Representatives of the company Space and Time announced the attraction of $10 million in the initial round of financing led by Framework Ventures. The founders of the decentralized data platform for blockchain applications planned to use the funds received to develop their platform. The fees also included Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, and Alliance.
Powered by the proprietary Proof of SQLTM cryptographic protocol, Space and Time enables blockchain applications to rapidly generate detailed analytics in a fully decentralized, scalable, and secure manner.
Space and Time co-founder Nate Holiday assured that as business processes evolve and Web 3.0 technology is automated, developers and applications need advanced database computing to connect offline analytics directly to smart contracts.
However, the scalability in the current blockchain ecosystem makes on-chain analytics impossible, he says, and existing centralized specialized platforms cannot generate secure, tamper-proof results. Thanks to the company’s financial support, this problem will be solved.
Framework Ventures co-founder Michael Anderson emphasized: That space and Time is the first data platform to offer a fully decentralized real-time enterprise analytics solution. The project tries to be a transparent and open ecosystem.