- Summary:
- Microsoft has led a $20 million funding round for Space and Time, a decentralized data warehouse. We discuss the platform's mission.
Space and Time, the world’s first decentralized data warehouse, has received $20 million in strategic funding led by Microsoft’s M12 to automate the world’s business logic. Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX, and a number of Web3 prominent communities and angel investors are also participants in this fundraising round.
A large portion of the money will go toward accelerating engineering and product development. More than 90% of the budget will go toward promoting Space and Time’s product line and expanding the company’s market. Space and Time is an open-source, Web3-native data platform. It uses Proof of SQL cryptography to enable the trustless automation of business logic.
How Space and Time is reshaping web3 business logic data
By establishing direct connections between smart contracts, Space and Time streamlines the business logic data warehouse. By doing that, it paves the way for cutting-edge use cases on Web3. To facilitate low-latency transactions and large-scale analytics for businesses, it combines data from both the blockchain and other sources. Through its distributed data warehousing features, the protocol enables the creation, joining, and querying of immutable and modified tables with strong cryptographic guarantees.
Space and Time co-founder and CEO Nate Holiday says:
“Space and Time sits at the intersection of on-chain and off-chain data computation, and we are thrilled to work with world-class data partners to build the next generation data ecosystem for both decentralized applications and enterprises at scale throughout the world.”
Microsoft Azure is a full-featured cloud platform that delivers superior identification and security features. It offers a reliable suite of services for creating and maintaining Web3 apps. By integrating with Azure, it will make it easier for Azure users to access, manage, and analyze blockchain-native data.
To increase the capabilities of hybrid smart contracts to power the trustless web, Space and Time will be collaborating closely with Chainlink. This platform will provide a decentralized, low-cost, and safe environment for blockchain developers to create multichain dApps. Built as part of Chainlink Labs’ Startup with Chainlink program, it enables developers and users to seamlessly integrate smart contract data.