Space And Time Secures $20 Million To Transform Central Business Logic Databases Into Trustless Data Sources For Web3
September 28 2022 - 2:43AM
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Space and Time paves the way for establishing a decentralized data
warehouse with tremendous Web3 implications. The project secured an
additional $20 million in funding to make smart contracts more
robust. A Big Step For Space and Time The new $20 million in
strategic funding is a big deal for the Space and Time team. It
signifies the importance of taking a decentralized approach to
business logic. More importantly, the investors, including M12,
SevenX Ventures, Polygon, Fellows Fund, Mysten Labs, MarketAcross
and Stratos, see merit in the Proof of SQL cryptographic approach.
Bridging the gap between enterprise database data and smart
contracts can lead to many new potential use cases. Under the hood,
Space and Time combines on-chain and off-chain information in a
trustless environment to enable enterprise-scale analytics at
minimal cost and low latency. Additionally, mutable and immutable
tables can be created, joined, and queried with cryptographic
guarantees through the next-generation data platform. Chainlink
Co-Founder Sergey Nazarov adds: “We’re proud to support Space and
Time through the Startup with Chainlink program in their mission to
build a decentralized data warehouse and bridge the on-chain and
off-chain worlds with Chainlink oracles. With the total addressable
market for trust-minimized applications in the trillions of
dollars, providing core infrastructure to Web3 developers is
crucial for scaling and meeting this global demand.” Chainlink has
been a crucial partner for Space and Time. Through future
collaboration, Space and Time will extend the functionality of its
hybrid smart contracts to drive the future trustless web or Web3.
Moreover, developers can build multi-chain applications and access
analytical insights in a decentralized and secure manner.
Chainlink’s oracles are a crucial cog in that machine. Coming To
Azure Soon The fundraising enables Space and Time to accelerate its
engineering and product development. More importantly, the team
wants to build familiar enterprise-grade solutions processing
tremendous data volumes. That is an essential aspect in connecting
smart contracts with enterprise database capabilities. Moreover, it
will automate business logic in centralized systems. Space and Time
is coming to Microsoft’s Azure cloud platform shortly. That
integration serves as an on-ramp for customers looking to access
and analyze blockchain-native datasets. Moreover, Azure provides
the necessary tools and services to build and deploy Web3
applications, unlocking the decentralized web of the future.
Partnering with Microsoft ensures future support and paves the way
for broader Web3 use cases and mainstream adoption.
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