Bitget, a leading cryptocurrency trading platform, has announced its partnership with Space and Time (SxT) to offer users transparency in exchange operations and reserves. This partnership will allow Bitget to go beyond “proof of reserves” to “proof of accounting”, providing verifiable, tamper-proof audit trails of data and computation.
Tamper-Proof Auditing with Cryptographic-Audited Merkle Tree Method
The cryptographic-audited Merkle tree method used by Bitget, in collaboration with Space and Time, ensures that all exchange operations are valid and verifiable. This technology provides verifiable evidence to users that the exchange is holding 100% of client assets. Bitget users will also have full access to transparent data about the exchange’s activity, liquidity, assets, and liabilities.
Space and Time’s Proof of SQL Cryptography
Space and Time is a decentralized data warehouse that combines tamper-proof on-chain and off-chain data to deliver enterprise use cases to smart contracts. Space and Time has developed a unique cryptography called Proof of SQL, which utilizes the blockchain to prove each query computation was done accurately and that both the query and the data are tamper-proof. This technology allows developers to connect analytics directly to smart contracts, opening up powerful use cases for business logic in blockchain projects.
A New Era of Transparency for Centralized Cryptocurrency Establishments
Bitget’s partnership with Space and Time marks a new era of transparency for centralized cryptocurrency establishments. This partnership will help to build trust with Bitget’s growing user base, which currently serves over 8 million users in more than 100 countries and regions.
Nate Holiday, the CEO and Co-Founder of Space and Time, said, “Space and Time is building the foundation for a verified and transparent financial economy. We’re thrilled to work with Bitget to provide market-leading proofs for accounting and verifiability of operations. This partnership marks a new era of transparency for centralized businesses.”
Bitget Aims to Build Trust
Bitget was established in 2018 and offers futures trading and copy trading services as its key features. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform. Its partnership with Space and Time will strengthen the trust it has built with its growing user base.
Gracy Chen, Bitget’s managing director, commented, “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.”