Blockchain-driven, social trading platform HedgeTrade will reportedly be synching up with Bluzelle’s “decentralized” database network, in order to provide blockchain or distributed ledger tech (DLT)-interoperable trading tools and features to HedgeTrade’s consumer base.
Traders that use HedgeTrade are able to post predictions into a smart contract-enabled Blueprint that customers may purchase or unlock in order to gain access to them. Traders may be compensated if their Blueprint is accurate. If it’s off the mark, then users get a refund.
Bluzelle aims to serve as a “decentralized” data network that allows decentralized applications or dApps and tokenized applications to securely manage data. The Bluezelle team claims that the network is scalable and tamper-proof (data cannot be changed once committed to the database).
Bluzelle is powered by Cosmos and its (Byzantine Fault Tolerant) BFT technology Tendermint. It’s designed to be interoperable for dApps running on any blockchain network. Bluzelle aims to play a key role in supporting the development of Web 3.0, a new set of standards for the internet of the future.
As mentioned in a release shared with CI:
“By partnering with Bluzelle, HedgeTrade gains access to a decentralized solution for storing, managing and analyzing the data generated on its … social trading platform. … utilizing Bluzelle’s network ensures that HedgeTrade’s database can scale as needed, has maximum uptime, and is highly secure.”
Crypto trading platforms or exchanges have been expanding their operations across the globe. These emerging platforms could benefit from specialized data tools that traditional trading platforms already enjoy. Digital asset exchanges also need to maintain a secure foundation for blockchain- and trade-related financial data.
Crypto-asset exchanges also need proper analytics tools, in order to access key insights, while also being able to provide a good UX/UI. As noted in the release, a NoSQL database offers these capabilities to assist platforms like HedgeTrade with providing a good trading experience.
David Waslen, CEO and Co-Founder at HedgeTrade, remarked:
“HedgeTrade is the first social trading platform where the interests of both professional traders and novices are aligned. All users have a method of hedging risk, a way to maximize profitability, and a trusted source of blockchain-verified trading information. With Bluzelle’s decentralized data storage, we’ll be able to provide our users with data security only achieved through decentralization, as well as a blockchain compatible database that is in step with our fast evolving crypto platform.”
HedgeTrade aims to offer a decentralized method of handling or processing data. The platform’s development team is focused on improving risk analysis processes, providing differentiating customer views, and efficiently managing financial market data.
Pavel Bains, CEO and Co-Founder at Bluzelle, stated:
“Our decentralized database solution is … suited to support growing crypto platforms. … Bluzelle offers companies like HedgeTrade a decentralized data solution that goes beyond the internet as we know it. With Cloudflare recently down resulting in mass internet outages, it’s even more evident that decentralized solutions like Bluzelle represent the future of data security.”
