping absence in the space:
“Today more than 200 cryptocurrency exchanges are present on the market and, still, no single complex solution to accurately analyze all this universe of data existed before now. Thanks to our highly-qualified team, we created such an unprecedented real-time data analytical product just in six months.”
Shestakov also noted that helping users identify exchanges’ cybersecurity levels was a huge guiding factor in the platform’s creation:
“Definitely, cybersecurity is one of the most important aspects in judging and comparing crypto exchanges. Of course, we want exchanges to pay more attention to the security of their funds and users’ private information.”
The CER CEO confirmed with Bitsonline that the platform has a series of forthcoming developments to expect, including a real-time trading dashboard, a mobile-compatible CER, a news aggregator, and a possible subscription model.
A Little on Hacken
Hacken, the brains behind CER, is an idiosyncratic play in the cryptocurrency space, insofar as they are the maestros of the The Hacken Ecosytem, a whitehat hacker community with their own token — HKN.
The community runs the defensive gammut, providing penetration testing, smart contract audits, anti-phishing measures, and a bug bounty system.
According to the aforementioned Shestakov, Hacken’s various projects and efforts are all part of a more overarching bid to “set clear and objective standards in the cryptoeconomy.”
Let’s see if they can achieve such a bid in the weeks and months ahead.
What’s your take? Do you think CER is a needed addition to the space? Would you do anything differently? Sound off in the comments below.
Images via Crypto Exchange Rankings, Pixabay
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