Web 3.0 is a fully structured field. Therefore, new start-ups are created regularly. These small start-ups could become the future big players of web 3.0. Let's take the example of the start-up Space and Time. Behind this company there are (very) big names ...
“Space and Time”, the new Web 3.0 start-up that will make people talk about itself
Find out below about the goal of the start-up Space and Time and its main supporters.
What is Space and Time?
But what is behind this name? The start-up Space and Time is not yet well known, but it is already generating a lot of interest. The company specializes in decentralized data sharing. In concrete terms, the data built on Space and Time can be used by the various blockchains.
Going into more detail, Space and Time was born as part of a Chainlink Labs program that supports the development of Web3 start-ups. The start-up uses Chainlink and other sources to extract data from blockchains, decentralized applications and off-chain systems. Its database processes data out of the chain (avoiding high transaction or gas fees and slow throughput), then passes the data to a validation layer for verification. The validated data is sent back on the chain to the smart contracts, where the blockchain application that requested the data can see the results.
“One of the main problems of decentralized applications is having to work with centralized databases that have the ability to tamper with the data (...) Users can see the data arriving, but they cannot tell if anyone has added information to the data, which it could be done maliciously. The SQL test pattern would show users evidence of any tampering, for example if someone changed the query results in the middle of it. " Nate Holiday, CEO of Space and Time
The lenders of the start-up Space and Time
The company can count on a rather renowned group of consultants. Among them are the following personalities:
- Sergey Nazarov, co-founder of the Chainlink cryptocurrency network;
- Stephen Brobst, CTO of Teradata;
- Tamara Camp, head of the YouTube brand;
- Purandar Das, CEO of Sotero.
As for the roadmap, the company plans to launch its platform around April 2023. This platform will be linked to the main existing blockchains such as Ethereum, Polygon, Binance, etc.
Microsoft, Avalanche and Polygon participate in the financing of Space and Time
For its funding, the start-up managed to convince some big names. It counts among its financiers big names such as:
- Framework Ventures
- chainlink
- Stratos
- SamsungNEXT
- M12 Microsoft's venture fund
- Alliance
- Polygon
- Avalanche
- Mysten Labs
In July 2022, the start-up Space and Time managed to raise a $ 10 million loan from the company investments in cryptocurrencies Framework Ventures. For the record, Framework Ventures manages over $ 1,4 billion in assets. Space and Time recently raised $ 20 million from its backers.
These various fundraising events demonstrate that the dominance of Web 3.0 continues to develop despite the current market situation. In September 2022, start-up NFT Doodles raised $ 54 million and is now worth $ 704 million. Earlier this month, the creators of the Sui blockchain announced they had raised $ 300 million!
