The largest Universal Exchange (UEX), Bitget, has collaborated with blockchain security developer BlockSec to introduce a UEX Security Standard. This framework establishes a system-level security standard for exchanges operating in both crypto and traditional markets. The announcement comes amid discussions regarding long-term risks, such as quantum computing, in the industry.
About The Bitget ‘UEX Security Standard’
Bitget clarified in the collaborative report with BlockSec that as exchanges integrated several asset classes into single accounts, security risk has become more complex. Shared settlement systems, cross-market trading, and data layers are creating vulnerabilities beyond fundamental wallet protection.
The company cautioned that account permission failures, price feed failures, and infrastructure failures may affect the overall functioning of platforms simultaneously. Such issues require systemic security, not isolated protection.
The UEX Security Standard outlines five major pillars to address these risks. They include verifiable solvency, risk isolation across multi-asset classes, data privacy protection, AI-based threat monitoring, and infrastructure resilience.
Bitget will be assisted by BlockSec in real-time security monitoring, penetration testing, and incident response planning. Anti-money laundering controls and sophisticated fund-tracing equipment are also incorporated in the collaboration.
According to Gracy Chen, CEO of Bitget, the transition to a Universal Exchange requires a new strategy to secure user assets. The issue of security has ceased to be asset-centered, according to Chen. It has to work on the system level, whereby the dangers are detected early and removed.
Bitget, in its Universal Exchange whitepaper, said that it deals with fragmentation that may lead to security risks by bringing together various markets with one account. Bitget also reiterated its practices of frequent Proof of Reserves disclosure. In addition, it would have a separate protection fund as part of its risk management tools.
Co-founder of BlockSec, Yajin Zhou, noted that exchanges that combine crypto and traditional finance now need to obtain off-chain dependencies. These include price data and trading infrastructure. He emphasized that platforms should be open with stringent checks and balances to ensure efficiency as they expand.
CoinShares Minimizes Bitcoin Risks From Quantum Computing
The introduction of the UEX Security Standard comes amid increased debate concerning possible quantum computing risks to cryptocurrencies. A report by digital asset manager CoinShares indicates that these fears are mostly premature.
CoinShares contended that most bitcoins are highly secure against quantum attacks over the long term. The company claimed that an insignificant proportion of coins are technically susceptible.
According to CoinShares researcher Christopher Bendiksen, a little more than 10,000 BTC from over 1.6 million BTC are in older wallet formats. These are the ones that can be affected by a possible quantum attack/quantum error.
The report further pointed out that quantum computing cannot change the fundamental design aspects of Bitcoin, such as its 21 million supply restriction or its proof-of-work consensus design.
The increasing concern that quantum computing may undermine the current blockchain cryptography algorithm caused the Ethereum Foundation to establish a Post Quantum team, funding it with $2 million. Their duties will include research, infrastructure protocol design, and testing.
Quantum risks have caused division regarding their time of occurrence within the broader blockchain industry. Strategy’s executive chairman, Michael Saylor, opined that the risk is not immediate and a solution will be put in place when the risk manifests. As CoinGape reported, Bitcoin OG Adam Back also labeled statements of an imminent quantum threat to BTC as FUD.
Source: https://coingape.com/bitget-partners-with-blocksec-to-introduce-the-uex-security-standard-amid-quantum-threats-to-crypto/
