Octopus, a query node framework for substrate-based blockchain networks, announced Thursday the completion of a $ 3.8 million seed funding round led by Hypersphere Ventures.
That’s what the company said expects to use this seed capital to develop the first blockchain indexing solution. The new data retrieval technology, the announcement said, will leverage a network of indexers and allow anyone to join and contribute data to subsquid data users.
Technical founder of Subsquid, Dmitri Zhelezov, commented on the successful financing round:
“We look forward to introducing more features in the coming weeks so that blockchain developers can leverage next-generation technology from Subsquid and bring DApps to a new level of speed and functionality.”
The collection was directed by Hyperspheres companies, with well-known participants like Zeeprime, Illusionist Group, Zeitgeist, Chainflip, Astar Network, Dia Data, DFG, 0x Ventures and Faculty group, among other.
Subsquid plans to release the new indexing technique in February 2022. To make it more efficient and parallel for blockchain data users, 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, Co-Founder of Hypersphere Venture, Jack Platts, said they are “are thrilled to support Subsquid as one of the key infrastructure elements for the Parachains ecosystem.”
Indexing is an extremely critical process for a blockchain network. All data, transactions and smart contracts are indexed so that they are easily accessible. The existing blockchain indexing technology mainly uses a centralized model that is often plagued with some issues such as security, privacy, and scalability.