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Bitget, the world's largest crypto copy trading platform, has taken a groundbreaking step towards greater transparency in centralized exchanges by partnering with Space and Time. The move will provide unparalleled exchange operations transparency.
More Exchange Transparency is Required
As the first centralized exchange to leverage a decentralized data warehouse, Bitget offers its users verifiable evidence that the exchange holds the assets it claims to own on behalf of its clients.
Moreover, 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 is accurate and haven't been tampered with.
Even though most centralized crypto exchanges publish proofs to assure users that their assets exist, the accounting of financial operations is conducted in opaque, black-box systems. With Space and Time's technology, Bitget will provide proof of accounting and assure its users that all exchange operations are both valid and verifiable.
Gracy Chen, Managing Director of Bitget, said, "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."
Space and Time Breaks Ground
Space and Time is the first decentralized data warehouse that joins tamperproof on-chain and off-chain data, providing a verifiable and transparent financial economy.
The company 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.
Nate Holiday, CEO and Co-Founder of Web3 data warehouse Space and Time, said, "This partnership marks a new era of transparency for centralized businesses."
Bitget will leverage the Space and Time data warehouse to run verifiable computations against verifiable on-chain and off-chain data, strengthening the trust it has built with its growing user base as it continues to expand its product offerings to become a one-stop investment solution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.