Bitget taps SxT for transparency of assets, activity, liquidity, and liabilities
“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 has partnered with decentralized data warehousing firm Space and Time (SxT) to enable Bitget to offer users further transparency of exchange operations with a verifiably tamperproof audit trail of data and computation.
The popular crypto copy trading platform will leverage the SxT data warehouse to run verifiable computations against verifiable on-chain and off-chain data in order to strengthen the trust it has built with its user base as it continues to expand its product offerings to become a one-stop investment solution.
SxT has developed a novel cryptography called Proof of SQL that cryptographically proves that query computations were done accurately and that both the query and the data are tamperproof.
“A new era of transparency for centralized businesses”
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 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.”
Nate Holiday, CEO and Co-Founder of Space and Time, commented: “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.”
A verifiably tamperproof audit trail of data and computation
Bitget is the first centralized exchange to leverage a decentralized data warehouse, according to the announcement, which notes that the trustless Space and Time platform will provide Bitget users with verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients.
Additionally, Bitget users will have full transparency about the exchange’s activity, liquidity, assets, and liabilities with the assurance that the data and computation powering the exchange are accurate and haven’t been tampered with.
Bitget’s Proof of Reserves uses the cryptographic-audited Merkle tree method to demonstrate that it is a full-reserve exchange, and it will also validate that users’ assets stored on the platform are safeguarded.
SxT will allow Bitget to provide proof of accounting and assure its users that all exchange operations are both valid and verifiable. Total reserve ratio is 231%, according to the data as of Mar 6th 2023, which means Bitget holds more than 100% of the users’ total assets (BTC, ETH, USDT, USDC).
