Bitget, the largest platform for copy trading in the cryptocurrency market, has recently announced a strategic partnership with Space and Time (SxT), a leading provider of decentralized data warehousing services. Through this partnership, Bitget aims to offer its users an unmatched level of transparency in exchange operations with a tamper-proof audit trail of data and computation.
In a groundbreaking move, Bitget has become the first centralized exchange (CEX) to utilize a decentralized data warehouse, which is made possible by the partnership with SxT. By leveraging the trustless Space and Time platform, Bitget users will now be able to verify that the exchange holds the assets it claims to own on behalf of its clients, while also having full transparency about the exchange’s liquidity, assets, liabilities, and overall activity.
Moreover, the decentralized data warehousing service will ensure that the data and computation used by Bitget are accurate and have not been tampered with, providing users with the assurance that the exchange is operating with the utmost integrity. The partnership between Bitget and SxT is set to revolutionize the way centralized exchanges operate and could pave the way for increased transparency and accountability across the industry.
More Protection, Transparency, and Security
Bitget has established its Proof of Reserves Page to provide proof to users that it is a full-reserve cryptocurrency exchange. Bitget’s Proof of Reserves (“PoR”), which employs the cryptographically audited Merkle tree method, will also verify that the platform’s users’ assets are secure. To provide greater transparency, the exchange will collaborate with Space and Time, enabling Bitget to offer proof of accounting and reassuring its users that all exchange transactions are valid and verifiable.
Gracy Chen, Managing Director of Bitget, said: “Bitget strives to be the all-in-one global trading platform, and our partnership with Space and Time highlights our commitment to that. More than ever, users want to see transparency from exchanges. Bitget is the first to work toward transparency of proof of accounting and operations through Space and Time. We aim to inspire people to embrace crypto with more protection, transparency, and security, which serve as pillars for building a robust platform.”
The first-ever decentralized data warehouse, Space and Time brings together immutable on-chain and off-chain data in a single location. Proof of SQL is a novel form of cryptography that was invented by Space and Time. It is designed to cryptographically verify that query operations are carried out precisely and that both the query and the data are secure from any kind of manipulation.
Bitget will use the Space and Time data warehouse to do verifiable computations on verifiable on-chain and off-chain data. As Bitget continues to extend its product offerings in order to become an all-in-one investing solution, the transparency that is offered by Space and Time will assist the company in further solidifying the confidence it has established with its rapidly growing user base.