A Singapore based cryptocurrency exchange and bitcoin, BiteBTC, are setting aside $10 million that will be used for constructing a new distributed network of data centers that will be hosting BiteBTC Exchange servers. This is as a result of a fire that occurred in the data center where servers are located.
BiteBTC VC Invests $10M in Distributed Data Center: https://t.co/9kdcy6k4KU
— BiteBTC (@bitebtccom) January 15, 2019
BiteBTC Venture Fund
The US$25 Million BiteBTC Venture Fund was opened mid-2018 with the aim of supporting blockchain projects that need additional funding. Investing in new data centers is one among such projects.
The monies from BiteBTC’s Venture Fund will also be used to put up a system for the distribution of crypto assets in the cold storage. Through the new infrastructure, the system of operation will now be based on multi-signatures. The technology will be an additional security measure for cryptocurrency transactions.
Improving Safety Measures In The New Data Centers
The new infrastructure consists of an exclusive feature that will work as a multi-signature system which simplifies the process of accessing crypto wallets.
Any updates on orders, deposits, trading operations and any other processed data will be performed actual-time from each of the centers. This is to minimize the risk of losing any data. The new system will also help in reducing the time used in executing orders to at least 15 minutes.
The three exchange servers are in Boston (USA), Singapore, and Zurich (Switzerland). The data centers will be constructed in a way that, all the standards for reliable information storage and modern requirements for fire safety are adhered to. The strict measures come after a fire broke out in one of the data centers recently, resulting in huge damage to the main and backup servers.
In the event that either one or two data centers are attacked, the damage is expected to be minimal. The new system is designed to provide thorough security measures which if properly implemented will prevent hackers from accessing the crypto wallets.
The only way you can ensure your coins are fireproof and un-hackable is with cold storage. In instances where you want to add value to your coin or redeem them, this new feature will help you prevent some mistakes. To obtain coins from the cold storage, each of the three data centers will have to provide a digital signature. It helps in reinforcing the security measures that have been put in place.
Future Plans
BiteBTC also stated that they intend to launch several other services in the near future. These services will incorporate unique features that allow the actual monitoring of each module in the crypto exchange’s infrastructure. The modules include crypto assets storages, blockchain nodes, the operation of main servers, and any other operational features.
The administration of the Singapore based crypto exchange confidently stated that the measures they are taking to ensure data storage is reliable and secure will be of great value to retail traders. It will also appeal greatly too large institutional investors. As an exchange platform, BiteBTC aims to bring together the major market players in the world of cryptocurrency.
