OKX Ventures Backs Space and Time for Blockchain Innovation
OKX Ventures Invests in Space and Time for AI and Blockchain
OKX Ventures, the investment division of a leading crypto exchange and Web3 technology company, has recently announced its investment in Space and Time (SxT), a groundbreaking platform that serves as the verifiable compute layer for AI and blockchain. This investment underscores OKX Ventures' commitment to supporting technology-led projects that address pressing challenges in the current data analytics landscape.
The Innovative Solution Offered by Space and Time
Space and Time is innovative in combining both tamperproof on-chain and off-chain data, catering to enterprise use cases within smart contracts and large language models (LLMs). The research and development team at SxT has dedicated two years to develop a unique zero-knowledge (ZK) circuit. This circuit not only enhances performance but also offers smart contract developers a robust and scalable method for verifying database processing.
Applications Across Various Sectors
The implications of SxT’s solution stretch across multiple sectors, including Web2 enterprises, AI, DeFi, gaming, and Web3 infrastructure. By leveraging SxT technology, developers can create applications that allow for unprecedented data security and transaction speed, crucial for the burgeoning blockchain ecosystem.
Proven Credibility with an Impressive Track Record
The company has demonstrated its credibility through its Proof of SQL tech stack, currently in beta since its launch. Processing over 5.3 billion database requests and averaging 500,000 queries monthly underscores its robust architecture and operational scale. This accomplishment has led to an impressive annual recurring revenue exceeding $4.5 million, validating the effectiveness of its innovative approach to on-chain performance.
Key Technology Features
SxT's Proof of SQL incorporates cutting-edge technologies like zero-knowledge proofs, artificial intelligence, and data warehousing which facilitate the indexing of major blockchain networks, including Ethereum, Bitcoin, ZKSync, Polygon, Sui, Aptos, and Sei. These features enable efficient data processing and verification, critical for building trust in blockchain applications.
Statements from Company Executives
Nate Holiday, Co-Founder and CEO of Space and Time, emphasized the collaboration with OKX Ventures, stating, “We are thrilled to team up with OKX Ventures to empower the community with the tools they need to build verifiable applications at the intersection of AI and blockchain. The advancements we’re making are essential as the reliance on trust continues to be challenged in our fast-paced digital environment.”
In alignment with this vision, OKX Ventures Founder Dora Yue noted the optimal user experience offered by SxT's solutions, which significantly enhance safety and user interactions. This innovation allows users to independently explore opportunities powered by AI tools without compromising the integrity of their digital assets.
About OKX Ventures
As an influential player in the cryptocurrency and blockchain space, OKX Ventures focuses on identifying and nurturing groundbreaking blockchain projects globally. With an initial capital commitment of USD100 million, the venture aims to support long-term structural value and innovation in the industry.
Support for Entrepreneurs and Innovative Companies
By assisting entrepreneurs who contribute to the blockchain industry's advancement, OKX Ventures aims to cultivate innovative companies and leverage global resources and experience to fuel blockchain project success.
About Space and Time
Space and Time (SxT) is designed to be the go-to verifiable compute layer for integrating AI and blockchain technologies. Utilizing advanced cryptography through its Proof of SQL system, it provides developers with tools to connect sophisticated analytics directly to smart contracts. This innovative approach opens a wide range of new use cases and potentials for business logic in the blockchain space.
Frequently Asked Questions
What is OKX Ventures’ investment strategy?
OKX Ventures aims to invest in technology-led projects with a focus on blockchain innovations and real-world applications.
How does Space and Time enhance blockchain technology?
Space and Time provides a verifiable compute layer that combines on-chain and off-chain data for smart contracts and AI, ensuring improved data analytics and integrity.
What is Proof of SQL by Space and Time?
Proof of SQL is a unique cryptographic technology that allows direct connections between analytics and smart contracts, fostering powerful new applications in the blockchain ecosystem.
What sectors can benefit from Space and Time’s technology?
Key sectors include Web2 enterprises, AI, DeFi, gaming, and Web3 infrastructure, where reliable data processing is crucial.
What is the significance of OKX Ventures' support?
The backing from OKX Ventures provides crucial funding and resources that can significantly enhance the operational capabilities of innovative blockchain projects like Space and Time.
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