What is Space and Time?
Acting as a decentralised data platform, Space and Time’s core mission is to enable tamper-proof and scalable data for dApps and enterprises. Through its novel and innovative architecture, the project is able to empower developers to build data-driven applications in a fully trustless manner. Space and Time’s core ethos revolves around connecting on-chain and off-chain data by making use of zero-knowledge proof mechanisms like Proof of SQL and by providing blockchain-grade security.
Key Features
So what exactly makes Space and Time stand out from the rest? Let’s have a quick look at its key features.
1. Decentralised Data Warehouse
Unlike traditional centralised data management systems, Space and Time makes use of a network of distributed nodes to ensure data redundancy and reliability. Simultaneously, Space and Time is able to store and query big datasets with high performance and scalability. As a matter of fact, it is best to think of Space and Time as a decentralised data warehouse. An interesting fact to point out is that the platform has the ability to support both structured and unstructured data, therefore diversifying its use cases from enterprise-grade reporting to DeFi analytics.
2. Proof of SQL
At the core of Space and Time resides Proof of SQL, which is a unique mechanism the platform uses to cryptographically validate the correctness of the results that were queried. By creating a zero-knowledge proof, the mechanism is able to prove that an off-chain query in its decentralised data warehouse was executed accurately. In contrast to traditional centralised data management systems, the query results are created without relying on centralised intermediaries, therefore making the process trustless and tamper-proof.
3. Hybrid Architecture
To enable the processing and storage of large datasets, Space and Time makes use of off-chain nodes to reduce the reliance on expensive and resource-intensive on-chain computations. As most of the computation happens off-chain, the zero-knowledge proof is generated by the Proof of SQL mechanism and then submitted on-chain, therefore creating a hybrid model where the underlying blockchain is used as a trust anchor to ensure the integrity of the data.
4. Interoperability: A Blockchain-Agnostic Design
Space and Time’s architecture enables a variety of blockchains to interact with shared and succeeded data sets, for example by providing a unified data layer for consistent and already validated data across multiple blockchains. The platform future simplifies multichain development by abstracting complexities of cross-chain data management, therefore allowing developers to focus on building applications.
5. Developer Tools
The project offers a full suite of tools that empower developers and users to design, build and make use of a variety of products. APIs and SDKs are fundamental to achieving a robust platform which is able to leverage Space and Time decentralised data warehouse capabilities.
The SXT Token
The native token of the platform is the SXT token, and it has a fundamental role in powering the platform’s operations by incentivising network participation. It will also enable a decentralised mode of governance in due time. While data storage is free within the platform, users have to pay for computation and are charged per query with a dynamic pricing system that adjusts in real time based on the current state of the network, the complexity of the query and the urgency. The majority of these fees, paid in SXT, ETH or USDC are given to node operators as a reward for their services, while at the same time, a small portion of the native tokens received as a fee would be burned, adding a deflationary pressure on the token supply. Additionally, node operators are required to stake SXT tokens to participate within the network, demonstrating their commitment and reliability to the network, while holders of the token who do not wish to run a node may delegate their SXT to node operators to earn rewards.
Simply Staking is already positioning itself as a leading node operator, and soon, holders will be able to delegate their tokens using this link: https://simplystaking.com/networks/space-and-time/
Benefits and Use Cases
The three main benefits of Space and Time are scalability, cost-effectiveness and security. Making use of its hybrid architecture, the platform is able to process large-scale data sets off-chain without compromising speed. Offloading data storage and computation to off-chain nodes, the platform significantly reduces blockchain transaction fee costs and the cost of data verification while at the same time, by leveraging its Proof of SQL mechanism, the platform ensures tamper-proof data validation, enhancing trust and providing privacy.
As a consequence, Space and Time has a diverse set of use cases ranging from DeFi, gaming, NFTs and enterprise applications. For example, lending platforms would be able to validate interest rate calculations based on secure off-chain financial data. Within the realm of gaming and NFTs, the platform is, for example, able to process data in real-time for in-game economic mechanisms.
Recent Developments and Roadmap
At the time of writing, Space and Time is in its testnet phase, extensively testing data validation and query performance. In the near future, the project plans to expand further, launch the integration of additional networks and also aims to launch its mainnet. The upcoming mainnet will allow token holders to stake and contribute to network security and earn rewards while also enabling the first decentralised governance features. Additionally, plans are in place to further enhance developer tools while doubling down on community resources and educational material.
Space and Time is actively looking to attract new participants to join the new testnet, including validators, developers and community members. Click on the following link to fill out a form if you are interested in joining the SXT Chain: https://www.spaceandtime.io/testnet
Conclusion
Effectively being the first Web3 decentralised data warehouse that combines on-chain and off-chain data to provide tamper-proof analytics for smart contracts, Space and Time is well positioned to redefine how decentralised applications and enterprises handle data. Take a look at the below resources for a deeper dive and to actively participate within the network.
Additional Resources
Official Website: https://www.spaceandtime.io/
Link to documentation: https://docs.spaceandtime.io/docs/welcome-to-space-and-time
Link to testnet participation: https://www.spaceandtime.io/testnet
Link to stake SXT with Simply Staking: https://simplystaking.com/networks/space-and-time/
Space and Time Whitepaper: https://assets-global.website-files.com/642d91209f1e772d3740afa0/658edf3cf26933c4878ec965_whitepaper.pdf
Proof of SQL Whitepaper: https://cdn.prod.website-files.com/642d91209f1e772d3740afa0/66d9cd5d5d9bcbdd6cce940c_Space%20and%20Time%20whitepaper-v1.1-compressed%20(1).pdf
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About Simply Staking
We are a Blockchain Services Provider who operates Validators and Nodes on over 30 Networks with over $1 Billion in Assets Staked. Our journey started in 2018, with Simply entering the Cosmos Hub Testnets, and now have expanded our operations to most major ecosystems including networks such as LIDO, Polygon, EigenLayer, Oasis Network, Cosmos Hub, Polkadot, and many more, all while being an Oracle Operator on Chainlink.
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