Space and Time Labs, a Microsoft-backed firm that recently raised a $20 million Series A, announced today that SXT Chain, a blockchain designed to give zero-knowledge (ZK)-proven data to smart contracts, is currently live on testnet. The next generation of DeFi will be powered by SXT, ZKsync, Chainlink, and Microsoft, which will provide developers the infrastructure, data, and tools they need to create sophisticated, data-driven smart contracts.
Data from other popular blockchains, such as Ethereum, ZKsync, and other EVM and Move chains, is indexed by the SXT Chain and stored on a decentralized network of database nodes. Developers may use Proof of SQL, SXT’s sub-second ZK coprocessor for SQL database queries, to access, query, ZK-prove, and link this data back to their smart contract.
Blockchain technology makes it possible for people to really control their assets, opening the door to a future in which centralized institutions do not restrict financial freedom. However, blockchain technology is still severely limited by its inability to access and process data at scale, even with the advancements made in the last ten years with the launch of Ethereum and smart contracts.
For instance, onchain lending protocols provide all borrowers the same lending rate since smart contracts cannot securely access essential onchain data, including a wallet’s loan history, but conventional lending platforms base lending rates on the borrower’s credit score. Using a well-known SQL interface, a lending protocol may use SXT to compile a wallet’s onchain loan history into a “credit score.” ZK-proof that the score was computed correctly using the right, unaltered data, and then pass the score straight to the smart contract to enable more individualized lending. SXT is already being built upon by a number of initiatives creating the next generation of data-driven DeFi solutions, such as Lendvest, a onchain credit rating protocol under the Chainlink BUILD program.
Nate Holiday, Co-Founder and CEO of Space and Time stated:
Space and Time is also using ZKsync technology to launch a ZK Chain within the Elastic Chain ecosystem in order to support SXT Chain. Developers will be able to quickly implement Solidity smart contracts on top of SXT thanks to the ZK rollup, which will serve as the smart contract execution layer for SXT Chain. Along with third-party DeFi apps for liquid staking, derivatives, and data-intensive applications, the rollup will also contain native DeFi apps that manage client payments, staking, and network node operator coordination.
Alex Gluchowski, Co-Inventor of ZKsync stated:
In contrast to gas-heavy verification on Ethereum, SXT will use the industry-standard Chainlink Network to provide developers a more recognizable and affordable method of ZK-verify query results conducted on SXT. Additionally, SXT is natively connected with Chainlink Functions, allowing developers to send ZK-proven query results straight from SXT to their smart contract. Via offering a ZK-proven database that serves as a dependable data source for smart contracts, provided via safe Chainlink oracles, SXT broadens the possibilities for developers using Chainlink services.
Sergey Nazarov, Co-Founder of Chainlink stated:
The team at Space and Time Labs is made up of top-notch experts in cryptography and AI who have previously made significant contributions to ZK, blockchain, and AI. In order to speed up its generative AI tools and facilitate developers’ onchain app development, Microsoft revealed in a blog that the M12 portfolio firm has been collaborating closely with the Microsoft AI Co-Innovation Lab.
Kathleen Mitford, CVP of Global Industry Marketing at Microsoft said:
For developers wishing to enhance their applications and smart contracts with a ZK- proven database, the SXT Chain testnet is currently live. By completing SXT quests on Galxe, community members may take part in the testnet. Go to this website to learn more about how to become involved.
