Space and Time™, 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, Samsung Next, IOSG Ventures, Alliance and several market leading DeFi, GameFi, venture and angel investors.
With a novel, patent-pending cryptographic protocol dubbed Proof of SQL™, 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 pull 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 creates 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 and CEO 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.”