On March 27, 2020, KuCoin, an IDG-backed exchange, announced the official launch of Project Pinocchio together with 21 top blockchain institutions around the world.
The Project Pinocchio is a neutral and credible alert platform for less trustworthy projects in the cryptocurrency industry. Through the establishment of a crypto credit reporting system, it will prevent malignant business behaviors such as cooperative breach of contract, illegal fundraising, and bad cryptos expeling good cryptos. The Project Pinocchio is committed to creating a fair, just and transparent business environment, and providing a foundation for the healthy development of the blockchain and crypto industry.
The Project Pinocchio will introduce the Pinocchio Index as the evaluation standard, and all judgment results will be disclosed based on legal compliance. All information records will be stored on-chain with immutability via blockchain technology, eventually we will establish a non-profit credit reporting DApp.
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.”