exSat Network Welcomes Licensed Crypto Exchange BitTrade As A Data Validator On Its Network
The strategic partnership will see BitTrade stake over 100 BTC to help strengthen the security and scalability of the network.
Bitcoin scalability and interoperability solutions platform exSat announces the addition of BitTrade as a data validator node. The Japanese licensed cryptocurrency exchange becomes the second company to run exSat’s validator nodes, following the recent addition of Spiderpool, one of the largest Bitcoin mining pools.
BitTrade joining as a validator node marks the first licensed institution to join the exSat network, promising to strengthen the security and scaling solutions through the exSat Docking Layer. Additionally, the partnership is expected to enhance the efficiency of Bitcoin transactions and the deployment of smart contracts on the network.
exSat is a network aiming to solve the scalability and interoperability challenges that Bitcoin faces. Its revolutionary Docking Layer is designed with a data availability layer and a decentralized indexer that extends the Bitcoin blockchain data capabilities, allowing for improved scalability, security, and interoperability within the ecosystem. The Data Consensus Extension Protocol on exSat combines a hybrid consensus mechanism – combining proof of work (PoW) and proof of stake (PoS) – to enhance the efficiency of the top blockchain.
By leveraging the strengths of both PoW and PoS consensus mechanisms, exSat enhances Bitcoin’s data consensus, providing a secure, scalable and efficient infrastructure for Bitcoin’s blockchain. This approach enables the seamless integration of Bitcoin with various Layer 2 solutions, offering a robust platform for smart contracts and complex business logic applications.
By partnering with a seasoned crypto exchange, exSat aims to improve the functionalities and capabilities of Bitcoin, the team statement reads. The partnership will leverage BitTrade’s staked assets, in a bid to support exSat’s goals of reaching 10,000 BTC, Huaqiang Wen, Founder of exSat stated.
"Bringing BitTrade on board as a validator marks a significant milestone for exSat as we strive to secure more than 51% of the BTC hashrate and accumulate over 10,000 staked BTC to ensure the network's security and efficiency,” Wen said. “BitTrade’s established BTC staking program aligns perfectly with our goals, positioning them to immediately contribute to and benefit from this synergy.”
Additionally, the partnership will also help in maintaining the integrity and efficiency of the exSat network, as the network drives forward a more scalable and interoperable Bitcoin ecosystem.
BitTrade will join Spiderpool, the world’s seventh-largest mining pool with 4% of the total Bitcoin hash power, as a validator and synchronizer node. To join as a validator node on exSat, entities are required to stake a minimum of 100 BTC. This is geared towards ensuring only committed and capable partners contribute to and benefit from the secure and decentralized enhancement of Bitcoin’s functionalities.
The validator nodes will play a crucial role in maintaining the network’s integrity and scalability. So far, only the top 21 nodes in terms of BTC staked will be eligible to serve as validator nodes on exSat.
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.
