Decentralized data warehouse Space and Time completes $10 million in financing, led by Framework Ventures

2022-07-30 17:39

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Space and Time enables dApps to provide low-latency data query and enterprise-scale data analysis services in a completely trustless and highly secure manner through encryption proof technology.

Original source: Space and Time

With the rapid development of DeFi and GameFi , relevant markets urgently need safe and fast decentralized Space and Time has become the first "pathfinder" in this field.

Space and Time is a decentralized data warehouse built for blockchain applications. Through encryption proof technology, dApps can be completely trustless and highly secure. Provide low-latency data query and enterprise-scale data analysis services. On July 29, the company announced the completion of a $10 million seed round of financing, led by Framework Ventures, Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance, and some other DeFi, GameFi and VC Institutions participated. Thanks to this latest financing, Space and Time will accelerate the construction of its software engineering, while further improving the platform's analytical capabilities and decentralized network scale.

Space and Time has built a new "SQLTM Proof" cryptographic protocol (patent pending) that enables blockchain applications to It can quickly process massive data and generate insightful analysis results in a standardized, scalable and secure way. After the node operation network extracts data from the blockchain, decentralized applications and off-chain systems, it can perform data operations and Analysis calculated. For the blockchain, Space and Time can greatly improve the function of querying on-chain data and off-chain data in an independent and trustless environment, and then bring more and more advanced innovative use cases to smart contracts on the chain.

Space and Time's database creates proofs of data query results off-chain, then transmits them to the verification layer and verifies the authenticity of the proofs. Once the verification is passed, the data will be uploaded to the chain and loaded into the smart contract. At this time, the dApp can access the data query result information in the smart contract in real time. Not only that, because Space and Time transfers a large amount of computing work to off-chain, the on-chain and off-chain data can be reasonably distributed in the analysis workload, and the existing blockchain infrastructure can ensure computational integrity. Expand exponentially.

Space and Time Co-Founder Nate Holiday says:

"As Web3 business processes become more mature and more automated, developers and applications need more advanced database computing services to directly connect off-chain analysis results to smart contracts. However, due to the current blockchain ecosystem The problem of system scalability makes the analysis on the chain unable to meet the needs of users, and it is difficult for the centralized data analysis platform to generate highly secure and tamper-proof analysis results. Space and Time can solve these problems by combining off-chain computing with decentralized Combined with encryption-guaranteed data processing to meet the next-generation high-security data needs of dApp developers and enterprise users.”

Leader, Framework Ventures Founder Michael Anderson said:

“Many dApps still rely on centralized databases to store and compute large amounts of complex data, which means that most DeFi and GameFi platforms do not have Completely decentralized. As the first data platform to provide decentralized enterprise-level real-time analysis solutions, Space and Time upholds the core spirit of the blockchain industry, that is, to build a transparent and open system. We are very pleased Able to support the Space and Time team as they develop the first data analytics solution that is both scalable and secure for the next generation of DeFi applications.”

It is worth mentioning that Space and Time is also an incubation project of Startup with Chainlink, a subsidiary of Chainlink Labs. Therefore, with the support of the blockchain oracle service Chainlink, it can combine on-chain and off-chain data for smart contract applications Bring more enterprise-level use cases with high scalability.

Speaking of this financing, David Post, Managing Director of Corporate Development and Strategy at Chainlink Labs said:

“Congratulations to the Space and Time team for their successful seed round of financing, with many industry-leading companies among the investors. Proving innovative technologies in data processing and encryption, the Space and Time decentralized database will further expand the blockchain ecosystem and Unlock more smart contract use cases."

About Space and Time

Space and Time is The encryption industry's first decentralized data warehouse built for blockchain applications enables dApps to provide low-latency data query and enterprise-scale data analysis services in a completely trustless and highly secure manner through encryption proof technology.

If you want to know more about Space and Time, click here.

About Framework Ventures

Framework is a The team formed by Framework Ventures Management LLC (“Framework Ventures”) is its investment arm. At its heart, Framework is a technology company as they build products and services to support the open blockchain networks they invest in, and Framework Ventures has backed dozens of big-name companies in the DeFi and Web3 space so far.

For more information about Framework Ventures, click here.

About Chainlink Labs

Chainlink is the The oracle machine "industry standard" required for hybrid smart contracts, its oracle machine network provides a solution for smart contracts to connect to any external application program interface (API) and enable applications using off-chain secure computing, currently for DeFi, Tens of billions of dollars worth of assets in the insurance, gaming and other encrypted fields provide security, and have become a "universal gateway" for enterprises and data service providers around the world.

For more information about Chainlink Labs, click here.