Space and Time: The Ultimate Decentralized Data Solution
The efficient management and storage of data by decentralized systems without the need for centralized authority is a topic of interest. Bitget, a centralized exchange that boasts more than 8 million users, has announced a new partnership with Space and Time aimed at enhancing trust in the exchange's reserves and operations. Get ready to learn about Space and Time, the first-to-be decentralized data warehouse, and discover how it brings together on-chain and off-chain data.
To find out further details regarding the partnership between Bitget and Space and Time, refer to Bitget Becomes the First Centralized Exchange to Offer Financial Transparency Through Space and Time.
The Great Data War
The battle between on-chain and off-chain data has been a subject of much discussion in the world of blockchain technology. On-chain data, which is stored on a decentralized digital ledger, provides businesses with a transparent and tamper-proof source of truth that can inform decision-making and improve transparency.
However, on-chain data has its limitations. Storing large amounts of data on the blockchain can be expensive and slow down the network. On the other hand, off-chain data can be stored on secondary systems, such as databases, that are linked to the blockchain. This allows for faster and more cost-effective storage of data.
Opponents of off-chain data argue that it is less secure than on-chain data since it is not protected by the network's consensus mechanism. However, proponents of off-chain data argue that it can be secured through various methods, such as encryption and multi-signature authentication.
The battle between on-chain and off-chain data is likely to continue as blockchain technology evolves and new solutions are developed to address the limitations of both.
Introduction to Space and Time
Space and Time is the first decentralized data warehouse that combines on-chain and off-chain data within a secure and immutable framework. This innovative project efficiently indexes all major blockchains and standardizes the data into a relational, retrievable state. By leveraging Space and Time, developers gain the ability to integrate off-chain data from centralized sources and combine it with blockchain data into a single, seamlessly executed query.
But how is this possible, you may ask?
Through the innovative use of "Proof of SQL™" cryptography. This groundbreaking technology could open up a world of possibilities for secure, transparent, and efficient data management in industries ranging from finance and healthcare to logistics and beyond.
In 2022, Space and Time successfully raised US$10 million in seed funding led by Framework Ventures, followed by an even more impressive US$20 million in strategic funding led by M12, Microsoft's Venture Fund.
What is Proof of SQL?
Proof of SQL™ is a patented cryptography that enables a data warehouse to produce a brief non-interactive argument of knowledge (SNARK) proof for the execution of SQL queries. This cryptographic proof provides evidence that the query computation was executed precisely and that both the query and data remain tamper-proof.
Source: Space and Time Twitter
With Space and Time, developers have the ability to merge on-chain and off-chain data in a secure and decentralized manner using an easy-to-understand SQL format. This combined data can then be directly loaded onto smart contracts, providing the necessary functionality for powering decentralized applications (dapps) all within a single, community-driven data platform.
Space and Time Use Cases
Space and Time offers a comprehensive suite of solutions across three main verticals:
- DeFi: Space and Time offers a new way for developers to access real-time and historical blockchain data for use in decentralized finance (DeFi) applications. This allows for the creation of new financial instruments on-chain and provides a tamper-proof way to aggregate off-chain data.
- Enterprises: Space and Time provides a bridge from traditional enterprise systems (Web2) to the decentralized web (Web3) by allowing businesses to connect their data to major blockchain networks. This enables new use cases powered by smart contracts and provides a tamper-proof, decentralized data warehouse.
- Gaming: Web3 games can use Space and Time to combine off-chain game telemetry with on-chain ownership data, enabling features such as leaderboards and play-to-earn rewards.
Source: Space and Time Twitter
With the expanding use and adoption of blockchain technology, the integration of off-chain data with on-chain data is becoming progressively crucial. Space and Time, being the first decentralized data warehouse, is making significant strides in effectively managing and integrating both on-chain and off-chain data.
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Disclaimer: All investment strategies and investments are subject to the risk of loss. Nothing contained in this article should be construed as investment advice. Users are strongly advised to do their due diligence and invest at their own risk.
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