The internet’s transformative power, rooted in global storage and exchange of data, has long been a driving force in shaping our lives. As the Web continues to evolve, the demand for systems ensuring efficient data processing, reliability, and user privacy becomes ever more pressing.
Where Web2 was about connecting every aspect of existence to the internet, Web3 is about creating global trust and value networks where users can exchange complex data and currencies. This vision naturally requires adequate systems to process large amounts of data quickly, while simultaneously guaranteeing authenticity (not always a given) and safety for all parties involved.
Addressing the data needs of tomorrow is the premise behind Space and Time, a company founded in 2021 that promises to create a trustless, fast and safe data infrastructure layer to supercharge Web3.
What is Space and Time?
Space and Time is a decentralized data warehouse dedicated to serving users complex and flexible queries, backed up by a pioneering and highly efficient Zero Knowledge (ZK) proof called Proof-of-SQL.
Space and Time strives to provide users and developers with reliable on-chain and off-chain data that can be promptly verified and called by smart contracts. This is a first, as all previous solutions focused on making on-chain data easily available off-chain.
Space and Time uses a combination of advanced database technologies, supporting most chains, which empower users to seamlessly access and analyze data spanning across numerous blockchains. It lets users run SQL queries to access this data, which is delivered with a 100% guarantee of accuracy thanks to Proof of SQL.
These features make Space and Time ideal for data integration and analysis with anything related to on-chain apps. It’s useful both for accessing blockchain data and for smart contracts to read outside data in a tamper-proof manner. This could potentially power nearly every complex app that interacts with the outside world, including advanced DeFi and RWA, identity and DePIN use cases.
How Space and Time works
Space and Time’s uses an HTAP (Hybrid Transactional/Analytical Processing) database, a combination of OLTP and OLAP (Online Transactional and Analytical Processing) that facilitates near real-time execution of intricate queries, which would otherwise need longer periods and involve more complex processes.
Developers need to use SQL to communicate with the Space and Time data warehouse. However, the project made that significantly easier with the AI-based Prompt-to-SQL, which converts natural language prompts into SQL queries. This AI-driven feature makes SQL accessible even to novice developers, who are thus able to request complex data insights using simple language and in a few seconds.
That makes AI SQL a very useful tool for DeFi developers, being ideal to deliver dynamic visuals, customized dashboards and automatic charts.
The infrastructure is underpinned by Proof-of-SQL, which consists of four basic steps: first, a user writes an SQL query against data stored in the Space and Time database, which includes both the on-chain and off-chain datasets. The database then receives and executes the query and transforms it into an algebraic intermediate representation, which is what allows it to be proven by Proof-of-SQL.
Space and Time’s Proof-of-SQL unlocks a number of use-cases that would otherwise require complex approaches and extremely high levels of trust.
For instance, Proof-of-SQL represents a game changer in real-world cases that can involve, for example, the data necessary in supply chain or in health care data analysis. But even in on-chain use cases, it’s a much more straightforward system that doesn’t rely on complex consensus algorithms requiring millions in incentives.
Space and Time Team, Backers and Partners
Space and Time is a project built for 10 years from now, combining deep technical expertise with a unique position on the market. It is not surprising that Space and Time has attracted the attention of some significant investors.
Space and Time is led by Nate Holiday, Co-founder and CEO, and Scott Dykstra, Co-Founder and CTO, who previously held VP positions at Teradata, a Web2 cloud analytics giant.
During their Seed funding round, led by Framework Ventures, the blockchain company raised $10 million, while in September of the same year they raised $20 million in a Series A funding round led by Vulcan Capital and joined by M12 Microsoft Ventures, Framework and HashKey.
Space and Time’s heterogeneous team, composed of accomplished cryptographers, developers and data engineers, has also closed decisive partnerships with leaders of the Web3.
Space and Time is currently a partner of Polygon and Sui, to support them with their data infrastructures. Other partners include well-known names such as Amazon Web Services, NVIDIA, Chainlink, Mysten Labs, and Sotero.
Overall, Space and Time is well-positioned to become one of the biggest building blocks in the crypto space and beyond, serving the vital role of enhancing the efficiency and safety of data processing.
As Web3 continues to evolve and become the internet of value it’s meant to be, projects like Space and Time will see their time in the spotlight. For now though, that future is still a few years off.
