Transparency and security remain two of the biggest challenges amongst blockchain projects. However, some projects have taken on the responsibility to resolve these concerns and make Web3 more comfortable for users.
Bitget, the largest crypto copy trading platform, is one of the projects leading the push for a more transparent and secure Web3. To this end, the platform has announced a new partnership with Space and Time (SxT), a company that provides decentralized data warehousing services.
👏 #Bitget has partnered with decentralized data warehousing leader, Space and Time (SxT)! @SpaceandTimeDB
The partnership will enable Bitget to offer users unparalleled transparency of exchange operations with a verifiably tamperproof audit trail of data and computation. 🦾
— Bitget (@bitgetglobal) March 27, 2023
As per an official announcement of the deal, Bitget will provide its users with heightened transparency in exchange operations with a tamper-proof audit trail of data and computation. The move is not only groundbreaking but mirrors Bitget’s ambitions to provide unmatched transparency to its community.
Bitget Becomes the First CEX to Use Decentralized Warehousing Services
The partnership with SxT will make Bitget the first centralized exchange to leverage decentralized warehousing services. Since the FTX saga of November 2022, crypto users have become more concerned with transparency.
Thankfully, leveraging SxT’s services will provide Bitget’s users a chance to verify that Bitget holds the assets it claims to hold on its customers’ behalf. Users will also have total transparency about the company’s assets, liquidity, liabilities, and general operations.
.@bitgetglobal is the first centralized exchange to leverage a decentralized data warehouse 🙌 pic.twitter.com/c8KN1zmnr4
— Space and Time (@SpaceandTimeDB) March 27, 2023
This partnership will not only provide a revived sense of security for the exchange’s users, but it will also foster a greater feeling of belonging and community. The partnership is all about providing an extra layer of accountability for Bitget’s users.
Interestingly, SxT’s decentralized data warehousing service will ensure that Bitget’s data and computation are accurate and not altered. This will ensure that the exchange operates with heightened integrity.
The partnership is also mutually beneficial to both platforms. But for the most part, it writes a new script for how centralized exchanges can operate, bringing about increased accountability and transparency in the industry.
Reacting to the partnership, 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 in 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.”
Bitget Provides Increased Security
Bitget’s Proof of Reserves Page will provide much-needed proof to users that it is a full-reserve cryptocurrency exchange. The exchange’s Proof of Reserves uses the cryptographically audited Merkle tree method and will verify that users have their assets fully secured.
The collaboration with SxT will also provide proof of accounting to Bitget’s users, providing a sense of security over the validity of their transactions.
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