I’d like to talk about a Web3 Data Platform today. A crypto investment firm called Framework Ventures led a seed round that raised $10 million for Space and Time, a decentralized data warehouse for blockchain applications.
- Space and Time has announced that it has raised $20 million in a strategic funding round led by Microsoft’s M12 fund. Space and Time is a Web3-native data platform that uses business logic through a cryptographic protocol called Proof of SQL.
- Space and Time will partner with Microsoft Azure to provide an on-ramp to access blockchain data.
- Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Avalanche, Stratos, Hash CIB, and Coin DCX, as well as a number of Web3 communities and angel investors, also took part in the round.
The Web3 Data platform – A crypto project that just got a $20 million funding run from Microsoft, Avalanche and Polygon.
Space and Time say it is the first decentralized data warehouse that can turn any central database into a trustless data source directly connected to smart contracts using its “proof-of-sequel” cryptography. If you don’t know, a smart contract executes a contract on a blockchain network without a third party like a lawyer.
This is one that I think you should put on your radar. It has some interesting opportunities coming in the future and it’s kind of transforming Web3. Now they just got a big shout-out from Chainlink as well, which we’ll talk about and you don’t get large funding rounds like this unless you have something going for you.
SPACE AND TIME SECURES $20 MILLION STRATEGIC FUNDING LED BY MICROSOFT’S M12 TO AUTOMATE THE WORLD’S BUSINESS LOGIC
Now Microsoft, Avalanche and Polygon just joined a $20 million funding round for this web3 through an automation startup called Space and Time.
So they are a Web3 data firm that also is supported by Blockchain Oracle firm Chainlink through its start-up program. Now what they’re trying to do is create a Web3 native decentralized data warehouse powering, low, latency, queries, and tamper-proof analytics across Web3.
Now in case that doesn’t make much sense, we’ll get into it in just a moment. But they did get like I said, a $10 million seed round back in July and they just announced a $20 million funding round led by M Twelve VC which is a Microsoft VC fund.
Now I like to see where big money is putting their money and we already know that Microsoft and a couple of other of these large, large companies are investing in crypto. So I think it’s important to see where they’re investing and this project is definitely in Web3.
Decentralized Data Platform Space and Time Raises $10M
Now Nate Holiday is the co founder and CEO. He’s also a strategic advisor to chainlink labs. And bain. And co. He’s recognized in the industry as building global teams and delivering best practices to achieve GTM success.
How Web3 Data Platform Works
Now they are fully documented on their website, you can check them out as well. Now I mentioned that there are Web Three native decentralized data warehouses, but in case that is kind of confusing, this is kind of how it breaks down.
Space and Time says it is the first decentralized Web3 data warehouse that can turn any central database into a trustless data source directly connected to smart contracts using its “proof-of-sequel” cryptography. If you don’t know, a smart contract executes a contract on a blockchain network without a third party like a lawyer.
The platform will work with Microsoft Azure, a cloud computing service, and give users a way to access the blockchain data it stores.
Its database processes the data off-chain, avoiding high transaction or gas fees and slow throughput and then transmits the data to the validation later to be verified. The validation data is sent back on Chain to smart contracts, which is where the Blockchain application that requested the data can see the results.
A key issue, they say with decentralized applications is having to work with centralized databases that have the ability to tamper with data. Users can see data coming in, but cannot tell if anyone has added information to the data, which could be done in a malicious way.
The proof of SQL model would show users evidence of any tampering, such as if anyone changed the query results in the middle of the query. So proof of SQL can turn any centralized database into a trustless database, while clarifying that it doesn’t make it a decentralized database.
Michelle Gonzalez, who is the corporate vice president and global head of M Twelve, the Microsoft venture firm, just said we look forward to seeing the ways in which space and time will allow the business logic in centralized systems to be automated and connected directly to smart contracts.
Is Blockchain Technology finds applications in a wide range of industries?
Space and Time is building the foundation to shape this world in a Web Three environment. M Twelve looks forward to partnering in on that journey. Now they also said that the funds will be used to accelerate engineering and product development. Over 90% of funding will be dedicated to the product and customer adoption of Space and Time. Now they are going to integrate with Microsoft’s Asia too.
That could allow customers Of the cloud computing business to access, manage and perform analytics on blockchain stored data, space and Time plans to launch an alpha version of its product by the end of this year, a beta launch in the spring of 2023 and expects the product to go live in the fall of 2023 as well.
Now what I think they’re really doing is just trying to build in the bear market. They’re really trying to set everything up so that they have a smooth transition when the bull market comes back on. Now maybe they launched some kind of crypto product that consumers or just you and I, normal everyday investors can get into, but maybe they do more b to b as well.
Now I’m going to leave links to this underneath the video so that way you can check them out more. But I feel like it’s a very interesting project. Just wanted to keep an eye on, maybe go follow them on Twitter or something like that.
They are a partner of the channel but they’re not asking you to do anything. They just want to get out and tell you what they are doing now. And it’s pretty exciting. They just announced giant funding round in a time where so many people are worried and people are being very tight with investments right now, but yet they are still able to get funding from some of the biggest projects out there.
5 Top Data Management Startups For Web3
- Fluree develops a Web3 Data Platform
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- Ocean facilitates Compute-to-Data
- Band Protocol offers a Decentralized Oracle Service
- Crust Network provides Web3 Metaverse Storage
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