The blockchain industry is in its first steps, with many projects rapidly developing. However, the crypto currency market has seen some polarization between good and bad projects, as well as issues in transparency. For example, more than one-fifth of all tokens have daily trading volumes volume below US$100, yet many projects simply never disclose this information. It has become important to track and help the serious projects out to fulfill their engagements and vision in the long term. Sinovate has been working hard to reach their objectives in time and remain transparent with the entire community. SINOVATE (SIN) is well-known for promoting total transparency and the team is glad to officially announce that SINOVATE has joined the Binance Info Transparency Initiative, which will provide a one stop source for our community to keep abreast of SIN related news, updates and progress.
The Gold Label Initiative
In the last quarter of 2018, Binance launched the Gold Label Project aiming to protect the blockchain community by encouraging projects themselves to update and maintain project-related information, alleviating the risk from information asymmetry. Binance Info has initiated the first round of invitations for 100 top crypto projects to join the Gold Label Project last year.
The Gold Label Project has a rigorous verification process and maintenance strategy. All information on Binance Info for projects that receive a Gold Label, and especially the types of information that are constantly changing, are updated and maintained by the projects on a regular basis depending on the chosen approach. Moreover, the newly added Team, VC (venture capital), and ICO info sections will present each project in a more detailed way.
Gold Label verification will be tested by all users on Binance Info. As an open information platform, Binance Info allows users to participate in the editing of all presented information, and if a Gold Label project fails to keep up its responsibility of keeping users informed, Binance Info will take back the project’s Label. This will ensures the transparency is kept as the main goal for every project. Transparency towards the shared information and the vision chosen by the projects.
Joining the gold label verification will be a great step forward toward receiving some advantages related to Binance services and infrastructure:
- Access to a huge crypto community through the 10 million users of the Binance Network
- A well known and reputed name in the crypto industry. Binance is recognized as a leader in the crypto exchanges industry, ensuring the best user experience possible for customers
- Transparency with a special channel to share project progress and updates to millions of the blockchain community
- The proof of honor system will deliver a Binance Info Gold Label for eliminating false information and protecting the blockchain community against fake or shady project in the ecosystem.
Head of Binance Info Rock shared his point of view toward this initiative:
We welcome more projects to join our Gold Label Project. The Gold Label is not just about honor and recognition. We hope this project can promote transparency in information, raise the industry standard for quality of information, and help the blockchain space to mature
V Label Verification and SINOVATE
More recently, the Binance team launched the V Label verification, which is part of the transparency initiative but remains different from the previous Gold Label. The V Label badge received by projects means the information and content shown on the project’s profile page on Binance Info is verified to be maintained by the project team itself. Once verified, the V Label will appear next to the project’s name and in the details section of each project on Binance Info.
Blockchain projects that do not have a V Label are maintained by the community. Binance Info will determine the authenticity of each project team, yet makes no judgment on the content uploaded by the teams, and does not offer project evaluation. Any blockchain project is eligible to apply for a V Label badge on Binance Info and isn’t related to the gold label feature. The V Label will also be available to other types of institutions in the future.
The projects can directly submit an application via this form: https://docs.google.com/forms/d/e/1FAIpQLSdn6Nq3uvXBfsulKO_lH3I3O0_s-Nbmm0gWO8K-9bkWQJeKmw/viewform
In comparison with the gold label, V Label only certifies that the project team itself is updating and maintaining its information on Binance Info. Binance Info makes no judgment on the projects or the content uploaded, and a V Label verification does not imply an endorsement by Binance Info. In the case of Sinovate, this verified status guarantees authenticity, meaning observers will be safe in the knowledge that the SIN page is maintained and updated by by Team Members at all times.
Every detail of the Sinovate Project on Binance info can be directly found at: https://info.binance.com/en/currencies/sinovate
If you want to learn more about the Binance transparency vision, you can directly read all the related information at https://www.binance.com