SINGAPORE, August 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 tamper-proof onchain and offchain data to deliver enterprise use cases for smart contracts and large language models (LLMs).
OKX Ventures justifies this investment with the growing challenges in data analytics and the potential of SxT’s innovative solution. The investment is in line with OKX Ventures’ focus on technology-oriented projects with real-world applications.
The SxT research team has spent the last two years developing a novel zero-knowledge circuit (ZK) from scratch, achieving unprecedented performance. This provides smart contract developers and enterprises with a scalable method to verify database processing. The solution can be used in various sectors including Web2 enterprises, AI, DeFi, gaming, and Web3 infrastructure.
SxT has proven its credibility with its Proof of SQL technology stack in beta since April 2023, processing 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 across various use cases and demonstrated the potential for optimal onchain performance. The Proof of SQL stack includes 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 partner with OKX Ventures to give the community the tools they need to build verifiable applications at the intersection of AI and blockchain. Space and Time ushers in the next generation of apps and DeFi by delivering verifiable computing power for smart contracts based on the industry’s first and only sub-second ZK proof. We believe this will make blockchain technology’s vision a reality: a world that doesn’t rely on trust, which will be more important than ever as AI accelerates. We look forward to continuing to work together on this.”
OKX Ventures founder Dora Yue said: “Space and Time provides a solution for communities and businesses, including dApps, with an optimal user experience. This means users can enjoy high-quality interactions with increased security, enabling self-custody of digital assets via a tamper-proof database. It also provides better gameplay, matchmaking, and onchain earnings for Web3 players. Now communities can track dashboards and explore opportunities independently using AI-powered tools. We are excited to see the SxT team taking full advantage of blockchain, especially in providing onchain data for smart contracts within block time, and we can’t wait for the release of the SxT testnet.”
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About OKX Ventures
OKX Ventures is the investment arm of the world’s leading crypto exchange and Web3 technology company OKX with an initial capital commitment of $100 million. The focus is on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovations, 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.
Learn more about OKX Ventures Here.
About space and time
Space and Time (SxT) is the verifiable compute layer for AI x Blockchain that connects tamper-proof onchain and offchain data to provide enterprise use cases for smart contracts and LLMs. SxT has developed a novel cryptography called Proof of SQL that enables developers to connect analytics directly to smart contracts, unlocking a wealth of powerful new use cases and business logic for blockchain technology. SxT was built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project that requires verifiable data across enterprise, blockchain, and AI.
