Space & Time: Why Everyone is Interested

5 comments-0 reblogs
avatar of @zestimony
LeoFinance Badge
8 months ago - 2 minutes read

Space and Time is a new blockchain company designed to help manage data between web2 and web3 platforms, with the major aim of running analytics and analysis of data being shared within a network as well as those stored within a network.

Space and Time is on a mission to advance decentralized applications to new heights by providing a more secure and trusted data handling solution, and serving as an efficient intermediary between off-chain and on-chain data computation.

Basically, Space and Time will serve as a decentralized warehouse for data required for smart-contracts, enabling off-chain data processing and tamper-checking and reporting through its Proof-of-SQL consensus mechanism. With this, Space and Time hopes to lift the burden of creating DAPPs from developers, by at least, allowing them to freely create DApps without being too concerned about storage and data security. They are, in essence, calling out:

Leave the data to us, and do the rest.

Spree of Investors

According to Space and Time, it was able to raise $20 million in strategic funding from backers like Microsoft's M12 fund, Avalanche, and Polygon. Additional Web3 communities and angel investors include Framework Ventures, SevenX Ventures, Stardust, Stratos, Samsung NEXT, Hash CIB, Coin DCX, HashKey, 3Commas, Ankr, GSR, and Foresight Ventures, among others. With the current spree of investors flocking into Space and Time, the firm is now valued at $300 million ↑Source.

Space and Time: The Promises

This project has gathered the undivided attention of big data players such as Microsoft Azure, which is at the heart of Web2.0 data management and blockchain projects such as Polygon and Avalanche blockchain.

The reasons for this are clear. A lot of promises are being made. Here are some of them:

  • Cross-blockchain/platform interoperability
  • High data fidelity
  • High speed transactions with under 0.1 seconds latency
  • High scalability with the ability to marry on-chain and off-chain data.
  • Industry-grade data encryption and encrypted data sharing

These are obvious pain points that these backers are already handling but may not hesitate outsourcing to someone that can do it better. Space and Time has made a lot of promises, can they live up to it? Only time will tell.

Posted Using LeoFinance Beta