Space and Time, a pioneering decentralized data platform for ZK-protected data, announces a major breakthrough in its institutional offering. With its novel v2 mainnet live, customers will be able to leverage off-chain data tables for their operations.
Space and Time launches v2 mainnet: What's new?
According to the official statement by Space and Time, a unique ZK-enabled data verification layer, its hotly anticipated v2 mainnet iteration is live. The new solution allows institutional customers to secure off-chain asset data for tokenized assets.
As institutions continue to pursue stablecoins and tokenized real-world assets, more and more off-chain financial data is connected to on-chain value. Until now, many of these institutions were simply connecting their data on-chain through centralized, legacy infrastructure, which presents significant risk to the integrity of the assets.
If the data behind a tokenized asset is wrong, stale or tampered, the value of that asset can be mispriced and settlements can execute incorrectly. While in traditional finance this would trigger a trade break, it is irreversible on-chain. Data security is a core requirement for institutional scale tokenization.
Space and Time now allows banks, asset managers, exchanges and enterprises to verify and securely connect off-chain financial data to smart contracts to power more sophisticated and reliable assets on-chain.
Feature-rich data tooling for institutional adoption
Scott Dykstra, cofounder of Space and Time, explains the significance of the new release and the opportunities it unlocks for all institutions in the digital economy:
In order for financial institutions to move real value onchain, the data powering tokenized assets must be handled with the same security as the assets themselves. Space and Time v2 gives these customers a way to securely connect offchain financial data to onchain value so they can deliver sophisticated financial products with institutional-grade security.
Space and Time data solutions have already been adopted by some of the largest enterprises and institutions in the world, including major banks and Microsoft, which added Space and Time data to its Fabric product earlier this year.
The v2 upgrade expands the capabilities available to customers who are developing institutional tokenization and stablecoin initiatives.
As covered by U.Today previously, Space and Time blockchain is leveraged by top Indonesian universities for exam results verification.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team