It seems like the harsh crypto market conditions haven't fazed a number of blockchain-based organizations from collecting massive capital.
Space and Time, a decentralized data platform, has recently announced that it secured $10M in a seed funding round led by a crypto-driven VC company Framework Ventures.
According to the official announcement issued on July 28th, the company will leverage the fresh capital to boost its platform and expand its current headcount by hiring additional engineers, reaching over 40 employees in total.
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The fundraiser also saw participation from a number of prominent investors, including IOSG Ventures, Alliance, SamsungNext, Stratos, Digital Currency Group (DCG), and others.
Space and Time, currently building a novel cryptographic protocol Proof-of-SQL, is planning to roll out the beta version of its testnet next year in April. The platform will reportedly be connected to Ethereum, Binance, and Polygon blockchains.
The aforementioned protocol is structured query language programming that is utilized in managing databases, allowing blockchains to receive analysis in a safer, cheaper and decentralized manner. Proof-of-SQL allows querying both, on-chain and off-chain data in a single ecosystem.
Nate Holiday, CEO and co-founder of Space and Time, shed some light on the initiative and mentioned that the centralized databases might affect the data in a significant way, thus, users are not able to distinguish whether the data was tampered with or not. He added:
"The proof-of-SQL model would show users evidence of any tampering, such as if someone changed the query results in the middle of the query."
Holiday also noted that the company is planning to adopt the technology in the gaming, social networking, communications, and enterprise resource planning fields.
Likewise, Michael Anderson, co-founder of Framework, commented on how the current crypto bear market has affected the company and implied that it provided many opportunities as the firm is able to “hone in on the core use cases and the best builders.”
