As the DeFi and GameFi sectors grow, Space & Time aims to become the first truly decentralized solution for fast and secure data processing at an enterprise scale.
Space & TimeTM, a decentralized data platform for blockchain applications, has raised $10 million in a seed round led by Framework Ventures, a venture capital firm that specializes in decentralized finance (DeFi) and blockchain gaming (GamFi) as early as possible. Known to enter.
Additional participants in the round include Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance, and several market-leading DeFi, GameFi and enterprise organizations.
With a novel, patent-pending cryptographic protocol called SQLTM, Proof of Space and Time enables blockchain applications to generate rich, analytical insights in a completely decentralized, scalable and secure way.
A network of node operators draws data from blockchains, decentralized applications (dApps), and off-chain systems to perform operational and analytical calculations.
As a result, blockchains are complemented with capabilities to query both on-chain and off-chain data in a single, trustworthy environment to power advanced new use cases for smart contracts.
Space and Time’s database creates proofs of query results off-chain and passes them to a verification layer where they are verified to be true. Once validated, the data is loaded back on the chain into smart contracts where the dApp can access the results in real time.
By moving the bulk of computational work off-chain, and enabling on- and off-chain data into analytical workloads, Space and Time allows existing blockchain infrastructure to scale rapidly while maintaining unreliable computation integrity. Is.
Nate Holiday, co-founder of Space & Time, said, “As Web3 business process and automation mature, developers and applications need advanced database computations to connect off-chain analytics directly to smart contracts. ”
“However, scalability in the current blockchain ecosystem makes on-chain analytics impossible, and existing centralized analytical platforms fail to produce secure, tamper-proof results. Off-chain with a decentralized and cryptographically guaranteed data process. By adding on-chain computation, space and time dApps will securely power the next generation of data needs for developers and enterprises.
Funds from this round will be used to continue expanding the engineering of space and time, and to advance the platform’s analytical capabilities and decentralized network.
“Most DeFi and GameFi platforms are not fully decentralized since many dApps still rely on centralized databases to store and compute vast amounts of complex data,” said Michael Anderson, co-founder of Framework Ventures.
“As the first data platform to provide a fully decentralized solution for enterprise-scale analytics in real time, Space & Time is committed to the core ethos of blockchain to be a truly transparent and open system. We Time is thrilled to support the team as they develop the first scalable and secure analytics solution for the next generation of DeFi applications.”
Incubated as part of the Chainlink program in conjunction with Chainlink Labs’ startup, Space and Time is a decentralized data platform designed to bring expanded, enterprise-grade use cases for smart contract applications on-chain and off-chain. Uses Chainlink to combine data.
“Congratulations to the Space & Time team on their successful seed round, which includes investments from several industry-leading firms,” said David Post, Managing Director of Corporate Development and Strategy, Chainlink Labs.
“Through its innovative data processing and cryptographic proof technologies, Space and Time’s decentralized database will help scale the blockchain ecosystem and unlock more advanced smart contract use cases.”
about space and time
Space & Time is the first decentralized data warehouse for blockchain applications. Using cryptographic proof-of-stake technology, Space and Time empowers decentralized applications (DApps) to deliver low-latency queries and enterprise-level analytics in a completely trustworthy and blockchain-secure manner.
About Framework Ventures
Framework is a team of technologists, researchers and investors who buy, build and participate in the assets of an open crypto network. At its core, Framework is a technology company that builds products and services to support the open blockchain networks they invest in.
Through its registered investment advisor, Framework Ventures Management LLC (“Framework Ventures”), the firm has supported dozens of notable companies in the decentralized finance and Web3 space.
To know more, visit here.
About Chainlink Labs
Chainlink is the industry standard for building, accessing and selling the oracle services needed to power hybrid smart contracts on any blockchain. Chainlink Oracle Networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications.
Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming and other key industries, providing global enterprises and major data providers a universal gateway to all blockchains.
To learn more about Chainlink, visit here or read the developer documentation here. To discuss integration, contact an expert.
To learn more, visit the website and follow the team Twitter,
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