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.