Digitizing Integrity, from Will to Must
2020 is destined to be an extraordinary year. Within three months, the global economy has been in panic of COVID-19, stock market crashes and the breakout of oil price war; cryptocurrencies, as a new type of assets, have also been severely impacted. Throughout history, turnarounds have always come with crises. As the CEO and co-founder of KuCoin Global, I think now is an important moment for all industry practitioners to examine themselves and solve problems.
Here I decided to take the lead in the name of KuCoin to launch the “Project Pinocchio”, also known as the “Pinocchio Integrity Plan” which aims to create a data-driven integrity index and a credit information system that’ll ultimately benefit the whole cryptocurrency industry, thanks to the solid blockchain technology of ours and our allies’. At the same time I am calling everyone to join our alliance to support this program.
The crypto business has been growing rapidly since its inception; on the other hand it has also been highly controversial. As Chairman of KuGroup Michael said, any industry has to experience setbacks to mature, and both the players and the industry’s infrastructure need time to develop. Meanwhile, we should face and address various problems in the industry, wiping out misbehaviour, hedging against moral hazard, and to facilitate a sustainable development of the industry.
The vision of blockchain is to create a decentralized, open and transparent, collectively maintained technology ecosystem, these are the core values that should be rooted in the industry development. The launch of Project Pinocchio aims to set a benchmark for the industry to avoid the occurrence of vicious business behaviors through a fair, just and authoritative review mechanism. This program will establish an integrity index as a reference standard for the industry using multi-dimensional measurements, including moral hazard assessment, data analysis, public opinion monitoring, transaction history, and project development. The ultimate goal is, building upon solid blockchain technology and strict regulatory compliance, to develop a non-profit credit review DApp that’ll fulfil the original aspiration of achieving integrity with pure technology.
I hereby announce that 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. We will continue to update the development of the “Project Pinocchio” on the official website of KuCoin and other social media platforms with data and contents.
All persistence will be rewarded. I hope everyone can join us to maintain the healthy development of the industry.
Rainbow comes after the rain, while a rough road leads to the heights of greatness. Let’s move towards a better future together.
March 27, 2020