Cryptocurrency exchange company Bitget has joined forces with Space and Time (SxT), a pioneer in the field of distributed data storage, to improve the latter’s asset transparency. Through this partnership, Bitget will be able to provide its users with a verifiably tamper-proof audit trail of data and computation, allowing for a high degree of transparency in exchange activities.
How does Space and Time improve Bitget’s audit transparency?
Bitget says that its customers will be able to verify that the exchange actually does possess the assets it says it holds on behalf of its customers, thanks to the trustless Space and Time technology. The exchange adds that users will also have full view of the exchange’s operations, liquidity, assets, and liabilities. According to a release, Bitget says that the system’s design guarantees the integrity and veracity of the exchange’s underlying processing and data.
Bitget has already released its Proof of Reserves (PoR), which verifies that the exchange has sufficient funds by employing a cryptographically audited Merkle tree. H owever, the exchange’s partnership with Space and Time will give proof of accounting and guarantee the verifiability of all exchange transactions for its users.
Many investors lost faith in the cryptocurrency market last year, and the industry is facing an uphill battle to regain their trust. Furthermore, users are demanding transparency in transactions more than ever before. Bitget says its mission is to convince consumers that cryptocurrencies are safe, transparent, and secure enough to use.
SxT is a distributed data warehouse that merges immutable on-chain and off-chain data for its audit service. The company employs Proof of SQL, a technology based on cryptography, to verify the authenticity of query computations and ensure the integrity of both the query and the data. The data warehouse will be used by Bitget to perform auditable computations on auditable on-chain and off-chain data.