Meet the ‘Michelin Star’ equivalent of the crypto world 

Michelin Star is internationally known as one of the most prestigious recognitions in the restaurant industry. 

Having just one of these stars (in which a maximum of three stars are given for each restaurant) means that a restaurant has gained Michelin’s top-class standards. 

Now, an organization will replicate and apply these high-standard valuations in the world of cryptocurrency. 

The Korea Institute of Virtual Assets, which was launched last month, will release its first report on July 15 about the evaluation of 10 cryptocurrencies in South Korea. 

The non-profit organization aims to set the standards on domestic cryptocurrencies to ensure that high standards are being followed and consumers’ protection is ensured. 

Monthly evaluation

The Korea Institute of Virtual Assets will evaluate 10 domestic cryptocurrencies every end of the month. 

A 10-point-scale will measure the crypto issuer’s progress in technology, potential, problem-solving, strategies, practicality, and business management. 

Some 60 professors have volunteered to participate in evaluating domestic cryptocurrencies. Each professor has signed a security agreement that says any proven conflict of interest will be met with serious legal charges. 

Xangle controversy

The non-profit organization was not the first cryptocurrency evaluator in the country. Before it was launched, Xangle was the lone crypto rating provider in South Korea. 

But Xangle was caught in a controversy involving an accusation where it allegedly acted as a de facto broker between altcoin issuers and crypto exchanges. 

According to Park Jae-Kyung, founder of the Korean Institute of Virtual Assets, Xangle’s ratings were heavily influenced by token issuers themselves. And he assured the public that the non-profit organization would not follow this same route and would always enforce transparency and fairness. 

 

Image courtesy of Food Insider/YouTube

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