The post Space and Time Labs Launches SXT Chain Testnet appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ October 30, 2024 8:22 am