A June 18 press release by exSat announced its partnership with Japanese crypto exchange BitTrade to improve the Bitcoin network’s scalability. The partnership made the exchange exSat’s first licensed collaborator. BitTrade is also one of the data validators on exSat’s network.
BitTrade became the first licensed Japanese exchange in 2016, offering users different trading products, including BTC and EOS. Its addition to the exSat ecosystem builds the network’s credibility to its mission before it officially launches. exSat is a network built on the EOS blockchain, a significant contributor to blockchain development and solutions.
The collaboration comes a week before exSat appears during the Bitcoin Week in Nashville, starting on July 23. exSat revealed it was one of the largest partners during the event, getting the Genesis Stage. Bitcoin Week is an event featuring many key speakers in the crypto community and a wide range of activities.
BitTrade staking program aligns with exSat’s goals
exSat depends on a hybrid consensus algorithm, combining the Proof of Work and Proof of Stake consensus algorithms. exSat mentioned that making the most out of both algorithms’ strengths improves Bitcoin’s consensus. The company also highlighted that the consensus algorithms aid it in providing a safe and scalable model for the Bitcoin network.
As one of the validator nodes in the exSat ecosystem, BitTrade will help uphold Bitcoin’s integrity, security, and decentralization through exSat. The Docking Layer explained that choosing BitTrade as a node came after much contemplation of the exchange’s capabilities and commitment. exSat appreciated BitTrade as a capable partner and as part of solidifying its security and operational functionalities.
exSat’s Founder Huaqiang Wen added that BitTrade would contribute to its mission of attaining over 51% of the Bitcoin network’s hashrate. exSat also hopes to pile up over 10,000 staked BTC. Both actions will also boost the network’s security and efficiency. Wen further mentioned that the BitTrade staking program will help exSat achieve its goals.
“BitTrade’s established BTC staking program aligns perfectly with our goals, positioning them to immediately contribute to and benefit from this synergy.”
BitTrade will join SpiderPool as validator
We are thrilled to announce that @SpiderPool_com will be joining forces with #exSat as one of the validator and synchronizer nodes! 🤝
— exSat Network (@exSatNetwork) May 8, 2024
Renowned for its robust PoW mining operations, SpiderPool is consistently ranked among the top mining pools globally.https://t.co/xF5gLGZsf9 pic.twitter.com/c0tgmtV5Np
In May, exSat partnered with SpiderPool as a validator, working toward improving the network’s scaling solutions. SpiderPool is one of the top-ranking mining pools globally with a robust BTC mining infrastructure.
The recent press release confirmed that BitTrade will be the second validator after SpiderPool. exSat explained that BitTrade, like SpiderPool, will also play a significant role in expanding Bitcoin’s ecosystem. The collaboration will improve transactions on the Bitcoin network and help deploy complex smart contracts.
In the release, exSat also outlined the requirements for parties interested in becoming one of its ecosystem’s validator nodes. To enter the system, an entity must have a minimum of 100 staked BTC. The top 21 nodes in staked BTC have the opportunity to become exSat’s validator nodes.
On July 17, exSat announced more plans to partner with other BTC mining pools similar to SpiderPool. These partnerships will allow easier deployment of Bitcoin Layer 2 to expand the Bitcoin ecosystem.