Coinist Launches Beta With Ratings and Reviews Across the Digital Currency Ecosystem
Coinist (www.coinist.co), the rating service for digital currency products and securities, today announced it has launched a public beta with a special focus on the Bitcoin 2.0 and Ripple ecosystems, in addition to unveiling its Coinist Top 40 -- ratings of the top 40 cryptocurrencies and assets by market cap and augmented by human-generated content to provide an intuitive nuance missing from other top 40 lists.
"We've reached the point where anyone now has the ability to issue an asset on Ripple or Nxt or Counterparty, and as you can imagine, there is a wide variation in the asset quality," said John Whelan, Coinist's founder and CEO.
"While a user can be fairly secure when holding US dollar assets or Bitcoin assets that have been issued into the network by firms such as Bitstamp, people will need to do some due diligence when holding assets which have been issued by lesser known -- or in some cases, unknown -- entities. That's why we decided to build Coinist."
"With next-generation platforms like Ripple, we are beginning to see all manner of financial products, including fiat currencies, equity and debt instruments, become trade-able on these networks. To the extent that third parties external to those networks are responsible for delivering against those assets, it is imperative to understand the associated risks," said Gary Kremen, managing partner of CrossCoin Ventures, the digital currency accelerator which is supporting Coinist.
"With the recent launch of Stellar, we've seen many new users enter the cryptocurrency space. With no way to gauge the trustworthiness of other users, Coinist is offering a simple, eBay-like user rating system in which users can report on transactions that they have had with other users around the globe."
While Bitcoin was the breakthrough technology that simultaneously conquered counterparty and counterfeiting risks, cryptographers and engineers are now beginning to explore how cryptocurrency technology can be further applied to bring efficiency and decentralization to other parts of the financial system. Platforms like Ripple offer a decentralized exchange through which to transmit and trade these financial products.
Coinist is supported by CrossCoin Ventures, the digital currency accelerator based in San Francisco.
Coinist is a rating service for financial products traded on cryptocurrency networks. Looking to the future when anyone anywhere will be able to issue digital assets, Coinist is aiming to bring clarity to the risks of holding those different assets through a combination of algorithmic and qualitative scoring.
For more information about Coinist, please visit http://www.coinist.co/
About CrossCoin Ventures
For information about CrossCoin Ventures and to apply, please visit http://www.crosscoinventures.com/
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I think Bitcoin has the potential to be a very, very important development. I think that we are seeing many, many sectors of our economy be transformed by information technology and certainly it seems bizarre that at this late date, one has to pay as much as one does to use a debit card or to get cash from an ATM or to transfer money to one's child living abroad. So it seems to me that there's going to be a concerted effort to reduce financial frictions and that effort's going to be multi-faceted and certainly Bitcoin is an innovative approach in that regard.