Samsung Electronics invested in Web 3.0 startup ‘Space and Time’.

Space & Time announced on the 29th (local time) that it raised 10 million dollars (about 13 billion won) in a seed investment round led by venture capital Framework Ventures.

Samsung Next, Samsung Electronics’ corporate-led venture capital (CVC), participated in the investment round. Samsung Next’s investment amount was not disclosed.

In addition to Samsung Next, DCG (Digital Currency Group), Stratos, IOSG Ventures, and Alliance Ventures participated as investors.

Space & Time is developing a new encryption protocol called SQL verification, which refers to the query language programming used to manage and interact with databases. The protocol will enable blockchain applications to verify and provide requested data in a cheap and safe manner.

Space & Time plans to invest the secured funds to recruit additional engineers, and through this, it plans to speed up platform construction.

A Space and Time official said, “The key problem with distributed applications is that they need to work with a centralized database that can manipulate data,” adding, “SQL proof models can provide users with evidence of modulation, such as when someone changes a query.”

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