Subsquid Builds Decentralized Indexing Technology with $ 3.8 Million New Funding

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Subsquid, a query node framework for substrate-based blockchains, announced Thursday that it has completed a $ 3.8 million seed round led by Hypersphere Ventures.

The company expects to use this seed capital to develop the first blockchain indexing solution. The new data retrieval technology will, according to the announcement, tap into a network of indexers and allow anyone to join data and contribute data to subsquid data users.

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Subsquid technical founder Dmitry Zhelezov commented on the successful closure of the seeds as follows:

“We look forward to introducing additional functionalities in the coming weeks so that blockchain developers can use the next generation of subsquid technology and bring DApps to a new level of speed and functionality.”

The seed round was led by Hypersphere Ventures, with well-known participants such as Zeeprime, the Illusionist Group, Zeitgeist, Chainflip, Astar Network, Dia Data, DFG, 0x Ventures, Faculty Group and others.

Subsquid plans to introduce the new blockchain indexing technique in February 2022. To make it more efficient and parallelized for users of blockchain data, the network will separate the 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 users of blockchain data. Commenting on the new development, Jack Platts, co-founder of Hypersphere Ventures, said the company is “excited to support Subsquid as one of the key infrastructure elements for the Parachain ecosystem”.

Indexing is an extremely critical process for blockchains. All data, transactions and smart contracts are indexed to make them easily accessible. The existing blockchain indexing technology mainly uses a centralized model that is often plagued with some issues like security, privacy, and scalability.