Global Cryptocurrency Classification Standard: Advancing the Crypto Industry
On April 3rd, it was announced that 21Shares, a European cryptocurrency ETP issuer, has collaborated with CoinGecko to release the Global Cryptocurrency Classification Standard (GC
On April 3rd, it was announced that 21Shares, a European cryptocurrency ETP issuer, has collaborated with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS). This standard is classified at the protocol level and token level, respectively.
21Shares collaborates with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS)
The cryptocurrency market has witnessed significant growth over the past decade, with the total market capitalization reaching over $2 trillion. As the market continues to expand, the need for standardization and classification becomes more vital. To this end, on April 3rd, 2021, 21Shares, a European cryptocurrency ETP issuer, announced its collaboration with CoinGecko to release the Global Cryptocurrency Classification Standard (GCCS). This standard marks a significant step towards the advancement of the cryptocurrency industry’s organization and transparency.
What is the Global Cryptocurrency Classification Standard (GCCS)?
GCCS is a protocol-level, and token-level classification standard for cryptocurrencies. This standard aims to provide a comprehensive, industry-wide taxonomy of tokens, protocols, and related assets. GCCS focuses on broad categorization, grouping cryptocurrencies based on technical attributes, use cases, and characteristics.
The protocol-level classification focuses on the overarching categorization of cryptocurrencies, assigning them to either the transactional or platform clusters. Transactional cryptocurrencies and tokens focus on facilitating peer-to-peer transactions, while platform coins act as the backbone of a blockchain ecosystem.
On the other hand, the token-level classification categorizes cryptocurrencies based on their use cases and their technical attributes. GCCS includes five token-level categories: currency tokens, utility tokens, asset-backed tokens, asset tokens, and hybrid tokens. These categories provide a more in-depth analysis of cryptocurrencies, enabling investors and enthusiasts to better understand their investments.
Why is standardization essential for cryptocurrencies?
Cryptocurrencies are a relatively new asset class, and their underlying technologies continue to evolve at an unprecedented rate. This rapid pace of innovation means that new tokens and protocols enter the market frequently, making it increasingly challenging to categorize and understand the diverse ecosystem.
Standardization is vital for the broader adoption of cryptocurrencies. It provides investors and regulators with the information they need to make informed decisions. Additionally, a comprehensive classification standard creates a common language and framework that facilitates efficient and effective communication across the industry.
Impact and benefits of GCCS
GCCS is a significant development in the cryptocurrency market, demonstrating how the industry is maturing and taking steps to become more transparent and organized. Here are some of the benefits and impacts GCCS will have on the industry:
Improved clarity and transparency
The broad categorization of cryptocurrencies allows for a more efficient and effective analysis of the industry. Due to its comprehensive structure, GCCS will enable investors and regulators to accurately compare and contrast cryptocurrencies, leading to a better understanding of the market’s underlying trends and drivers.
Better decision-making
By providing a classification standard, investors will have access to standardized information that promotes informed and confident decision-making. This access to information creates a more level playing field for investors, allowing them to make informed investment decisions based on standardized metrics.
Facilitates the development of new cryptocurrency products
Standardization is a critical step in the development of new financial products. GCCS will enable the creation of new financial products that utilize cryptocurrencies as an underlying asset, such as ETFs and mutual funds.
Conclusion
The release of the Global Cryptocurrency Classification Standard is a promising development for the cryptocurrency market. GCCS is a comprehensive classification standard that will bring much-needed clarity and transparency to the market. By categorizing cryptocurrencies based on technical attributes and use cases, investors and regulators will have access to standardized information that promotes informed decision-making. The classification standard also paves the way for the creation of new financial products that utilize cryptocurrencies. Finally, as the cryptocurrency market matures, standardization will be essential for its continued growth and success.
FAQs
1. What is the purpose of the Global Cryptocurrency Classification Standard?
A: The purpose of the Global Cryptocurrency Classification Standard is to provide a comprehensive and industry-wide classification system for cryptocurrencies.
2. Why is standardization important for the cryptocurrency industry?
A: Standardization is vital for the adoption and growth of cryptocurrencies. It promotes transparency, facilitates efficient communication, and enables the development of new financial products.
3. How will GCCS impact investors and regulators?
A: GCCS will enable investors and regulators to make informed decisions by providing standardized information on cryptocurrencies. It also creates a more level playing field for investors and promotes transparency in the market.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/13045/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Bitcoin-Based Ordinals Create Record High Number of Minted NFTs
According to the report, according to Dune data, the total number of NFTs minted by Ordinals based on Bitcoin reached 170001, a record high.
Bitcoin ne…
-
The Impact of Fed Brad’s Statements on the Financial Market
According to reports, Fed Brad stated that the Fed must continue its current interest rate hike path; Merely tightening the financial market environment will not trigger an economi
-
Ethereum Developers Prepare for Launch of Shapella Upgrade
It is reported that Ethereum developers are preparing to launch the much-anticipated Shanghai-Capilla or Shapella upgrade on the Goerli test network later today. This is the final rehearsal before the launch of the main network in April. The developer said in a blog post of the Ethereum Foundation that the upgrade will be triggered in the era 162304 of Goerli, which is estimated to occur at about 6:25 p.m. EDT. After testing and upgrading on Goerli, if the test is successful, they plan to deploy it to the main network next month. Ethereum developers are ready to release the Shapella upgrade on the Goerli test website Analysis based on this information: Ethereum developers have announced that they are on the verge of launching the long-awaited Shapella upgrade on the Goerli test network. This is seen as the final attempt before launching the upgrade on the main network in April. In a blog post, the Ethereum Foundation said that the upgrade…
-
Introduction
It is reported that Sakura Exchange Bitcoin Co., Ltd. (SEBC), the Japanese crypto exchange owned by Minoan, announced on the 28th that it plans to launch a new service, Binance JAP
-
“Hacker Account Transfers Funds to Tornado Cash”
It is reported that according to CertiK monitoring, the account address (0x35596b) marked by Etherscan as “Dynamic Explorer 2” has transferred the funds to Tornado Cash. This address has been used by hackers for Dynamic attacks. Up to now, 74.4 BNBs (about US $21400) have been transferred from this address. 0x35596b Transferred funds to Tornado Cash Analysis based on this information:According to a report by CertiK monitoring, an account address previously marked by Etherscan as “Dynamic Explorer 2” has transferred funds to Tornado Cash. This account has been known to be used by hackers in dynamic attacks, and so far, a total of 74.4 BNBs (roughly valued at $21400) have been transferred from this address. The transfer of funds to Tornado Cash raises suspicion as the platform is known to be used for obfuscating transaction details, effectively making it difficult to trace the origins of the funds. It is, therefore, highly probable that the hackers are using Tornado Cash to…
-
What currency is mkr and the current market situation (what currency is mkp)
what currency mkr is currently trading in. The latest market display shows what currency mkr is currently trading in, with a current quotation of $0.045; Mkr is a blockchain based payment token. Its characteristic is that by providing a decentralized platform, anyone can make real-time peer-to-peer payments, thereby avoiding high transaction costs, high transaction fees, and other issues. At present, in the context of high market circulation, this application is still in the early development stage (such as MakerDAO) and has not implemented complete on chain incentives. (Log in according to APP – Find out, check out the exclusive comments of more currencies. “ What is mkpAccording to the official news, mkp is a digital currency issued based on Ethereum. In the white paper of the token, it is pointed out that” we have seen some projects begin to use mkp as a payment method to support transactions on bitcoin, Ethereum and other blockchains. ” According to CoinMarketCap data, its…
-
Meta To Raise $8.5 Billion Through a 5-Part Transaction
According to reports, insiders have revealed that Meta plans to raise $8.5 billion through a five part transaction. The longest bond issue this time is the 40 year bond, whose yiel
-
#Headline: The Extradition of Thodex Founder Faruk Fatih Ozer: What Happened and What It Means
It is reported that Faruk Fatih Ozer, founder of the crypto exchange Thodex, has been extradited from Albania to Türkiye according to TRT Haber, the Turkish state television statio
-
Polygon Labs reduces team size while ensuring financial health
It is reported that Polygon Labs has announced that it has reduced the team size by 20%, affecting many teams and about 100 positions. The affected employees w…
-
Gary Gensler, Chairman of the SEC, denies owning any cryptocurrency or digital assets
On April 19th, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), stated at a hearing on April 18th that he had never owned any cryptocurrency or digital asset
-
Bored Ape Yacht Club NFTs experience price drop and volume surge
On February 25, according to NFTGo.io data, the price of the Bored Ape Yacht Club series NFT floor dropped to 68.99 ETH, down 7.77% in 24 hours. In addition, t…
-
What is an act
What is an act? According to the latest announcement of hot coins, what is an act. Act is based on Ethereum’s GameFi. Users can use the assets in the game as collateral to lend the platform token act The current projects in HuoCoin include NFT, cross chain bridge, DeFi application, and so on. The most important ones are the characters and props in the game, such as virtual image design and built-in applications in the game. In addition, HuoCoin has launched a series of activities to encourage participants to actively participate.
-
The First-Ever Digital RMB Freezing by a Chinese Court in the Execution Process
According to reports, recently, the People\’s Court of Hanshan District, Handan City, Hebei Province lawfully froze the digital RMB in the account of a person being executed during
-
New Blockchain Namada Introduces Multi-Chain Privacy With Upcoming Namada Pledged Tokens
According to reports, the new blockchain Namada, which focuses on multi chain privacy, has proposed to air drop its upcoming Namada Pledged Tokens (NAM) to the holders of Zcash (ZE
-
Snapchat to Launch Chat Robot My AI with OpenAI’s ChatGPT
On February 28, it was announced that Snapchat will launch a chat robot supported by the latest version of ChatGPT of OpenAI. This robot named \”My AI\” will be …
-
Stable Currency Bill Discussion Draft Released by The Financial Services Committee of the United States House of Representatives
According to reports, the Financial Services Committee of the United States House of Representatives released a landmark discussion draft of the stable currency bill on Saturday be