A venture capital firm recognised for its early forays into decentralised finance (DeFi) and blockchain gaming has received $10 million in a seed round for Space and Time TM, a decentralised data platform for blockchain applications (GameFi). Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance, and several industry-leading DeFi, GameFi, and venture organisations are additional investors in the round.
Space and Time’s Proof of SQLTM cryptographic technology, which has a novel patent application filed on it, enables blockchain applications to quickly produce rich, analytical insights in a completely decentralised, scalable, and safe manner. A network of node operators pulls data from blockchains, decentralised apps (dApp), and off-chain services to carry out operational and analytical computations. As a result, blockchains are enhanced with the ability to query both on-chain and off-chain data in a single, trustless environment to support cutting-edge new use cases for smart contracts.
The query results are proofed off-chain by the Space and Time database, which then sends them to a validation layer where they are authenticated. After being verified, the data is stored on the blockchain in the smart contracts so that the dApp can access the outcomes immediately. Space & Time enables the present blockchain infrastructure to extend exponentially while fruitlessly retaining computation integrity by off-chaining the majority of computational effort and allowing it on. Off-chain data to be blended into analytical workloads.
Nate Holiday, co-founder of Space and Time stated: “As the Web3 business process and automation matures, developers and applications require 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 analytic platforms fail to generate secure, tamper-proof results. By coupling off-chain computation with a decentralised and cryptographically-guaranteed data process, Space and Time will securely power the next-generation data requirements for dApp developers and enterprises.”
The money raised in this round will be utilised to keep building out Space and Time’s engineering team and develop the platform’s decentralised network and analytical capabilities.
Michael Anderson, Co-Founder of Framework Ventures said: “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.”.
Space and Time is a decentralised data platform that uses Chainlink to connect on-chain and off-chain data to deliver broader, enterprise-grade use cases to smart contract applications. It was developed as part of Chainlink Labs’ Startup with Chainlink initiative.