According to the latest report, the CryptoCompare Digital Asset Summit was held in London, and with the goal of bringing the regulatory crypto experts, institutional experts and the crypto market analysts together. The company’s Chief Product Officer Quynh Tran-Thanh highlighted the challenges crypto industry is facing, and stated that the crypto data is a mess, it is big and it’s fake.
The summit provided an opportunity for the crypto community for networking with the financial institutions. Moreover, an outstanding speaker line-up was included in the summit that turned the spotlight towards the most pressing issues in the crypto world.
Firstly, Tran-Thanh discussed the lack of uniformity in the crypto industry, as, no ticker names are allocated to the digital currencies across the digital exchanges. Thereby making it difficult for firms like CryptoCompare to map out all the different ticker names for the crypto assets; in order to generate accurate data on the diverse range of globally trading digital assets.
Secondly, the Chief Product Officer stressed the issue of crypto data being ‘big’. She pointed out the challenge of reflecting the cryptoassets price accurately, as, there are hundreds of different crypto exchanges trading at different rates. She stated that data firms ought to gather a great deal of pulling prices from the exchanges that represent the crypto assets’ true market value.
Lastly, she stated that the major challenge is that the data is “free,” and it is possible for anyone to become the source of data. Volume increasing activities such as transaction-free mining and other such problematic practices tend to indicate that raw data from the crypto exchanges is not reliable. This phenomenon has lately drawn a lot of attention in the digital space, as reports of several fake exchanges have surfaced. Tran-Thanh further explained that in order to solve this issue, there is a dire need to establish a framework for more exact metrics.
