Space and Time, the first decentralized data warehouse to create solutions for fast and secure efficient processing at enterprise scale, has raised $10 million from an investment round led by Framework Ventures. Additional participants in the round included the Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance and various market leaders DeFi, GameFi and startups.
Funds from this round will be used to continue expanding Space and Time’s engineering and further develop the platform’s analytics capabilities and network.
When Is Space and Time Coming Out?
Decentralized data warehouse Space and Time seeks to upgrade its database capabilities to create solutions for fast and secure data processing at enterprise scale.
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.
Space and Time’s database generates evidence of off-chain query results and forwards them to a validation layer, where they are validated. Once verified, data is restored on-chain into smart contracts, where the dApp can access results in real time.
Nate Holiday, co-founder and CEO of Space and Time, said:
From a decentralized perspective, we plan to add more database clusters and more validators to our network. The funds will facilitate the development of the platform and the hiring of engineers. We are rapidly increasing the engineering staff of the company with 40 employees.
Space and Time will continue to work on its “Limited Alpha Offering” until December. A broad version of the protocol will appear in the first quarter of 2023. It will be released to the public in a completed form in September 2023.
Michael Anderson, Co-Founder of Framework Ventures, also made the following statements on the subject:
“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.”
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 extended, enterprise-grade use cases to smart contract applications.
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