Rongchai Wang
Aug 27, 2024 16:21
OKX Ventures has invested in Space and Time, a verifiable compute layer that integrates AI and blockchain, enhancing data verification for smart contracts.
OKX Ventures, the investment arm of leading cryptocurrency exchange and Web3 technology company OKX, has announced its investment in Space and Time (SxT), a verifiable compute layer for AI and blockchain. This strategic move aims to address growing challenges in data analytics by leveraging SxT’s innovative solutions.
Space and Time’s Technological Edge
Space and Time has developed a novel zero-knowledge (ZK) circuit from scratch over the last two years. This new technology provides unprecedented performance in verifying database processing, which is crucial for smart contract developers and enterprises. The solution is scalable and has applications across multiple sectors including Web2 enterprises, AI, DeFi, gaming, and Web3 infrastructure.
The company’s Proof of SQL tech stack, which has been in beta since April 2023, processes an average of 5.3 billion database requests and 500,000 queries per month. This has generated over $4.5 million in annual recurring revenue, demonstrating the potential for optimal onchain performance. The Proof of SQL stack combines zero-knowledge proofs, artificial intelligence, and data warehousing to index major chains such as Ethereum, Bitcoin, ZKSync, Polygon, Sui, Aptos, and Sei.
Statements from Key Figures
Nate Holiday, Co-Founder and CEO of Space and Time, expressed excitement over the partnership 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. Space and Time is ushering in the next generation of apps and DeFi by delivering verifiable compute to smart contracts, powered by the industry’s first and only sub-second ZK proof.”
Dora Yue, Founder of OKX Ventures, also commented on the investment, highlighting the potential for improved user experiences. “Space and Time offers a solution for communities and companies, including dApps, with an optimal user experience. This means users can enjoy high-quality interactions with enhanced safety, allowing for self-custody of digital assets via a tamperproof database. It also provides better gameplay, matchmaking, and onchain earnings for Web3 game players.”
Broader Implications and Future Prospects
This investment aligns with OKX Ventures’ focus on technology-led projects with real-world applications. The partnership is expected to leverage blockchain’s advantages fully, particularly in delivering onchain data to smart contracts within block time. Both companies are looking forward to the release of SxT’s testnet, which promises to bring further advancements in the blockchain and AI space.
According to OKX Ventures, this collaboration is a step towards realizing the vision of blockchain technology: a world that doesn’t rely on trust, which will become increasingly vital as AI continues to accelerate.
Image source: Shutterstock
