Finally, we can hear from the horse’s mouth. Several sources have been raising their ‘genuine’ concerns regarding the overall inaccuracy as well as exaggerated numbers being reported by the digital assets, including Ripple (XRP), especially in the recent reports.
Alongside SEC, some third party sources like Data Accountability and Transparency Alliance as well as Blockchain Transparency Institute have been on the front foot asking questions right and center.
Crypto firms like Ripple must boast transparency
One thing is for sure that digital assets have to show the market that they are doing well to gain some upper hand in the competitive world. Apparently, the only way to do that is by reporting with some exaggerated data, primarily when things are not pointing to the direction that the market expects.
Coin Metrics, for instance, had persistently asked Ripple for some explanation regarding the issues with its recent numbers. And now, Ripple has come out clearly raising the bar by giving an insight on the volume and sales of its native token XRP.
Proactive transparency is all that Ripple wants
On the report, Ripple claims to believe in proactive Transparency. Importantly it claims not to be having an exact solution and hence buys the idea that as an industry, they have to do even better.
The steps being taken are as clear as daylight; Ripple affirms to be working with some trusted partners to understand the extent of the problem and how it might have happened.
Also, it’s evaluating the approach to XRP volume reporting that includes a review of new options and requirements for the sourcing of the market data.
Another step that Ripple is now taking is an even more conservative approach this quarter to XRP sales.
According to the report, it means that in the short-term, the sales of XRP in Q2 2019 are expected to be lower compared to the last quarter with the stated target of 20bps dropping to below 10bps.
It’s all about raising the bar for the industry, and if the other cryptos follow the way Ripple has promised to take, only then the mass adoption for cryptocurrency and blockchain technology will be achieved.
Nevertheless, it is a massive step that Ripple has taken to improve the level of trust among the consumers as well as institutions. This way, sooner or later, the air will be cleared, and the entire crypto market will thrive.
Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.