The company aims to develop a decentralized data query system following new funding.
Subsquid, a query node framework for Substrate-based blockchains, announced Thursday that it has closed a $3.8-million seed round led by Hypersphere Ventures.
The company said that it expects to use this seed capital for developing the first blockchain indexing solution. The new data query technology, as per the announcement, will tap into a network of indexers and allow anyone to join and contribute data to Subsquid data users.
While commenting on the successful seed closure, Subsquid’s technical founder, Dmitry Zhelezov, stated that:
“We are looking forward to rolling out more functionalities in the coming weeks, allowing blockchain developers to harness Subsquid’s next generation technology and take DApps to a new level of speed and functionality.”
The seed round was led by Hypersphere Ventures, with notable participants including Zeeprime, the Illusionist Group, Zeitgeist, Chainflip, Astar Network, Dia Data, DFG, 0x Ventures, Faculty Group and others.
Subsquid plans to debut the new blockchain indexing technique in February 2022. To make it more efficient and parallelized for blockchain data users, the network will separate indexing from the data retrieval process.
The company believes that this decentralization and distribution of the indexing process will make it faster and more efficient for blockchain data users. Commenting on the new development, Hypersphere Ventures co-founder Jack Platts said the firm is “excited to be supporting Subsquid as one of the key infrastructure pieces for the parachain ecosystem.”
Indexing is an extremely critical process for blockchains. All the data, transactions and smart contracts are indexed to make them easily accessible. Existing blockchain indexing technology mainly employs a centralized model, which is often plagued with quite a few issues such as security, privacy and scalability.