KuCoin revealed Project Pinocchio to Fight against Dishonest Behaviors for Blockchain Industry

Pinocchio Project has been revealed by KuCoin, a global cryptocurrency exchange.

The project aims to bring together different cryptocurrencies and create a standard to eradicate dishonest behaviours.

The IDG-based exchange, KuCoin, revealed that Project Pinocchio would be a joint effort by 21 major blockchain institutions across the globe to introduce more transparency in the system. The project serves as a neutral and credible alert platform for cryptocurrency projects.

The 21 members of the project include Cointelegraph Chinese, Jinse Finance, ChainDD, ChainNews, Deepchain, BTCmanager, Cryptodiffer, DASH, Decenter, Digital Renaissance Foundation, J.M Consultancy Services, Newsbtc, PANews, Republic.co, TokenInsight, BlockBeats, Boliancaijing, Odaily, Mars Fiance, CCValue and Honeycomb Finance.

Executive Opinion

Johnny Lyu, the CEO at KuCoin said, "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."

KuCoin's Pinocchio Project 

There are lots of untrustworthy and fraudulent projects in the crypto world. KuCoin Pinocchio Project is a neutral platform to find and report the crypto projects with less credibility quotient so that vulnerable investors have the right sort of information.

A new dashboard will be set up to avoid any of the malicious practices. Some of the methods include contract breaches and illicit fundraising.

KuCoin Pinocchio Project will be going to feature a new indexing system of ‘Pinocchio Index’ that will serve as a ‘De Facto’ evaluation benchmark for the assets. The user will use it as a barometer for legal compliance and some other regulatory compliance, notes the announcement.