2022-7-30 19:00 |
As the DeFi & GameFi sectors grow, Space and Time aims to be the first truly decentralized solution for rapid and secure data processing at an enterprise scale.
Space and Time TM, a decentralized data platform for blockchain applications, has raised $10 million in a seed round led by Framework Ventures, a venture capital firm known for its early entry into decentralized finance (DeFi) and blockchain gaming (GameFi).
Additional participants in the round include Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance, and several market-leading DeFi, GameFi, and venture organizations.
With a novel, patent-pending cryptographic protocol dubbed Proof of SQLTM, Space and Time enables blockchain applications to rapidly generate rich, analytical insights in an entirely decentralized, scalable, and secure manner.
A network of node operators pulls data from blockchains, decentralized applications (dApp), and off-chain systems in order to perform operational and analytic computations.
As a result, blockchains are supplemented with capabilities for querying both on-chain and off-chain data in a single, trustless environment to power advanced new use cases for smart contracts.
Space and Time’s database create proofs of the query results off-chain and transmits them to a validation layer where they are verified to be true. Once validated, the data is loaded back on-chain to the 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 to be combined in analytic workloads, Space and Time allows the existing blockchain infrastructure to scale exponentially while trustlessly maintaining computation integrity.
“As the Web3 business process and automation matures, developers and applications require advanced database computations to connect off-chain analytics directly to smart contracts,” said Nate Holiday, co-founder of Space and Time.
“However, scalability in the current blockchain ecosystem makes on-chain analytics impossible, and existing centralized analytic platforms fail to generate secure, tamper-proof results. By coupling off-chain computation with a decentralized and cryptographically-guaranteed data process, Space and Time will securely power the next-generation data requirements for dApp developers and enterprises.”
The funds from this round will be used to continue expanding Space and Time’s engineering and further advance the platform’s analytic capabilities and decentralized network.
“Because many dApps still rely on centralized databases to store and compute large amounts of complex data, most DeFi and GameFi platforms are not fully decentralized,” said Michael Anderson, Co-Founder of Framework Ventures.
“As the first data platform to offer an entirely decentralized solution for enterprise-scale analytics in real-time, Space and Time truly commits to blockchain’s core ethos to be a transparent and open system. We’re thrilled to support the Space and Time team as they develop the first scalable and secure analytics solution for the next generation of DeFi applications.”.
Incubated as part of Chainlink Labs’ Startup with Chainlink program, Space and Time is a decentralized data platform that uses Chainlink to combine on-chain and off-chain data to bring expanded, enterprise-grade use cases to smart contract applications.
“Congratulations to the Space and Time team for their successful seed round raise, which includes investments from a number of industry-leading firms,” stated David Post, Managing Director, Corporate Development and Strategy at Chainlink Labs.
“Through its novel 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 TimeSpace and Time is the first decentralized data warehouse for blockchain applications. Using cryptographic proof technology, Space and Time empowers decentralized applications (dApps) to deliver low-latency queries and enterprise-scale analytics in an entirely trustless and blockchain-secure manner.
About Framework VenturesFramework is a team of technologists, researchers, and investors who buy assets of, build for, and participate in open crypto networks. At its core, Framework is a technology company, building products and services to support the open blockchain networks that they invest in.
Through its registered investment adviser, Framework Ventures Management LLC (“Framework Ventures”), the firm has backed dozens of notable companies in the decentralized finance and Web3 space.
To learn more, visit here.
About Chainlink LabsChainlink is the industry standard for building, accessing, and selling 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 for enabling feature-rich applications.
Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting here or reading the developer documentation here. To discuss an integration, reach out to an expert.
To learn more, visit the website and follow the team on Twitter.
Disclaimer: This is not investment advice and readers should not construe discussion of any particular organization as a recommendation to purchase or sell, or a solicitation of an offer to purchase or sell, any securities or digital assets related to such organization.
The post Space and Time Raises $10M in Seed Round Led by Framework Ventures appeared first on BeInCrypto.
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