Nomics and Nexo Partners To Develop Algorithm For Ranking Crypto Products
Nomics and Nexo Partners To Develop Algorithm For Ranking Crypto Products
July 3, 2020
Nomics and Nexo Partners To Develop Algorithm For Ranking Crypto Products
Nomics and Nexo Partners To Develop Algorithm For Ranking Crypto Products
July 3, 2020

Cryptocurrency data startup Nomics has partnered with Nexo to introduce algorithmic rankings of crypto wallets, lenders, custodians, tax services, and over-the-counter desks.

Eventually, the plan is to eventually extend these rankings to every crypto product category, including even media outlets.

According to Nomics CEO Clay Collins, the same algorithm will be applied to all categories without any manual intervention. This should make the rankings more objective.

Each entity receives a reputation score based on its social media activity and site links. However, the exact way to how it works is not disclosed in order to prevent manipulation.

This kind of blind algorithm, at times, do produce interesting results.

Nexo tops Cryptocurrency Credit Lines rankings, while its arch-rival Celsius Network occupies 25th place. 

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Nomics CEO, Collins however do assures that this is not due to any manipulation and can probably be explained by the fact that Celsius Network only offers a mobile wallet, leaving its website as a basic landing page. 

Meanwhile, Celsius CEO Alex Mashinsky said in a recent interview that this is a conscientious choice as it allows the company to reduce a potential cyber-attack vector.

Nomics will be releasing rankings for two additional product categories every week. Collins hopes that Nomics rankings become the “U.S. News & World Report” of the crypto world.


Source: Cointelegraph | Image: Unsplash

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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.