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Microsoft Leads $20M Strategic Round in Web3 Data Warehouse Space and Time

Microsoft Leads $20M Strategic Round in Web3 Data Warehouse Space and Time

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Space and Time, a Web3-native data platform that leverages business logic through a cryptographic protocol called Proof of SQL, announced it has raised $20 million in a strategic funding round led by Microsoft’s M12 fund.

Other participants in the round include the crypto investment company Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, AvalancheStratos, Hash CIB and Coin DCX as well as several Web3 communities and angel investors.

Launched as part of Chainlink Labs’ “Startup with Chainlink” initiative, which supports Web3 startups, Space and Time uses Chain link price Oracle platform together with other sources to retrieve data from blockchain protocols, distributed applications (dApps) and off-chain systems that aim to deliver enterprise-grade use cases smart contract applications.

Earlier this year, Space and Time went up 10 million dollars In a seed funding round led by Framework Ventures, which included Digital Currency Group (DCG), SamsungNext and IOSG Ventures, among others.

According to the team, the fresh funding will be used to accelerate design and product development, and more than 90% of the funds will be dedicated to Space and Time product and customer adoption.

Dismantling space and time

As Scott Dykstra, CTO of Space and Time explained, Proof of SQL is “a new cryptographic protocol that allows a distributed data store to return not only the results of a query, but also SNARK cryptographic proof that the data has not been altered and that the query was executed in a provably accurate way.”

“This allows an external verifier, such as a smart contract or oracle network, to ‘double check’ that the repository has not been tampered with,” Dykstra said. Decrypt.

According to the CTO, the protocol can be applied to various aspects of the rapidly evolving Web3 space, including decentralized finance (DeFi) and GameFi, which opens up completely new use cases.

“For DeFi, Proof of SQL promises new, complex financial instruments will be created on-chain. As DeFi protocols evolve, they often need to access large amounts of data and complex computation off-chain, but bring the results of the computation back on-chain for trading,” he said. Decrypt.

When playing, Proof of SQL enables game results and in-game events to be directly queried using smart contracts. This means, for example, that with Space and Time acting as a trustless intermediary, developers can offer incentives to players on the chain and build new interactions between smart contracts and game servers.

As for what blockchains the project will serve, Dykstra said that for now its “popular EVM chains” such as Ethereum, Avalanche, Polygon and BNB Chain. “We are working on Sui support at the moment, and Solana is also on the roadmap,” he added.

In addition, Space and Time enables the business logic of centralized systems to be automated and connected directly to smart contracts. This is an important area of ​​focus for Microsoft, as blockchain technology finds applications in many different fields.

“As blockchain technology finds applications in many different fields, Space and Time is building the foundation for this work to thrive in the Web3 environment,” Michelle Gonzalez, president and global director of M12, said in a statement.

Space and Time also integrates with Microsoft’s cloud computing service Azure to provide its customers with easy access, management and analysis of blockchain-native data.

according to the announcement shared with Decryptthanks to the seamless integration of large blockchains and a significantly larger amount of off-chain data, this partnership will help Azure become “the go-to cloud for building Web3 projects.”

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