A decentralized data platform for blockchain applications. Space and TimeTMhas raised $10 million in an early venture 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 various market leaders DeFi, GameFi and startups.
With a new, patent-pending cryptographic protocol called Proof of SQLTM, Space and Time enables blockchain applications to generate rich, analytical insights in a completely decentralized, scalable and secure manner.
A network of node operators pulls data from blockchains, decentralized applications (dApp), and off-chain systems to perform operational and analytical calculations. As a result, blockchains are powered by their ability to query both on-chain and off-chain data in a single, trusted environment to power advanced new use cases for smart contracts.
Space and Time’s database generates evidence of off-chain query results and forwards them to a validation layer where they are verified as correct. Once verified, data is restored on-chain into smart contracts, where the dApp can access results in real time. Space and Time enables existing blockchain infrastructure to scale exponentially while reliably maintaining computational integrity by moving the bulk of computational work off-chain and consolidating on-chain and off-chain data in analytical workloads.
Nate Holiday, co-founder of Space and Time, made the following statement on the subject:
“As Web3 business process and automation matures, developers and applications need advanced database computing to connect off-chain analytics directly to smart contracts.” However, the scalability in the current blockchain ecosystem makes on-chain analytics impossible, and existing centralized analytics platforms are unable to produce secure, tamper-proof results. By combining off-chain computing with a decentralized and cryptographically guaranteed data process, Space and Time will securely power next-generation data requirements for dApp developers and organizations.”
Funds from this round will be used to continue expanding Space and Time’s engineering and further develop the platform’s analytics capabilities and decentralized network.
Michael Anderson, Co-Founder of Framework Ventures
“Most DeFi and GameFi platforms are not completely decentralized, as many dApps still rely on centralized databases to store and compute large amounts of complex data.” Space and Time, the first data platform to offer a fully decentralized solution for enterprise-scale analytics in real-time, truly transparent and commits to the core values of the blockchain to be an open system. We are excited to support the Space and Time team as they develop the first scalable and secure analytics solution for next-generation DeFi applications.” said.
Space and Time, part of Chainlink Labs’ Startup with Chainlink program, is a decentralized data platform that uses Chainlink to combine on-chain and off-chain data to bring extended, enterprise-grade use cases to smart contract applications.
David Post, General Manager of Enterprise Development and Strategy at Chainlink Labs, said:
“We congratulate the Space and Time team for their successful seed round increase, including the investments of several leading companies in the industry,” he said. Space and Time’s decentralized database will help scale the blockchain ecosystem and unlock more advanced smart contract use cases, thanks to new data processing and cryptographic proof technologies.”
For more information: https://www.spaceandtime.io/
Twitter: @SpaceandTimeDB
About Space and Time
Space and Time is the first decentralized database for Blockchain applications. Using cryptographic proof technology, Space and Time empowers decentralized applications (dApps) to deliver low-latency queries and enterprise-scale analytics in a completely reliable and blockchain-secured manner.
About Framework Initiatives
Framework is a team of technologists, researchers and investors who buy, build for and participate in the assets of open crypto networks. Framework is, at its core, a technology company that creates products and services to support the open blockchain networks they invest in. The firm has supported dozens of key companies through its registered investment advisor Framework Ventures Management LLC (“Framework Ventures”). in decentralized finance and Web3.
Visit https://framework.ventures to learn more.
About Framework Ventures
Chainlink 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 computing to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming and other major industries, providing global businesses and leading data providers with a universal gateway to all blockchains.
Learn more about Chainlink by visiting Chain.link or reading the developer documentation at docs.chain.link.
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