Hong Kong, Hong Kong, October 30th, 2024, Chainwire
Space and Time Labs, the Microsoft-backed company that recently raised a $20 million Series A, today announced that SXT Chain, a blockchain built to deliver zero-knowledge (ZK)-proven data to smart contracts, is live in testnet. SXT, alongside ZKsync, Chainlink and Microsoft, will power the next generation of DeFi by providing developers with the data, infrastructure and tools needed to build advanced, data-driven smart contracts.
SXT Chain is a blockchain that indexes data from other major blockchains, including Ethereum, ZKsync and other EVM and Move chains, and stores it across a decentralized network of database nodes. Developers can access, query, ZK-prove and connect this data back to their smart contract using Proof of SQL, SXT’s sub-second ZK coprocessor for SQL database queries.
Blockchain technology empowers individuals to have true ownership of their assets, enabling a world where financial freedom is not limited by centralized institutions. But despite the progress achieved over the last decade since the introduction of Ethereum and smart contracts, blockchain technology remains significantly constrained by its lack of ability to access and process data at scale.
For example, while traditional lending platforms issue lending rates based on the borrower’s credit score, onchain lending protocols issue the same lending rate to all borrowers because smart contracts cannot trustlessly access basic onchain data such as a wallet’s loan history. With SXT, a lending protocol can aggregate a wallet’s onchain loan history into a “credit score” using a familiar SQL interface, ZK-prove that the score was calculated accurately on the correct, untampered data, and send the score directly to the smart contract to facilitate more customized lending. Several projects building the next generation of data-driven DeFi solutions like Lendvest, an onchain credit scoring protocol in the Chainlink BUILD program, are already building on SXT.
“Our focus from day one at Space and Time has been making smart contracts smarter by connecting them to a verifiable database. We’re thrilled to launch SXT Chain in testnet to empower developers to build more sophisticated applications onchain. Both ZKsync and Chainlink have been pioneers in expanding the capabilities of blockchain technology, and we look forward to continuing to build the next generation of DeFi together with decentralized, ZK-proven database technology.” said Nate Holiday, Co-Founder and CEO of Space and Time.
To support SXT Chain, Space and Time is also leveraging ZKsync technology to launch a ZK Chain within the Elastic Chain ecosystem. The ZK rollup will act as SXT Chain’s smart contract execution layer, enabling devs to easily deploy Solidity smart contracts on top of SXT. The rollup will also include native DeFi apps that handle client payments, staking, and node operator coordination for the network, as well as third-party DeFi apps for liquid staking, derivatives and data-intensive apps.
“It’s exciting to see that Space and Time is helping to grow the Elastic Chain ecosystem and its capabilities through the SXT Chain as well as the custom ZKsync powered rollup, empowering developers to build more advanced onchain applications secured by ZKsync. We believe ZK is key to scaling Web3, and the launch of SXT Chain advances our shared vision of offering developers sophisticated, data-driven, cross-chain smart contracts,” said Alex Gluchowski, Co-Inventor of ZKsync.
SXT will leverage the industry-standard Chainlink Network to provide developers with a more familiar and lower-cost way to ZK-verify query results run on SXT compared to gas-heavy verification on Ethereum. SXT is also natively integrated with Chainlink Functions so devs can deliver ZK-proven query results directly to their smart contract from SXT. SXT expands the capabilities for devs leveraging Chainlink services by providing a ZK-proven database that acts as a reliable data source for smart contracts, delivered by secure Chainlink oracles.
“We’re excited that Space and Time is integrating Chainlink’s industry-standard services on its SXT Chain, in addition to receiving support through the Chainlink BUILD program. The integration of SXT with the Chainlink Network significantly enhances the toolkit available to developers, providing a novel and secure solution for building scalable, data-driven smart contracts that can interact with onchain and offchain data in a decentralized way,” said Sergey Nazarov, Co-Founder of Chainlink.
The Space and Time Labs team is composed of world-class AI and cryptography researchers who have already made waves across AI, blockchain and ZK. Microsoft shared in a blog that the M12 portfolio company has been working closely with the Microsoft AI Co-Innovation Lab to accelerate its generative AI tools and make it easier for developers to build apps onchain.
“At Microsoft, we are empowering growth across emerging markets—including blockchain and distributed data. Together, Microsoft Azure and Space and Time will provide developers with the tools they need to build the next generation of blockchain use cases,” said Kathleen Mitford, CVP of Global Industry Marketing at Microsoft.
SXT Chain testnet is now live for developers looking to supercharge their apps and smart contracts with a ZK-proven database. Community members can participate in the testnet by completing SXT quests on Galxe. For more information on getting involved, visit this page.
About Space and Time Labs
Space and Time Labs is a leader in decentralized data and zero-knowledge (ZK) technology and the original contributor to SXT Chain. SXT Chain is a blockchain for ZK-proven data, which provides a verifiable, multichain data platform for smart contracts, enterprises, and AI models. SXT Chain is integrated with Space and Time’s Proof of SQL, a sub-second ZK coprocessor which enables smart contracts to process onchain and offchain data at scale, opening up a wealth of powerful new use cases for blockchain technology. Backed by Microsoft’s M12 Ventures, Space and Time is trusted by the most prominent financial institutions, enterprises, and Web3 apps.
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For media inquiries, please contact: Catherine Daly, marketing@spaceandtime.io
About Chainlink
Chainlink is the universal platform for pioneering the future of global markets onchain. Chainlink has enabled over $16 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
About ZKsync
ZKsync leverages cutting-edge zero-knowledge (ZK) technology to create secure, scalable, and interoperable blockchain solutions. Through its ZK Stack framework, ZKsync enables developers, enterprises, and financial institutions to deploy customizable ZK Chains, forming the Elastic Chain ecosystem. This innovative network offers native, trustless interoperability, enhanced privacy, and unparalleled scalability while maintaining Ethereum’s security. ZKsync’s mission is to bring crypto to the mainstream, empowering millions of developers and billions of users with digital self-ownership and personal freedom. To learn more, users can visit zksync.io
Contact
Head of Marketing
Catherine Daly
Space and Time
catherine@spaceandtime.io
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