SINGAPORE, Aug. 27, 2024 (GLOBE NEWSWIRE) -- OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has issued updates for August 27, 2024.
OKX Ventures Invests in Space and Time, the Verifiable Compute Layer for AI and Blockchain
OKX Ventures today announced its investment in Space and Time (SxT). SxT is the verifiable compute layer for AI and blockchain that combines tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and large language models (LLMs).
OKX Ventures' rationale for this investment stems from the growing challenges in data analytics and the potential of SxT's innovative solution. The investment aligns with OKX Ventures' focus on technology-led projects with real-world applications.
The SxT research team has spent the last two years building a novel zero-knowledge (ZK) circuit from the ground up, achieving unprecedented performance. This provides smart contract developers and enterprises with a scalable method to verify database processing. The solution has applications across various sectors, including Web2 enterprises, AI, DeFi, gaming and Web3 infrastructure.
SxT has proven its credibility with their Proof of SQL tech stack in beta since April 2023, processing 5.3 billion database requests and 500,000 queries per month on average. This has generated over $4.5 million in annual recurring revenue across various use cases, demonstrating the potential for optimal onchain performance. The Proof of SQL stack incorporates zero-knowledge proofs, artificial intelligence, and data warehousing. It enables indexing of major chains including Ethereum, Bitcoin, ZKSync, Polygon, Sui, Aptos and Sei.
Nate Holiday, Co-Founder and CEO of Space and Time, said: “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. We believe this will realize the vision of blockchain technology: a world that doesn’t have to rely on trust, which will be more important than ever as AI continues to accelerate. We look forward to continuing to build together.”
OKX Ventures Founder Dora Yue said: "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. Now, communities can track dashboards and explore opportunities independently using AI-powered tools. We're pleased to see blockchain's advantages being fully utilized by the SxT team, particularly in delivering onchain data to smart contracts within block time, and we can't wait for the release of SxT's testnet."
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About OKX Ventures
OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
About Space and Time
Space and Time (SxT) is the verifiable compute layer for AI x blockchain that joins tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and LLMs. SxT has developed a novel cryptography called Proof of SQL that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. SxT is built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project requiring verifiable data across enterprise, blockchain and AI.
source: OKX
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